The global aerospace plastics market is expected to grow at a CAGR of over 7% during the forecast period. In the aerospace industry, the innovation of new materials with less weight, improved performance and lower cost has significant importance. The rise in the demand for such characteristics is projected to flourish the growth of the global aerospace plastics industry. Aerospace plastics are those polymers that possess various advanced features such as high-temperature tolerance, high tensile strength, chemical properties, great transparency, hard surface, and many others. Some of the major plastic types that are preferred in the aerospace industry include polyetheretherketone (PEEK), Thermosetting Polyimide, Polyamide-imide (PAI), Polychlorotrifluoroethylene (PCTFE), and Polytetrafluoroethylene (PTFE).
Browse the full report description Global Aerospace Plastics Market Size, Share & Trends Analysis Report by Plastic Type (Polyetheretherketone (PEEK), Thermosetting Polyimide, Polyamide-imide (PAI), Polychlorotrifluoroethylene (PCTFE), and Polytetrafluoroethylene (PTFE), By Aircraft Type (Commercial Aircraft, Military Aircraft, Rotary Aircraft, and Others), By Application (Airframe and Fuselage, Windows & Wind Shields, Cabin Areas, and Others), Forecast 2019-2025 at https://www.omrglobal.com/industry-reports/aerospace-plastics-market
These plastics are highly utilized in various aircraft applications such as airframes, interiors, engine components, propulsion systems, mirrors, ceilings, and others. The expansion of the global aerospace plastics market is also accredited to the rising demand for lightweight and more efficient aircraft, growing passenger transportation due to affordable carriers in emerging regions, and innovations in the aviation industry.
Though these plastics have the biggest weight advantage and new design opportunities, higher costs due to fluctuating prices of crude oil may negatively impact the growth of the global aerospace plastics market. Besides, the aerospace sector is witnessing considerable growth in developing economies, which creates ample opportunities for market growth during the forecast period. According to the International Air Transport Association (IATA), China is expected to replace the US as the world’s largest aviation market in 2024. Whereas, India is projected to take over the UK for third place in 2025, while Indonesia and Japan will be ranked 5th and 7th respectively. Thus, this is also expected to flourish the market growth during the forecast period.
The increased spending and investment in the R&D of the aerospace industry also affects the growth of the market in the region. These plastics possess several benefits that include lightweight, thermal protection, and durability, among others. Government investments in the R&D activities such as, in February 2018, according to IBEF, the Department of Space has received a total of around $1.5 billion for the R&D activities for the space-related projects in the country. The government promoting the aerospace sector by providing huge funding and investments which is projected to foster market growth over the forecast period.
Current Market Trends Covered in the Market Report:
Global Aerospace Plastics Market – Segmentation
By Plastic Type
By Aircraft Type
By Application
Global Aerospace Plastics Market – Segmentation by Region
North America
Europe
Asia-Pacific
Rest of the World
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