Report Overview

Vietnam Aerospace Plastic Market - Industry Trends & Forecast Report 2027

The Vietnam Aerospace Plastic market is picking up steam and expected to grow at a CAGR of 5.8% during the forecast period (2021-2027). The market's growth is attributable to an increase in demand for light-weight, durable, and flame-resistant materials that can be used in aircraft manufacturing. Low-weight aircraft are fuel-efficient and can be insulated with plastics. Additionally, the rising trend of tourism and travel for business in the post-Covid-19 phase is driving the growth of the Vietnam aerospace plastic market.

Vietnam Aerospace Plastic Market Overview

Aerospace plastics are advanced polymers used in aircraft manufacturing and their components to provide thermal, chemical, and acoustic resistance. Polymers are around ten times lighter as compared to their metal counterparts, and can be molded or used easily. Light-weight aircraft are fuel-efficient, and with the expected increase in fuel prices owing to diminishing fuel reserves, it is important to grow sustainably in the future, which makes aerospace plastics an attractive option as a manufacturing material.

Plastics such as acrylonitrile butadiene styrene, Polyphenyl Sulfide (PPS), Acrylonitrile Butadiene Styrene (ABS), Polycholrotrifluoroethylene(PCTFE), etc. are used in a variety of applications, such as making air ducts, overhead luggage, fuel tank, overhead gear, etc. Polyetheretherketone(PEEK), a semi-crystalline organic polymer, can withstand large doses of radiation and has high hydrolysis resistance, which means it can be exposed to high-pressure water and steam without degradation. Thus, the combined chemical and mechanical properties of various polymers make them a perfect fit for the aerospace industry.

Vietnam Aerospace Plastic Market Trends

Growth Drivers

Demand for Lightweight, and Flame-Resistant Material for Manufacturing in The Aviation Sector

For economic development and growth, air transport is crucial. In addition to improving connectivity to the world and facilitating integration into the global economy, the aviation industry enhances tourism and generates jobs. Vietnam’s aviation industry is one of the world’s fastest-growing aviation industries. According to International Trade Administration, Vietnam’s airports welcomed 66 million passengers, 1.3 million tons of cargo and navigated 423,399 flights in 2020. As per International Air Transport Association, Airlines, airport operators, airport on-site enterprises, aircraft manufacturers, and air navigation service providers employ around 42,000 people in Vietnam. In addition, more than 5.2% of the country's GDP is supported by the air transport sector and tourists arriving by air. With such a thriving aviation industry, the demand for aircraft and other vehicles is expected to rise in the foreseeable future.

In addition, today's market players are looking for new alternatives to gain a technological edge and be more environmentally friendly. As a result, plastics and polymers that produce light-weight, durable, chemical-resistant, and fire-resistant aircraft without adding unnecessary weight seem like an attractive option. Moreover, the use of lighter aircraft consumes less fuel and is more economical; thus, with rising fuel prices and dwindling petroleum reserves, aerospace plastics are a sensible choice.

Restraints

High Capital Investment Slowing Market Growth

Since aerospace plastics are still in the development phase, the initial investment involved in the use of aerospace plastics is somewhat more than average. Investing in aerospace plastics in Vietnam is an expensive endeavor due to their high cost.Investing in aerospace plastics in Vietnam is an expensive endeavor due to their high cost. Although plastics require less maintenance after the installation and have several advantages over their metal counterparts, the initial cost of the advanced materials is high. Moreover, the price of polymer keeps changing due to fluctuating prices of crude oil. This challenge has caused a restraint in the expansion of the market. Moreover, many low-income economies cannot afford the significant initial investment cost on aerospace plastics, which has slowed down the market's growth. The market is further hampered by a scarcity of skilled technicians.

Impact of COVID-19 on Vietnam Aerospace Plastic Market

Vietnam’s aerospace plastic industry has been negatively impacted by the COVID-19 outbreak. Since the beginning of the crisis, the aviation sector has been one of the hardest-hit sectors globally.  Due to the government- imposed lockdowns and severe travel and transportation restrictions, the major end-users of aerospace plastics saw a significant drop in demand for their services. The tourism industry also took a hit as a result of people being confined to their homes. As a result of lower demand for services, aircraft manufacture came to a halt, affecting demand for aerospace polymers. In addition, fluctuating polymer and fuel prices have made it difficult for manufacturers to use aircraft plastics.

However, due to the gradual re-opening of airlines, increasing domestic flights, and growing e-commerce sector, the tourism and transportation industry is expected to flourish again, leading to increased use and demand for aerospace plastics.

Vietnam Aerospace Plastic Market- By Polymer Type

The Vietnam Aerospace Plastic 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 Polymer Type. Among these, the Polymethyl Methacrylate (PMMA) segment is expected to be the fastest-growing segment during the forecast period. Canopies on aeroplanes are intended for maximum visibility and resistance to damage from foreign objects. PMMA is a thermoplastic that is extremely hard and scratch-resistant. PMMA parts have excellent mechanical strength and dimensional stability.  Aero grade PMMA is widely used in the manufacturing of aircraft canopies both in fighter and passenger aircraft. Polymethyl Methacrylate (PMMA) is also known as ‘Perspex’ and is widely used as an alternative to glass in manufacturing aircraft components. What’s more, PMMA has also received considerable attention in military research. 

Vietnam Aerospace Plastic Market- By Aircraft Type

Based on aircraft type, the Vietnam aerospace plastic market is segmented into Commercial and 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. According to International Trade Administration, Vietnam’s airports welcomed 66 million passengers in 2020. In the present scenario, the total designed capacity of Vietnam airports is approximately 96 million passengers per annum according to International Trade Administration. Having a strong air industry is important to develop and grow the tourism industry. With the government aiming to set 6 new airports and upgrade tourism hub spots by investing around $16 billion by 2030, the need and demand for General & Passenger aircraft is expected to increase in the near future.

Competitive Landscape

The leading players in the Vietnam aerospace plastic market are Aviation High-Grade Plastics JSC, LTS Vietnam Co., Ltd., DuPont de Nemours, Inc., Honeywell International Inc., Vietnam Cho Chen Acrylic Co., Ltd., Mitsubishi Chemical Advanced Materials, Inplast, BASF SE, European Plastic Company, among other prominent players. The players maintain their dominance in the market by launching enhanced products and services for customers. Strategies such as alliances and collaborations are also prevelant in the market.

Scope of the Report

• By Polymer Type
  • • Polyetheretherketone (PEEK)
    • PolyphenylSulfide (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. Vietnam Aerospace Plastics Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   3. Recent Development/ Technological Advancement
   4. Regulatory Insights
   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. Vietnam 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. PolyphenylSulfide (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 Vietnam Aerospace PlasticsMarket
8. Company Profile (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *

8. 1. Aviation High Grade Plastics JSC
   2. LTS Vietnam Co., Ltd
   3. DuPont de Nemours, Inc.
   4. Honeywell International Inc.
   5. Vietnam Cho Chen Acrylic Co., Ltd.
   6. Mitsubishi Chemical Advanced Materials
   7. Inplast
   8. BASF SE
   9. European Plastic Company
   10. 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. Vietnam Aerospace PlasticsSegmentation

2. Vietnam Aerospace Plastics Market Value Chain Analysis

3. Company Market Share Analysis, 2020

4. Vietnam Aerospace PlasticsMarket Size, By Value (USD Million), 2017-2027

5. Vietnam Aerospace PlasticsMarket Share (%), By Polymer Type, By Value, 2017-2027

6. Vietnam Aerospace PlasticsMarket Share (%), By Fit, By Value, 2017-2027

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

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

List of Tables

1. Vietnam Aerospace PlasticsMarket Size, By Polymer Type, By Value, 2017-2027

2. Vietnam Aerospace PlasticsMarket Size, By Fit, By Value, 2017-2027

3. Vietnam Aerospace PlasticsMarket Size, By Aircraft Type, By Value, 2017-2027

4. Vietnam Aerospace PlasticsMarket Size, By Application, By Value, 2017-2027

5. Aviation High Grade Plastics JSC Financial Analysis

6. Aviation High Grade Plastics JSC Business Overview

7. LTS Vietnam Co.,Ltd.Financial Analysis

8. LTS Vietnam Co.,Ltd.Business Overview

9. DuPont de Nemours, IncFinancial Analysis

10. DuPont de Nemours, IncBusiness Overview

11. Honeywell International Inc.Financial Analysis

12. Honeywell International Inc.Business Overview

13. Vietnam Cho Chen Acrylic Co., Ltd. Financial Analysis

14. Vietnam Cho Chen Acrylic Co., Ltd. Business Overview

15. Mistubishi Chemical advanced material Financial Analysis

16. Mistubishi Chemical advanced material Business Overview

17. Inplast Financial Analysis

18. Inplast Business Overview

19. BASF SE Financial Analysis

20. BASF SE Business Overview

21. European Plastic Company Financial Analysis

22. European Plastic Company Business Overview