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. The growth of the aerospace plastics market can be attributed to the increasing demand for lightweight and more efficient aircraft, increasing passenger transportation due to affordable carriers in emerging regions, replacement of old aircraft and modernization of existing aircrafts, and growth of the aviation industry in developing economies.
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The demand for next-generation, lightweight, and fuel-efficient aircraft is expected to be the major driver of the aerospace plastics market in the near future. The Advisory Council for Aeronautics Research in Europe (ACARE) mandates all aircraft OEMs to comply with certain rules with a vision to maintain a stable and clean environment by 2020. These rules include (a) halving the time to market and (b) reducing CO2 emissions by 50% and nitrogen oxide emissions by 80% in the major developed economies.
Aerospace plastics can be 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.
Recent Developments
- In February 2018, SABIC planned to increase the Ultem resin production in Singapore for its customers based in Asia. This expansion will help in increasing the global production by 50%. The new production facility in Singapore is expected to begin in the first half of 2021.
- In September 2018, Victrex partnered with University of Exeter (UK) to introduce next-generation PAEK polymers and composites for additive manufacturing to be used in aerospace industry. This partnership became a stepping stone for both parties to develop a broader platform for new and current additive manufacturing technologies.
The North American region is estimated to account for the largest share of the aerospace plastics market in 2018. The presence of leading aircraft manufacturers in the region, along with high demand for lightweight aircraft across the globe, has resulted in high demand for aerospace plastics in the region.
Some of the leading players operating in the aerospace plastics market include SABIC (Saudi Arabia), Victrex (UK), Drake Plastics Ltd. (US), Solvay (Belgium), BASF SE (Germany), and Evonik (Germany).
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