The revenue scale of the aerospace plastics market is likely to expand in the period to 2025, owing to a growing focus on lower aircraft weight to enhance performance and fuel efficiency. Surging developments across the aviation industry, along with high investments in defence activities across the globe will also stimulate the size of the aerospace plastics industry. Global Market Insights anticipates strong growth in the aerospace plastics market size by 2025.
Aerospace plastics are massively deployed in cabin interiors, airframes, windows & windshields, and propulsion systems, due to their convenience and efficiency. Of these, window & windshield applications are rather commonplace. Indeed, the segment accounted for a substantial proportion of the aerospace plastics market share in 2018, primarily on account of the extensive deployment of durable and chemical-resistant plastic materials that help to prevent the glass layers in windows from shattering.
As far as windshields are considered, when manufactured with durable plastics, they offer reduced reflectivity and also help passengers regulate light as well as heat transmission flow into the aircraft interior, which majorly propels the aerospace plastics market for windows and windshields.
A major factor that would augment the aerospace plastics market outlook from windows and windshield applications is the increasing number of MRO activities, in tandem with the rising demand for the replacement of ageing aircraft components with enhanced plastic materials. As major industry contenders strive to introduce lightweight, high-performance windows and windshields for aircraft, the aerospace plastics market share will depict a commendable rise over the forecast period.
Speaking of the type of aircraft, it would be prudent to mention that military aircraft will drive considerable demand in the aerospace plastics market in the forthcoming years. This is basically on account of the rising security concerns across the globe, as well as the subsequently increasing defence expenditure.
The rising adoption rate of plastics in military aircraft can also be attributed to the fact that plastics offer effective insulation from radar. Driven by the demand for weight reduction in aircraft and the provision for zero conductivity, the military aircraft aerospace plastics market is likely to gain major impetus over 2019-2025.
Geographically, Asia Pacific will account for a substantial proportion of the aerospace plastics market share in the years to come. The growth can be primarily attributed to the surging demand for military and commercial aircraft. India and China will contribute significantly towards the regional growth. Europe’s aerospace plastics industry, on the other hand, is also predicted to record a considerable growth rate over the coming timeframe, aided by France, Germany, and the UK.
North America is expected to hold the highest share of the aerospace plastics market by 2025, in terms of volume. The reason can primarily be credited to the presence of the many product manufacturers in the region, that have their focus set on producing highly fuel-efficient aircraft. Not to mention, the region is controlled by a stringent regulatory landscape, which would also help augment the domestic share.
Rising fuel costs are also encouraging aircraft manufacturers to incorporate plastics in aircraft. Of late, aircraft manufacturers have been producing customised plastic manufacturing processes in order to substantially enhance their profitability, which would further contribute to improving North America’s aerospace plastics market outlook.
The competitive spectrum of the aerospace plastics market comprises companies including Mitsubishi Chemical Advanced Materials, Saint Gobain, Ensinger, SABIC, Drake Plastics, Victrex, and BASF SE. Industry contenders are often found engaging in tried-and-tested growth tactics such as mergers & acquisitions, in tandem with novel product launches in order to consolidate their stance in the industry and enhance their product portfolios.
About the author:
Sunil Hebbalkar performs research content development at Global Market Insights, a market research and management consulting company.