Aerospace Plastics Market to Reach USD 1.1 Billion by 2028
Published | 07 March 2022
The growth in the aerospace plastics market is attributed to the increasing replacement of old aircraft and the upgradation of existing aircraft, and the growing order of commercial aircraft in emerging economies…
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the Global Aerospace Plastics market was worth USD 819.3 million in 2021 and is projected to reach USD 1,150.4 million by the year 2028, exhibiting a CAGR of 5.3% over 2022-2028. The expansion in the aerospace plastics market is primarily attributed to the growing demand for lightweight aircraft deployed to increase aircraft performance and efficiency, which is likely to drive the demand for high-performance plastics in the coming years. Moreover, the growth in the disposable income of middle-class households and the increase in the number of low-cost carriers are consequently expected to drive the demand for aerospace plastics.
Higher Demand for Attractive Cabin Designs Due to Rise in Air Travels Driving Market Growth
The rise in demand for attractive cabin designs increases aerospace plastics' market value. Aerospace plastic is widely used in interior aircraft parts such as panels, luggage compartments, seats, and trays. This is primarily as unlike other traditional aircraft materials such as rubber and aluminium, it is easier to mould into a correct shape while also being lightweight. Engineers are using aerospace plastics to create novel aircraft layouts that are more ergonomic and visually appealing at the same time. Aerospace plastics are used in the aviation sector for a variety of reasons, including improved fuel efficiency, protection (such as plastic wrap insulation to insulate wiring and cable in the aircraft cabin), and more. According to AAA Tidewater reports, 27.7 million more people are traveling and will bring this year's numbers to 92% of 2019 levels. Airlines will see a 184% increase from last year. These factors significantly propel the growth rate of the global aerospace plastics market.
Higher Investment in the Aerospace Plastics Sector Fuelling the Aerospace Plastics Market Growth Rate
Growing investments in the aerospace sector across different economies as they plan to accommodate increasing business travel and expanding tourism activities would propel the demand for aerospace plastics in the future. In fact, as per the National Investment Promotion & Facilitation Agency of India, the overall freight traffic volume across all Indian airports is projected to surpass the 11.4 MT mark by the end of 2032. Likewise, the demand for aircraft in the nation is estimated to reach the 1,750 mark by the end of 2037, which should further create several business growth opportunities for the industry, thus expanding the already growing market growth rate of the global aerospace plastics market.
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Impact of COVID-19 on the Global Aerospace Plastics Market
The worldwide lockdown has resulted in an economic slowdown that has significantly affected the aviation industry as the demand for air travel has dropped. However, looking at the long-term growth prospects, the industry will likely observe exponential growth due to the rising number of air passengers and the rapidly expanding global trade. In fact, according to the 2019 estimates from the European aircraft manufacturer Airbus, urbanization and economic stability are likely to increase the middle class of air passengers, which would grow by 50%, to about 6 billion by 2038. Additionally, the present number of working commercial aircraft is also projected to grow two-fold, to 48,000, over the next two decades, spelling out immense growth opportunities for the market in the long term.
North America Accounted for Largest Market Share in Global Aerospace Plastics Market
In terms of regional analysis, the global aerospace plastics market is classified into North America, Europe, Asia Pacific, Latin America, The Middle East, and Africa. Amidst the segmentation, North America is the leading market for aerospace plastics; notably, the demand is higher in North America, as key aircraft manufacturers like Boeing and Bombardier are based in the region. Some of the leading companies operating in the aerospace plastics market are SABIC, Victrex plc, Drake Plastics Ltd, Solvay, BASF SE, Evonik Industries AG, Vantage Plane Plastics, Quadrant Engineering Plastics, among others.
Competitive Landscape
The aerospace plastics market is highly competitive, with all the players continually competing to gain a larger market share. The global aerospace plastics market is characterized by the presence of many local, regional, and global vendors. The key players operating in the global aerospace plastics market are Tech-Tool Plastics Inc., HITCO Carbon Composites, Inc., Premium Aerotec, Toray Carbon Fibers America Inc., Mitsubishi Heavy Industries Limited, Toho Tenax Company Limited, Ensinger GmbH, Hexcel Corporation, SGL Carbon SE., Saudi Basic Industries Corporation, Hyosung Corporation, Kaman Corporation, and other prominent players.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the global aerospace plastics market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global aerospace plastics market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
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