Aerospace plastics are also known as high-performance plastics. These plastics are highly added value plastics possessing unique properties like thermal stability, crystallinity, high flexural, tensile strength and high rigidity over a broad temperature range. Polymers such as polyether ether ketone (PEEK), polymethyl methacrylate (PMMA), polycarbonates (PC), polyphenylene sulfide (PPS), and acrylonitrile butadiene styrene (ABS) are commonly used plastics in aerospace. These plastics are used in cabin interiors such as seat backs, tray tables, armrests, and others. Aerospace plastics are also used in other parts of aircrafts such as backlit panels, valve components, and as aerospace locking fasteners and splines. Plastics are gaining significant popularity in the aerospace industry, prominently due to their high resistance to chemicals, high tensile strength, and high impact resistance. The global aerospace plastic market is anticipated to grow at a CAGR of 6.8% during the forecast period.
Top Driver: Surging Demand for General Aviation and Commercial Aviation
Surging demand for general aviation and commercial aviation is anticipated to drive the growth of the aerospace plastics market. Lightweight aircraft have been deployed in recent years to increase aircraft performance and efficiency; it is likely to drive the demand for high-performance plastics during the forecast period. Rise in disposable income and the increase in the number of affordable carriers is another factor that positively impacts the market.
On the other hand, high capital cost and low production of aerospace plastics per year are anticipated to hamper the growth of the Aerospace Plastics market.
Commercial & Freighter Aircrafts Segment is Expected to Drive the Market in the Future
The aerospace plastic market can be segmented into Rotary Aircrafts, General Aviation, Commercial & Freighter Aircrafts, Military Aircrafts, Others. Commercial and Freighter aircrafts is expected to be the fastest growing segment owing to the fact that plastic helps to reduce the overall weight of the aircraft and helps in the maintenance issues. Such advantages of plastic in aerospace industry has led to increase in demand for it especially in the freighter aircrafts. On the basis of application, the market is segmented into Cabin Interiors, Propulsion Systems, Satellites, Aerostructure, Components, Equipment Systems & Support, Construction and Insulation Components. The Aerostructure was expected to be the largest segment owing to increased used of plastic in the fuselage and integral clips.
Rising Number of Players Getting Their Establishments In The Region to Benefit North America Market
North America is expected to gain highest revenue shares over the forecast period, both in volume and revenue. This can be attributed to the presence of many aerospace manufacturing parts facilities in the U.S. The growth in the investment for the Aerospace Plastic would help the industry propel in the next few years. Asia Pacific region is anticipated to gain highest growth rate due to the surge in the demand for the aviation industry in the coming years. The surge in the production of business jets exclusively used for traveling in the region would propel the market in the next few years.
Players to Focus on Aerospace Plastic Market
The global market is expected to stay fragmented with the increase in the number of new entrants in the coming years. Holding Company Composite, Hyosung Corporation, BASF SE, Cytec Industries Inc., Ensinger GmbH., Evonik Industries AG, Hexcel Corporation., HITCO Carbon Composites, Inc, Kaman Aerospace Corporation, Mitsubishi Heavy Industries Ltd., Premium Aerotec GmbH, Solvay S.A., Toho Tenax Co. Ltd., and Toray Carbon Fibers America Inc. among others could be at the forefront of the competition in the global market.
Solvay SA: In July 2015, Brussels, Belgium-headquartered chemicals giant Solvay SA had announced plans to buy U.S. composite materials firm Cytec Industries Inc. in a $5.5 billion deal. This would help the company to gain attention and capture higher revenue shares in the coming years.
Teijin Limited: In February 2019, Teijin Limited announced that it had agreed to acquire Renegade Materials Corporation (Renegade), a leading North American supplier of highly heat-resistant thermoset prepreg for the aerospace industry. Renegade will become a wholly-owned subsidiary of Teijin. The shares of Renegade will be purchased by Teijin Holdings USA Inc., the Teijin Group’s holding company in the United States. The acquisition is anticipated to be completed this spring after customary closing conditions have been satisfied including receipt of regulatory approvals.
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