Report Overview

India Aerospace Plastic Market - Industry Trends & Forecast Report 2027

India aerospace plastic market is estimated to grow at an impressive CAGR of 6.8% during 2021-2027 (forecast period). The market is majorly driven by factors, such as the strong presence of aircraft manufacturers, increasing demand for fuel efficiency and weight reduction in aircraft, increasing demand for regional and commercial aircraft, rising air traffic, lagging aircraft retirements. Moreover, the growing e-commerce sector in the country & the promotion of the tourism sector also contributes to the demand for aerospace plastics.

India Aerospace Plastic Market Overview

Aerospace Plastics are high-performance plastics used in aircraft manufacturing. Their components provide thermal, chemical, and acoustic resistance. Plastics have been used in the aerospace industry for decades. During World War II, plastics were used as they were easy to procure, design, and manufacture. In addition to lining fuel tanks and fliers' boots with vinyl, other kinds of plastics were used to make radar covers due to their transparency to electromagnetic waves. Today,  plastics are used in many parts and places inside and outside the aircraft, like cargo containers, dashboard enclosures, ceiling, wall panels and partitions, aircraft canopy, etc. Plastics and composites provide numerous benefits like Fatigue-resistance and corrosion resistance, the capability of a high degree of optimization, the capability to mold large complex shapes in small cycle time, the possibility of low dielectric loss in radar transparency, the chance of achieving low radar cross-section, and much more. Plastics and composites offer a higher strength-to-weight ratio than metals. And because plastic structures require fewer riveted joints, they are aerodynamically more efficient, and they are less expensive to make.

India Aerospace Plastic Market Trends

Growth Drivers

Increasing demand for low weight and fuel efficiency in aircraft is driving India aerospace plastic market.

Air transportation is vital for connectivity on a national and international scale. It allows the transport of highly perishable and valuable goods and materials to be moved quickly over long distances. Air Transport is also an important enabler to achieve economic growth & development. According to India Brand Equity Foundation, India has become the third-largest domestic aviation market in the world. India’s passenger traffic stood at approx 115.37 million in the financial year 2021. Likewise, India's domestic & international aircraft movements reached 1,062 thousand and 135 thousand, respectively, in the financial year 2021. The Indian government is planning to build new airports to cater to rising air traffic. With rising fuel expenses and environmental pressures, the commercial aviation industry is under pressure to improve performance, and weight reduction is the only way to do so. Aerospace plastics provide thermal, chemical, and acoustic resistance in addition to weight reduction. Polyamide-imide (PAI), often known as 'Torlon,' is a flame retardant that can withstand temperatures of up to 500 degrees Fahrenheit while maintaining its strength. Technology continues to advance, and the advent of new types of materials like carbon nanotubes is anticipated to accelerate the growth of the India aerospace plastics market during the forecast period.

Restraint

High material costs hindering the growth of the aerospace plastics market

Some companies are reluctant to switch to plastics because polymer panels can be more challenging to manufacture than aluminum panels, making them more costly. Polymers and plastics are new materials, so researchers are still trying to understand how they react to different conditions. Metals, on the other hand, have been studied extensively, and experts are well-versed in their behaviour. Although modern materials offer greater qualities and require less maintenance after first installation, they are expensive. Moreover, the price of polymer keeps changing due to fluctuating prices of crude oil. The challenge has slowed the market's expansion. Moreover, many low-income economies cannot afford the high initial investment cost of aerospace plastics, which has slowed down the market's growth. Lack of skilled technicians is also a major concern and is creating a hindrance to the market growth.

Impact of COVID-19 on Aerospace Plastic market

The India aerospace plastics market was affected severely as a result of the COVID-19 outbreak. COVID 19 has wreaked havoc over the world, claiming lives and throwing businesses into disarray. The pandemic had a huge impact on India's aviation business, with major carriers reporting losses with flights being cancelled. The extent of impact can be judged from the losses incurred by two of India’s largest airlines, IndiGo and SpiceJet. IndiGo incurred net losses of around 388.6 million USD, while SpiceJet recorded approximately 80.8 million USD of losses in the first quarter of 2020. As per an estimate by the International Civil Aviation Organization (ICAO), gross passenger operating revenue loss was around 370 billion USD in 2020. Furthermore, the crude oil prices made it difficult for polymer manufacturers to supply plastics to the aircraft manufacturers as supply chains crumbled due to the disruptions caused by the lockdown and the pandemic.

However, gradual reopening of economies and relaxation of government restrictions should lead to recovery. Tourism and transportation are expected to boom again with a rise in domestic flights and the growth of the e-commerce sector, increasing the use and demand for aerospace plastics.

India Aerospace Plastics Market- By Polymer Type

The India Aerospace Plastics market is fragmented into Polyetheretherketone(PEEK), Polyphenyl Sulfide (PPS), Acrylonitrile Butadiene Styrene (ABS), Polymethyl Methacrylate (PMMA), Polycarbonate (PC), Polyamide-imide(PAI), Polycholrotrifluoroethylene(PCTFE), and others based on the type of polymer used.  Polymethyl Methacrylate (PMMA) is expected to grow at a healthy CAGR during the forecast period. PMMA is a mass-produced commercially available polymer that exhibits high light transmittance and offers excellent chemical and weather corrosion resistance. Along with these properties, the polymer has a low manufacturing cost and is easy to process, which makes it a valuable substitute for glass in various applications. Aero-grade PMMA is widely used in the manufacturing of aircraft canopies both in fighter and passenger aircraft. Aircraft canopies are designed for high visibility and the ability to have resistance to damage from foreign objects.

Source: BlueWeave Consulting

India Aerospace Plastic Market- By Aircraft Type

Based on aircraft type, the India Aerospace Plastic Market is segmented into Commercial &  Freight aircraft, General & Passenger aircraft, Military aircraft, Rotary aircraft, and others. Among these, the General & Passenger aircraft segment is expected to grow at a healthy CAGR. India’s aviation industry is still untapped with enormous opportunities for growth as the majority of the India population considers air transport expensive. According to IBEF (India Brand Equity Foundation), with the rising demand for air travel, India will need 2,380 new commercial airplanes by 2038. The government of India is also working to increase the number of airports. As of 2020, India had 153 operational airports, and the government has planned to make them 190-200 by FY2040.

Competitive Landscape

The leading players in India's aerospace plastic market are Victrexplc, Solvay, BASF, DuPont de Nemours, Inc., Sujan Industries, Mitsubishi Chemical Advanced Materials, Quadrant Engineering Plastics, Honeywell International Inc., Celanese Corporation, PACO Plastics, and Engineering Inc., among other players. The players maintain their dominance in the aerospace plastic market launching enhanced products and services to customers. Additionally, the market players adopt different strategies such as strategic alliances and collaborations to stay ahead of the pack.

Scope of the Report:

• By Polymer Type
  • Polyetheretherketone (PEEK)
  • Polyphenyl Sulfide (PPS)
  • Acrylonitrile Butadiene Styrene (ABS)
  • Polymethyl Methacrylate (PMMA)
  • Polycarbonate (PC)
  • Polyamide-imide (PAI)
  • Polychlorotrifluoroethylene (PCTFE)
  • Others
• By Fit
  • Line Fit
  • Retrofit
• By Aircraft Type
  • Commercial & Freight Aircraft
  • General & Passenger Aircraft
  • Military Aircraft
  • Rotary Aircraft
  • Others
• By Application
  • Aerostructure
  • Components
  • Equipment, Systems & Support
  • Cabin Interiors
  • Propulsion Systems
  • Satellites
  • Construction and Insulation Components
  • Others

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Primary & Secondary Research End-use Vendors
      2. Secondary Research
      3. Primary Research
   4. Assumption & Limitation
3. Executive Summary
4. India Aerospace Plastics Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   3. Recent Developments
   4. Regulatory framework
   5. Porter’s Five Forces Analysis
      1. Bargaining End-use Industry of Suppliers
      2. Bargaining End-use Industry of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
5. India Aerospace Plastic Market Overview
   1. Market Size & Forecast by Value, 2017-2027
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Polymer Type
         1. Polyetheretherketone (PEEK)
         2. Polyphenyl Sulfide (PPS)
         3. Acrylonitrile Butadiene Styrene (ABS)
         4. Polymethyl Methacrylate (PMMA)
         5. Polycarbonate (PC)
         6. Polyamide-imide (PAI)
         7. Polychlorotrifluoroethylene (PCTFE)
         8. Others
      2.  By Fit
         1. Line Fit
         2. Retrofit
      3. By Aircraft Type
         1. Commercial & Freight Aircraft
         2. General & Passenger Aircraft
         3. Military Aircraft
         4. Rotary Aircraft
         5. Others
      4. By Application
         1. Aero structure
         2. Components
         3. Equipment, Systems & Support
         4. Cabin Interiors
         5. Propulsion Systems
         6. Satellites
         7. Construction and Insulation Components
         8. Others
6. Competitive Landscape
   1. List of Key Players and their Offerings
   2. Company Market Share Analysis, 2020
   3. Competitive Benchmarking, By Operating Parameters
7. Impact of Covid-19 across India Aerospace Plastics Market
8. Company Profile (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *

8. 1. Victrexplc
   2. Solvay
   3. BASF
   4. DuPont de Nemours, Inc
   5. Sujan Industries
   6. Mitsubishi Chemical Advanced Materials
   7. Quadrant Engineering Plastics
   8. Honeywell International Inc.
   9. Celanese Corporation
   10. PACO Plastics & Engineering Inc.
   11. Other Prominent Players.
9.  Key Strategic Recommendations

*Financial details of unlisted companies will be available as per data availability in the final deliverable

**The segmentation and the companies are subjected to modifications based on the in-depth secondary for the final deliverable

List of figures

1. India  Aerospace Plastics Segmentation

2. India Aerospace Plastics Market Value Chain Analysis

3. Company Market Share Analysis, 2020

4. India Aerospace Plastics Market Size, By Value (USD Million), 2017-2027

5. India Aerospace Plastics Market Share (%), By Polymer Type, By Value, 2017-2027

6. India Aerospace Plastics Market Share (%), By Fit, By Value, 2017-2027

7.  India Aerospace Plastics Market Share (%), By Aircraft Type, By Value, 2017-2027

8. India Aerospace Plastics Market Share (%), By Application, By Value, 2017-2027

List of Tables

1. India Aerospace Plastics Market Size, By Polymer Type, By Value, 2017-2027

2. India Aerospace Plastics Market Size, By Fit, By Value, 2017-2027

3. India Aerospace Plastics Market Size, By Aircraft Type, By Value, 2017-2027

4. India Aerospace Plastics Market Size, By Application, By Value, 2017-2027

5. Victrexplc Financial Analysis

6. Victrexplc Business Overview

7. Solvay Financial Analysis

8. Solvay Business Overview

9. BASF Financial Analysis

10. BASF Business Overview

11. DuPont de Nemours,Inc. Financial Analysis

12. DuPont de Nemours,Inc. Business Overview

13. Sujan Industries Financial Analysis

14. Sujan Industries Business Overview

15. Mitsubishi Chemical Advanced Materials Financial Analysis

16. Mitsubishi Chemical Advanced Materials Business Overview

17. Quadrant Engineering Plastic Financial Analysis

18. Quadrant Engineering Plastic Business Overview

19. Honeywell International Inc. Financial Analysis

20. Honeywell International Inc. Business Overview

21. PACO Plastics & Engineering Inc. Financial Analysis

22. PACO Plastics & Engineering Inc. Business Overview