The global aerospace plastics market is expected to reach USD 11.88 billion by 2022, according to a new report by Grand View Research, Inc. Plastics are being increasingly used in the aerospace industry, due to their beneficial properties including aircraft weight reduction, thereby making it safer and more economical. Development and penetration of advanced plastics including PPS and PMMA has further intensified the market demand for these applications.
Airframe & fuselage was the largest application accounting for 28.2% in 2014. Aircraft frame contains the maximum amount of carbon fiber reinforced plastic and composites which makes airframes lighter by as much as 20% as compared to conventional aluminum designs. Rising awareness among manufacturers regarding the benefits of these polymers to reduce the overall weight of the aircraft and increase fuel efficiency is expected to propel demand for aerospace grade plastics over the forecast period.
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Further key findings from the study suggest:
- Europe was the largest market for aerospace plastics accounting for 42.9% of total demand in 2014 and is expected to continue its dominance due to the availability of skilled engineers and a glut of investments seen in research and development. The presence of foreign companies in France which include European consortiums along with French participants (including ATR, EADS) has significantly bolstered the European market.
- Demand in commercial & freighter aircraft was 41,276.7 tons in 2014. Utilization of plastics in aircraft helps not only in reducing operating cost by reducing the weight but also keeps a check on maintenance issues. The market is expected to witness growth on account of innovations done in Boeing and other passenger aircraft for ensuring passenger comfort and reducing fuel emission.
- Epoxy based materials demand in cabin areas is expected to reach 7,274.8 tons by 2022. These polymers possess characteristics such as solvent-free processing, excellent mechanical properties and adhesion and high surface quality. Moreover, the relatively low price of epoxy resin as compared to other engineered polymers such as PEI and PEEK is expected to promote its importance.
- Asia Pacific aerospace plastics market is expected to grow at a CAGR of 9.9% from 2015 to 2022. Rising investments in the military budget along with licensed production of defense aircraft have necessitated the demand for these polymers. Japan’s participation in projects such as Boeing 767 and 787 mainly in designing of fuselage structure, wings, and other complicated components is facilitating growth opportunities for the market in Asia Pacific.
- Toray, Toho Tenax, Mitsubishi Rayon and Hexcel dominated the global aerospace plastics market accounting for over 70% of the market share in 2014. Vertical integration strategy has assisted Toray to deliver products promptly, which in turn has helped it to retain its leading position in the market. The current carbon fiber prepreg supply is geared towards aerospace markets.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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