Newark, NJ, Jan. 28, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global aerospace plastics market is expected to grow from USD 0.78 billion in 2019 to USD 1.13 billion by 2027, at a CAGR of 4.8% during the forecast period 2020-2027.
Some of the key factors that are boosting the growth of the global aerospace plastics market are new developments in fuel-efficient aircraft manufacturing, growing use of energy-saving & environment-friendly products, increasing popularity of aerospace plastics over conventional materials like aluminum, advancements in plastic composites, and rising demand for cost-effective carriers. Plastic parts require less maintenance, last longer, are lightweight, don't rust, and are flexible in design regarding pattern, texture, and color.
Aerospace plastics, also called high-performance plastics, are plastics with unique properties such as crystallinity, thermal stability, lightweight properties, fuel efficiency, high chemical resistance, high impact resistance, and high tensile strength. They offer high tensile & flexural strength along with high rigidity over a wide temperature spectrum. Plastics such as polyphenylene sulfide, polyetheretherketone, and acrylonitrile butadiene styrene are currently being used for a broad variety of applications. Aerospace plastics are used in aircrafts' backlit panels, armrests, tray tables, valve components, seat backs, and locking fasteners & splines. Aerospace plastics are also used in military applications since they are used in night vision systems, heads-up-displays, firearms etc., plastic integrated circuits (which can operate in higher temperatures) etc.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world's economy and has negatively impacted all kinds of markets, including the aerospace plastics market. With less disposable income and broken supply chains, the market's growth is expected to slow down. Due to the lockdowns worldwide, air travel had been closed in many countries, slowing down the market. The high cost of advanced aerospace plastic materials is also a factor hindering the market growth.
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Key players operating in the global aerospace plastics market include Paco Plastics & Engineering, Inc., Victrex Plc., Mitsubishi Heavy Industries Limited (MHI), Premium Aerotec GmbH, Evonik Industries AG, BASF SE, EPTAM Precision Plastics, Saint Gobain, and Superior Plastics, among others. To gain a significant market share in the global aerospace plastics market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Mitsubishi Heavy Industries Limited (MHI) and BASF SE are some of the biggest manufacturers and suppliers of aerospace plastics in the global market.
Aerostructure dominated the market and held the largest market share of 23.8% in the year 2019
Based on application, the global market has been categorized into satellites, cabin interiors, components, aerostructure, construction & insulation components, propulsion systems, and equipment systems & support. Aerostructure dominated the market and held the largest market share of 23.8% in the year 2019. Increased manufacturing of fuselages, wings, engines, landing gears, and empennages by different aerospace parts manufacturing firms present in countries like the US, Japan, South Korea, China, and Australia, are expected to boost the demand for aerospace plastics during the coming years.
Commercial & freighter aircraft dominated the market and was valued at USD 0.22 billion in the year 2019
On the basis of end-use, the global aerospace plastics market has been divided into military aircraft, general aviation, rotary aircraft, commercial & freighter aircraft, and others. Commercial & freighter aircraft dominated the market and was valued at USD 0.22 billion in the year 2019. Commercial & freighter aircraft is one of the key application areas of aerospace plastics in the industry. The use of aerospace plastics assists in cutting operational costs by inducing fuel efficiency and reducing weight as well as easy maintenance. This has emboldened aerospace manufacturers to up the plastic percentage in freighter & commercial aircraft.
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Regional Segment Analysis of the Aerospace Plastics Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global aerospace plastics market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 43.1% in the year 2019 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as rising demand for fuel-efficient aircraft, the high replacement rate of regional aircraft, increasing purchase plans for aerospace plastics and the presence of major manufacturers in the region. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2020-2027. This growth is due to factors like the increasing demand for helicopters on account of political instability and expanding oil & gas exploration ventures. Europe is a key regional market since it has a skilled workforce with engineering expertise in the aerospace industry. European countries have been pioneering in the aviation domain over the last century.
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About the report:
The global aerospace plastics market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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