Aerospace Plastics Market Size, Share & Trends Analysis Report By Product (PEEK, PPSU, PC, PEI, PMMA, PA, PPS, PAI, PPE, PU, Others), By Application, By End-use, By Region And Segment Forecasts, 2022 - 2030

Aerospace Plastics Market Size, Share & Trends Analysis Report By Product (PEEK, PPSU, PC, PEI, PMMA, PA, PPS, PAI, PPE, PU, Others), By Application, By End-use, By Region And Segment Forecasts, 2022 - 2030

Aerospace Plastics Market Growth & Trends

The global aerospace plastics market size is expected to reach USD 13.63 billion by 2030, registering CAGR of 8.5% during the forecast period, according to a new report by Grand View Research, Inc. Non-corrosive nature and high-temperature resistance of plastics are the factors expected to bolster market growth the forecast period.

Aerospace plastics exhibit high strength and heat resistance properties. Its high elasticity strength aids in the production of various aircraft components such as empennage, airframe, and fuselage. In addition, plastics are lightweight yet high-performance alternatives to metals such as steel and aluminum; as a result, the market is expected to grow significantly.

Easy adoption in aircraft designs coupled with high durability and chemical resistance offered by the product is expected to drive market during the forecast period. However, the components manufactured with the use of plastic polymers are hard to inspect for flaws, leading to quality variations and defects, resulting in increased incidents of plastic fracture. This leads to high operating repair and maintenance costs, which are posing a threat to aerospace plastics market growth.

Aerospace plastics provide a high degree of freedom in designing of the complicated components of an aircraft that results into an increase in the percentage of material utilization in manufacturing military and commercial aircraft significantly during the past couple of decades. This has bolstered the demand for plastics in aerospace applications.

Commercial aircraft manufacturers are entering into supplier agreements with plastic resins & composite manufacturers to develop a reliable supply channel for their aircraft components. In November 2020, Boeing awarded a long-term enterprise agreement to Solvay for supplying advanced materials such as adhesives, surfacing films, and thermoplastic & thermoset, composites for aircraft interior section, secondary structures, and primary structures.

Aerospace Plastics Market Report Highlights

• Cabin interiors dominated the application segment and accounted for more than 30.0% share of the overall revenue in 2021. The growing use of plastics in seat & seating components, cabin dividers, overhead cabins, and other interior components for improving the appearance of the cabin. This is attributed to its flexibility, impact strength, high-temperature resistance, and corrosion resistance similar to metals
• Commercial & freighter aircraft accounted for majority of the revenue share. The rapid growth in the air passenger traffic has led to the increased production of commercial aircraft, which in turn is expected to bolster demand for the plastics
• North America accounted for more than 58.0% share of the global revenue in 2021. The growing demand for commercial aircraft coupled with the presence of Boeing, a leading manufacturer of aircraft is expected to drive demand for the aerospace polymers in the region
• The market is fragmented wherein the global players adopt various marketing and pricing strategies to gain market share and acquire the business from major aircraft manufacturers such as Airbus, Boeing, and Lockheed Martin
• In November 2021, Solvay collaborated with Switzerland-based OEM 9T Labs AG to produce low-to-medium size aerospace parts. This collaboration aims at producing carbon reinforced polyphenylene sulfide, polyamide, and polyetheretherketone composite materials for aircraft components