Blogs
on January 17, 2024
Market Summary: In 2021, the global aerospace plastic market was valued at USD 17.81 Billion and is anticipated to experience a compound annual growth rate (CAGR) of 6.3% throughout the forecast period. The market's revenue expansion is attributed to the increasing demand for lightweight and fuel-efficient aircraft. This demand is driving the adoption of plastics in various aircraft parts and components, including the primary body, wings, and stabilizing surfaces. Aerospace polymers, such as Carbon Fiber Reinforced Plastics (CFRP), play a crucial role in the production of defense aerospace, contributing to weight reduction and improved aircraft performance.
Factors such as the surge in air travel demand, the need for modern and lightweight commercial aircraft, and the utilization of high-performance plastics for lightweight aircraft further contribute to the market's growth. The adoption of 3D printing, specifically advanced technologies like Direct Metal Laser Melting (DMLM) and Electron Beam Melting (EBM), is identified as a significant driver, offering benefits in terms of component complexity, replacement part manufacturing, and overall productivity for manufacturers.
Get a sample copy of the Aerospace Plastic Market report: https://www.reportsanddata.com/download-free-sample/2013
Market Dynamics:
Driving Force: Increased Demand for 3D Printing The ongoing global trend of growing demand for additive manufacturing, specifically 3D printing, serves as a key factor fueling the revenue growth in the aerospace plastic market. The benefits of 3D printing, including the capacity to manufacture intricate components and cost-effectiveness for manufacturers, are driving its widespread adoption. Advanced 3D printing technologies such as DMLM and EBM play a significant role in producing high-value components and prototypes for the aerospace industry.
Constraint: Limited Raw Plastic Options in Aerospace Challenges such as a restricted range of raw plastic choices, substantial capital requirements, and concerns regarding the release of potentially harmful chemicals during 3D printing are identified as impediments to the growth of market revenue. Factors such as potential exposure of individuals to hazardous substances and the high costs associated with large-scale 3D printing deployments further hinder the expansion of the market.
Key Takeaways: Plastic Type Outlook:
- Polymethyl Methacrylate (PMMA) dominated the market in 2021, driven by its use in aircraft windshields due to lightweight, transparency, and impact resistance.
- Polyetheretherketone (PEEK) is expected to exhibit a moderately high revenue CAGR, given its widespread use in aircraft polymers, particularly in low-temperature and particle-rich environments.
Product Type Outlook:
- Aerostructure is anticipated to hold the largest revenue share, driven by the high capacity of aerospace plastics to manufacture durable molds for components like wings and flight control surfaces.
- Cabin interiors are projected to register the fastest revenue CAGR, fueled by the demand for aesthetically pleasing and user-friendly interiors, where plastics enhance strength and endurance.
Aircraft Type Outlook:
- Commercial aircraft accounted for the largest revenue share in 2021, attributed to the rising need for lightweight materials and the expansion of commercial fleets.
- The cabin interiors segment is expected to register the fastest revenue CAGR during the forecast period owing to the rising demand for better, more user-friendly, and more aesthetically pleasing interiors.
Regional Outlook:
- North America is anticipated to lead the market, driven by the need for fuel-efficient aircraft, replacement activities, and a well-developed aviation industry.
- Europe holds a significant revenue share due to its established aviation industry and demand for commercial aircraft, especially in oil and gas exploration operations.
- The Asia Pacific region is expected to exhibit rapid revenue growth, fueled by the expanding aerospace industry, increased aircraft manufacturing, and demand for lightweight and fuel-efficient aircraft.
Competitive Landscape: The global aerospace plastic market is moderately consolidated, with major companies such as Tech-Tool Plastics, Premium AEROTEC, SGL Carbon, MITSUBISHI HEAVY INDUSTRIES, LTD., Toray Composite Materials America, Inc., TEIJIN LIMITED, SABIC, Hexcel Corporation, ZOLTEK, and Ensinger. These companies are actively engaged in product development and strategic alliances to enhance their market presence.
Recent Developments:
- Toray Industries, Inc. announced the development of Carbon Fiber-Reinforced Plastic (CFRP) for advanced aerospace applications in November 2021. This material demonstrated exceptional flame retardance and mechanical performance, showcasing the potential for broader applications in aircraft, automobiles, and general industrial usage.
Market Scope:
- The market size was USD 17.81 Billion in 2021, with a projected CAGR of 6.3% from 2021 to 2030.
- The forecasted revenue in 2030 is USD 30.64 Billion.
Segments Covered in the Report:
- Plastic Type: Polymethyl Methacrylate (PMMA), Polyetheretherketone (PEEK), Polychlorotrifluoroethylene (PCTFE), thermosetting polyimide, Polyamide-Imide (PAI), and others.
- Product Type: Aerostructure, Cabin Interiors, Construction & Insulation Components, Propulsion Systems, Satellites, Windshields, Aircraft Panels, and others.
- Aircraft Type: Commercial Aircraft, Military Aircraft, Cargo Aircraft, Rotorcraft, General Aviation, and Spaceships.
- Regional Scope: North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
The competitive landscape features companies like Tech-Tool Plastics, Premium AEROTEC, SGL Carbon, MITSUBISHI HEAVY INDUSTRIES, LTD., Toray Composite Materials America, Inc., TEIJIN LIMITED, SABIC, Hexcel Corporation, ZOLTEK, and Ensinger, among others. The report includes historical data from 2019 to 2020 and covers the forecast period from 2021 to 2030, offering insights into revenue forecasts, company rankings, competitive landscapes, growth factors, and trends. Customization options include 10 hours of free customization and expert consultation.
Explore Trending Reports:
Infection Control Market-https://www.reportsanddata.com/report-detail/global-infection-control-market
Bio-Aromatic Polyester Polyols Market-https://www.reportsanddata.com/report-detail/bio-aromatic-polyester-polyols-market
Humic Acid Market-https://www.reportsanddata.com/report-detail/humic-acid-market
Impregnating Resins Market-https://www.reportsanddata.com/report-detail/impregnating-resins-market
Logistics Automation Market-https://www.reportsanddata.com/report-detail/logistics-automation-market
Request a customization of the report: https://www.reportsanddata.com/request-customization-form/2013
Thank you for reading our report. To know more about the customization or any query about the report contents, please connect with us and our team will ensure the report is tailored to meet your requirements.
About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behaviour shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
Contact Us:
John W
(Head of Business Development)
Reports and Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370
E-mail: sales@reportsanddata.com
Blogs | Press Release | Industry News | Our competencies
Browse More Upcoming Reports @ https://www.reportsanddata.com/upcoming-reports
Browse More Latest Reports @ https://www.reportsanddata.com/report
Browse Latest Blogs: https://www.reportsanddata.com/blogs
Browse Latest Press Release: https://www.reportsanddata.com/press-release
Posted in: Business
Topics:
aerospace plastic market