The Aerospace Plastics Market is projected to grow from USD 14.7 billion in 2018 to USD 20.7 billion by 2023 at a CAGR of 7.1% from 2018 to 2023. Aircraft manufacturers are concentrating on lightweight and advanced design & processing solutions for the manufacture of interior and exterior structures of new-generation commercial transport aircraft. Various interior and exterior aerospace parts manufactured with the use of plastics help reduce the weight and increase the fuel efficiency of aircraft and thus help reduce greenhouse gas emissions. Aerospace plastics have been replacing heavy metal components in aircraft mainly due to the material being lightweight.
SABIC (Saudi Arabia), Victrex (UK), Drake Plastics Ltd. (US), Solvay (Belgium), BASF SE (Germany), and Evonik (Germany), are some of the leading players operating in the aerospace plastics market. These players have adopted strategies such as expansions, new product launches, investment, partnership, joint venture, and contract to cater to the increased demand for aerospace plastics from various end-user industries.
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The growth of the aerospace plastics market can be attributed to the increasing demand for lightweight and more efficient aircraft as well as the growing passenger traffic, which is resulting in increased demand for commercial aircraft.
Based on polymer type, the aerospace plastics can be classified into PMMA, PC, ABS, PEEK, PPS, and others. Among these segments, PMMA is projected to grow at the highest CAGR in terms of value between 2018 and 2023. PMMA is a transparent thermoplastic and is widely used in the manufacturing of the canopies of aircraft.
Based on aircraft type, the Aerospace Plastics Market is classified into commercial aircraft, general & business aviation, military aircraft, rotary aircraft, and others. Among these segments, commercial aircraft is projected to grow at the highest CAGR in terms of value between 2018 and 2023. The expanding global economy and increasing air passenger traffic are expected to boost the demand for commercial aircraft, thereby increasing the demand for aerospace plastics.
Based on application, the aerospace plastics can be classified into cabin windows & windshields, cabin lighting, aircraft panels, aircraft canopy, overhead storage bins, and others. Among these segments, cabin windows & windshields is projected to grow at the highest CAGR in terms of value between 2018 and 2023.
North America is the leading market for aerospace plastics, followed by Europe and Asia Pacific. Demand is higher in North America, as key aircraft manufacturers such as Boeing (US) and Bombardier (Canada) are based in the region. Companies such as Boeing are focusing on installing lightweight cabin interior components, which are currently in the production phase; this gives an impetus to regional market growth.
