Aerospace Plastics Market Is Projected To Be Around $25.94 Billion By 2025
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A research study titled, “Aerospace Plastics Market by Application and End User- Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the aerospace plastics Market is projected to be around $25.94 billion by 2025.
The global aerospace plastics market was worth USD 11.34 billion in the year 2016, and is expected to garner around USD 25.94 billion by 2025, while registering itself at a compound annual growth rate (CAGR) of 9.63% during the forecast period. Aerospace plastics refer to materials that are utilized in the aerospace purposes like metal alloys. The utilization of these materials in aerospace must render outstanding performance, be cost-effective and provide resistance to heat. Aerospace plastics are said to be efficient as they display high resistance to heat and strength. It plays a vital role in decreasing the weight of the aircraft, thereby increasing rate of performance and making it safer. Plastics are being utilized widely in place of aluminum as reduction of a kilogram in the weight of the airplane reduces the cost of operating and fuel in a commercial airplane. Plastics are used for door fairings, interiors of the cabin, wings and airframes.
The global aerospace market is expected to witness substantial growth due to factors such as implementation of plastics impacting the performance of the airplane and making it lighter and cost effective. Moreover, the use of plastic in its pure form for the cabin interiors is said to spur the growth of the market. The use of polymers by various manufacturers for its benefits like heat resistance and durability is one of the major factors influencing the growth of the global aerospace plastics market. Using polymers aid in reducing the overall weight of the airplane and increase the fuel efficiency. This also helps in reducing issues related to maintenance. Aerospace plastics provide freedom to design complicated parts of the airplane which is one of the major factors that boost the growth of this market.
On the basis of application the global aerospace plastics market is segmented into Aerostructure, Components, Equipment, systems & support, Cabin interiors, Propulsion systems, Satellites and Construction and insulation components. On the basis of end-user, the market is segmented into Military aircrafts, Commercial & freighter aircrafts, Rotary aircrafts and General aviation. Top market manufacturers in this market are Mitsubishi Heavy Industries, Hexcel, Cytec Industries, Hyosung Corp, Kaman Corp and Composite Holding Comp. Geographically, the market is segmented into Asia Pacific, North America, Europe and Rest of the World.
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Key findings of the Aerospace plastics market
- The segment of Aerostructure registered for 291.3 million in the year 2016. The increasing utilization of plastics in door fairings, airframes and other parts of the airplane is anticipated to boost the growth of the market.
- Increasing usage of polymers in nacelles, propeller systems, turbines and bearing bushes is anticipated to influence the growth of this market significantly.
- Maximum of the revenue share was registered by freighter and commercial aircrafts. The swift growth in the air passenger traffic has resulted in increased production of commercial aircrafts which is said to spur the demand for aerospace plastics.
- The increasing requirement of commercial aircrafts along with the presence of the leading manufacture Boeing is anticipated to boost the market growth in North America.