VANCOUVER, BC, Nov. 9, 2021 /PRNewswire/ -- The global aerospace plastic market size reached USD 17.93 Billion in 2020 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research.
Rise in demand for attractive cabin designs and increase in number of low-cost carriers are expected to drive demand for aerospace plastics over the forecast period. Aerospace grade plastic is widely used in aircraft interior parts such as panels, luggage compartments, seats and trays among others. This is primarily because it is easier to mold into a proper shape, unlike other conventional aircraft materials such as rubber and aluminum, while offering additional benefits of light weight. Engineers are using aerospace-grade interior plastics to create novel aircraft layouts that are more ergonomic and visually appealing at the same time. In addition, increase in the number of Low-Cost Carriers (LLC) will continue to support increasing demand for aerospace grade plastics. Low-cost carriers have played a major role in the steady expansion of the aviation industry over the past quarter-century, and will continue to do so going forward because low-cost carriers have a comparatively lower operating cost structure than other airlines. These are some key factors expected to contribute to revenue growth of the aerospace plastic market.
The most significant disadvantage of plastic is difficulty to break, making it challenging to inspect whether the aircraft structure has been damaged or not. In addition, plastic composites are more difficult and expensive to repair than metals, since damages in composites are mostly internal and hence require complicated inspection techniques for detection. There is also a high chance that the damages stay undetected, and the undetected damages can also adversely affect the performance of the plastic in some way.
The global aerospace plastic market revenue is expected to expand at a CAGR of 7.7% and increase from USD 17.93 Billion in 2020 to USD 32.04 Billion in 2028.
COVID-19 Impact Analysis:
Almost every industry has been affected by the COVID-19 pandemic. The aerospace plastic market has been impacted by disruptions in the dramatic drop in demand for passenger air transport and freight due to the pandemic and the containment measures are threatening the viability of many firms in both air transport sector and the rest of the aviation industry.
Current Trends and Innovations:
Increasing use of 3D printing in aerospace industry, because component production volumes are generally high (more than 70,000 parts annually). 3D printing is being used as a redesign solution rather than for end-part manufacturing. Owing to advancements in the size of industrial printers, the speed at which printing can be done, and the availability of materials makes 3D printing a feasible alternative for many medium-sized production runs, particularly for high-end interior designs.
Asia Pacific market is expected to register significant growth in terms of revenue over the forecast period due to growing aviation industry, increasing number of air travelers, and rapid adoption of plastics for manufacturing narrow-body lightweight aircraft.
Some major companies operating in the market include DuPont de Nemours, Inc., Hexcel Corporation, Premium AEROTEC GmbH, Solvay S.A., PPG Industries, Inc., Evonik Industries AG, BASF SE, Curbell Plastics, Inc., Drake Plastics Ltd., and Saudi Basic Industries Corporation.
In November 2019, Premium AEROTEC GmbH successfully demonstrated a modern hybrid architecture for future lightweight aircraft structures. Upon the successful completion of the project TOAST (ThermOplast Additive Manufacturing STrukturen), Premium AEROTEC GmbH demonstrated the enormous possibilities for future lightweight constructions that a modern hybrid design combining carbon fibre reinforced plastic and metal can offers.
Regional Outlook (Volume Tons, Revenue, USD Billion; 2018–2028)
North America a. U.S. b. Canada c. Mexico
Europe a. Germany b. France c. U.K. d. Italy e. Spain f. BENELUX g. Rest of Europe
Asia Pacific a. China b. India c. Japan d. South Korea e. Rest of APAC
Latin America a. Brazil b. Rest of LATAM
Middle East & Africa a. Saudi Arabia b. UAE c. South Africa d. Turkey e. Rest of MEA
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