Westford, USA, Dec. 12, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the global aerospace plastics market will attain a value of USD 24.88 Billion by 2031, with a CAGR of 7.12% during the forecast period (2024-2031). The growing application of plastics in various components such as cabin interiors, structural components, electrical electronics & control panels, windows, windshields & canopies is likely to boost the aerospace plastics market growth during the coming years. The general weight reduction of the airplane affects performance and efficiency. Furthermore, the reduction of 1 kilogram (kg) weight is estimated to offset lifetime fuel operating costs for a commercial airplane. Plastics being light and very tough, they are also used as a replacement for aluminum and steel parts, so this too contributes to an increasing proportion of the total mass of an aircraft. In addition to that aerospace plastics are utilized to produce randoms, aircraft structures and some propulsion system components. Due to its corrosion resistance, they are ideal for the control of surfaces and other exposed components subjected to extreme climatic conditions. Finally, many aerospace plastics are highly transparent, making them suitable for aircraft windows and canopies. The versatility and advantageous characteristics offered by aerospace plastics continue to drive their acceptance across a variety of aerospace applications including commercial & military aircraft, satellites, and space exploration vehicles.
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Browse in-depth TOC on the “Global Aerospace Plastics Market”
- Pages – 197
- Tables – 95
- Figures – 76
Aerospace Plastics Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 18.01 Billion |
| Estimated Value by 2031 | $ 24.88 Billion |
| Growth Rate | Poised to grow at a CAGR of 7.12% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Polymer Type, Aircraft Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa |
| Report Highlights | Growing demand for lightweight materials in aircraft |
| Key Market Opportunities | Emergence of improved quality of aerospace plastics |
| Key Market Drivers | Increasing production of aircraft |
Growing Requirement for Durable Plastics to Replace Metals to Increase Popularity of Polyetheretherketone
Based on polymer type, the polyetheretherketone (PEEK) is dominating as the leading plastic with the largest aerospace plastics market share. This is due to its intrinsic flame retardancy, exceptional stress cracking resistance, excellent mechanical strength, outstanding rain erosion resistant property, and low smoke & toxic gas emission. PEEK used in the manufacturing of aircraft parts is also chemically inert to hydraulic fluid, water, salt, steam and jet fuel. Additionally, PEEK plastic provides outstanding strength enough to replace a metal such as steel or aluminum while remaining lightweight and stiff.
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Increasing Demand for Polymers in Commercial Aircraft to Improve Performance
Commercial aircraft refers to passenger airliners and cargo aircraft that commercial airlines use to transport passengers and goods. Aerospace plastics in commercial aircraft are used in applications such as fuselage components, wings, interior panels, cabin fittings and aerodynamic fairings. Low-density composite materials like carbon fiber–reinforced polymers (CFRP) and glass fiber–reinforced polymers (GFRP) are extensively used in commercial aircraft to minimize weight, enhance fuel economy, and maximize performance. Polymers are critical materials in commercial aircraft design, offering weight-saving attributes, as well as a high degree of corrosion resistance and versatility.
Rising Demand to Replace Inefficient Aircraft to Boost Aerospace Plastics Market in North America
North America is dominating the with the largest aerospace plastics market share. Rising fuel prices are anticipated to drive the demand for highly fuel-efficient aircraft over the period of assessment in this region. The mature North America aerospace plastics market is driven by high replacement rate mainly for regional aircraft. Demand to change or replace the inefficient aircraft with economical fuel consuming airplane is expected to drive market growth. Along with this, the U.S. government is investing heavily in military aircraft, drones and space exploration programs like NASA’s Artemis program, which will continue driving demand for lightweight, durable materials like aerospace-grade plastics.
Aerospace Plastics Market Insights
Drivers
- Increasing manufacturing of aircraft
- High demand for lightweight materials in aircraft
- Continuous advancement of advanced chemical and flame-retardant polymers
Restraints
- High manufacturing expenses
- Strict regulatory standards and certifications
- Volatile prices of raw materials and availability
Key Players Operating in Aerospace Plastics Market
The following are the Top Aerospace Plastics Companies
- Sabic
- Victrex
- Drake Plastics Ltd
- Solvay
- BASF SE
- Evonik Industries AG
- Vantage Plane Plastics
- Quadrant Engineering Plastics
- PACO Plastics & Engineering Inc.
- 3P – Performance Plastics Products
Key Questions Answered in Aerospace Plastics Market
- Which region is dominating the market?
- What factors are limiting market growth?
- What is the CAGR value of the market?
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This report provides the following insights:
- Analysis of key drivers (increasing manufacturing of aircraft, high demand for lightweight materials in aircraft), restraints (high manufacturing expenses, strict regulatory standards and certifications), opportunities (continuous advancement of advanced chemical and flame-retardant polymers), and challenges (volatile prices of raw materials and availability) influencing the growth of aerospace plastics market
- Market Penetration: Comprehensive information on the product offered by the top players in the aerospace plastics market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the aerospace plastics market
- Market Development: Comprehensive information on emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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