Report Overview

The growth in the aerospace plastics market is attributed to the increasing replacement of old aircraft and the upgradation of existing aircraft along with the growing order of commercial aircraft in emerging economies.

Global Aerospace Plastics Market - Industry Trends & Forecast Report 2028

The global Aerospace Plastics market was worth USD 819.3 Million in 2021, and it is further projected to reach USD 1,150.4 Million by 2028. The growth in the aerospace plastics market is attributed to the increasing replacement of old aircraft as well as upgrading existing aircraft fleet. Moreover, rising demand for commercial aircraft from fast developing economies is also emerging as one of the key growth factors of the global aerospace plastics market. Rising technological advancements, increasing number of aircraft deliveries, and growing air passenger traffic are also positively impacting the growth of the global aerospace plastics market.

Aerospace Plastics Overview

Aerospace plastics are the type of plastics that are very lightweight and are considered as high-performance plastics. These plastics are resistant to adverse conditions such as thermal, acoustic, and chemical resistance in aircraft. Lightweight and good strength are key advantages of these plastics sustaining material usage in new advanced passenger aircrafts such as the A350 XWB and A320neo family, among others. A range of plastics, including acrylonitrile butadiene styrene (ABS), polyetheretherketone (PEEK), and polyphenylene sulphide, are being employed in various applications. Polyetherimide is another common material in the aircraft sector as it allows engineers to design parts that comply with the FAA's strict flame, smoke, and toxicity requirements.

Aerospace Plastics Market Trends

Growth Drivers

Increasing Replacement of Metal Components with Plastics and Composite Materials

Several advantages plastic's advantages make them an ideal option for the aerospace industry, such as corrosion resistance, lightweight, impact resistance, durability, and chemical resistance. Polymers used in aerospace industries are polyether ether ketone (PEEK), polymethyl methacrylate (PMMA), polycarbonates (PC), etc., used aircraft parts production such as interiors, engine components, airframes, ceilings, propulsion systems, mirrors, and others. Plastics used for aerospace industries weigh less than metals; plastics are rust-free; easy to fabricate. Plastics are totally head release compliant and offer various design flexibility in terms of texture, color, and patterns. Moreover, plastic parts survive more than metal and require less maintenance than metal parts. These factors contribute to the growth of the market.

Rising Technological Advancements Coupled with Development of Next Generation Narrow-Body Aircrafts

Increasing demand for aircraft in different aspects such as commercial aircraft, growing air logistics, military aircraft, personal aircrafts, and others leading to the more production and growth of aerospace plastics market resulting in deployment and technological advancements in the aerospace plastics industry. For instance, Collins aerospace's new material and production method reduce manufacturing cycle time by 80% decrease the weight of structures by atleast 50% compared to earlier iterations. Thus, the presence of wide airline networks along with the expansion of air fleet in international markets is creating demand for new narrow-body aircrafts and expanding the global aerospace plastics market.

Restraints

High Investment Costs and Lack of Raw Materials to Hinder the Growth Rate

The shortage of raw materials in manufacturing aerospace plastics and the limited range of materials available will impact the market growth. Manufacturing of aerospace plastics requires more effort in production than aluminum, and the lack of trained professionals as engineers have been working with aluminum for a long time and have excellent knowledge and confidence in that material may act as key restraint towards global aerospace plastics market growth rate in the forecast period. At the same time, high initial investment coupled with high maintenance costs and overall services may challenge the growth of the global aerospace plastics market during the forecast period.

Impact of COVID-19 On The Global Aerospace Plastics Market

COVID-19 pandemic has adversely affected the aerospace industries by restricting international air transport across the globe. According to IATA (The International Air Transport Association) financial outlook published in June 2019, the airline sector lost USD 84.3 billion in revenue in 2020. Additionally, Boeing incurred around 66% of lower aircraft deliveries in 2020 compared to 2019. Further, Airbus 2020 report stated that the company's deliveries in 2020 were approximately 24% lower than in Q1 2019. The exponential rise of cases in Europe, North America, and the Asia Pacific intensified adverse effects on the aerospace industry in 2020.

Global Aerospace Plastics – By Polymer Type

The global aerospace plastics market is segmented into the following categories based on the polymer type: polyetheretherketone (PEEK), polyphenyl Sulfide (PPS), polycarbonate (PC), acrylonitrile butadiene styrene (ABS), polymethyl methacrylate (PMMA), and others. Amidst the segmentation, Polymethyl Methacrylate (PMMA), also called acrylic or acrylic glass, is a transparent thermoplastic that dominates the global aerospace plastic market. Due to its excessive use in the aerospace industry, it is widely used in manufacturing aircraft canopies. Moreover, polymethyl methacrylate is used as an alternative for glass to manufacture airplane windows which acts as a market growth driver in the present and upcoming years.

Global Aerospace Plastics Market- By Aircraft Type

Based on aircraft type, the global aerospace plastics market is fragmented into the following categories: commercial aircraft, general and business aircraft, military aircraft, rotary aircraft, and others. Amidst the segmentation, the commercial aircraft is expected to grow at the highest CAGR in terms of value. The expanding global economy and rising air passenger traffic are predicted to increase demand for commercial aircraft, and thus for aerospace polymers.

Global Aerospace Plastics Market- By Applications

Based on Application, the market is segmented into the following categories: cabin windows & windshields, cabin interior, aircraft panels, overhead storage bins, aircraft canopy, and others. Amidst the segmentation, the cabin interiors segment leads the market by accounting for over more than half of the market share in 2021 and is predicted to maintain its leading position in the coming years. Plastics are used in several cabin interior applications such as latches, door slides, drawers, etc. Aircraft manufacturers are developing high-impact, fire-resistant thermoplastic materials with improved durability and chemical resistance of aerospace plastics.

Global Aerospace Plastics Market- Regional Insights                                         

On the basis of region, the global aerospace plastics market is segmented into North America, Europe, The Asia Pacific, Latin America, The Middle East, and Africa. Among all the regions, North America is the leading market for Aerospace Plastics. Demand is higher in North America, as key aircraft manufacturers such as Boeing (US) and Bombardier (Canada) are based in the region. Moreover, the high investments in research and development and technological innovations in the region also fuel the market growth. Followed by North America, Europe, and the Asia-Pacific region anticipated to grow at a higher CAGR during the forecast period.

Competitive Landscape

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.

Recent Development

• February 2022: Collins Aerospace is helping to shape the future of thermoplastics by pairing its long history of aerostructures manufacturing with newly expanded capabilities augmented by its 2021 acquisition of another leader in the field, Dutch Thermoplastic Components BV (DTC).

• November 2019: Premium AEROTEC GmbH successfully demonstrated modern hybrid architecture for future lightweight aircraft structures. Upon completing the project TOAST (Thermoplastic Additive Manufacturing Structure), Premium AEROTEC GmbH demonstrated the enormous possibilities for future lightweight constructions that a modern hybrid design combining carbon fiber reinforced plastic and metal can offer.

Scope of Report

By Polymer Type

• Polyetheretherketone (PEEK)
• Polyphenyl Sulfide (PPS)
• Polycarbonate (PC)
• Acrylonitrile Butadiene Styrene (ABS)
• Polymethyl Methacrylate (PMMA)
• Others

By Aircraft Type

• • •  
• Commercial Aircraft
• General and Business Aircraft
• Military Aircraft
• Rotary Aircraft
• Others

By Fit Type

• • •  
• Line Fit
• Retrofit

By Applications

• Cabin Interior
• Propulsion System
• Airframe
• Window and Windshields

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa