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Vancouver, British Columbia, November 9, 2021/PRNewswire/-According to the latest analysis of Emergen Research, the global aerospace plastics market will reach USD 17.93 billion in 2020, and the compound annual growth rate of revenue is expected to be significant during the forecast period improve.
It is expected that during the forecast period, the increased demand for attractive cabin designs and the increase in the number of low-cost airlines will drive the demand for aviation plastics. Aviation-grade plastics are widely used in aircraft interior components, such as panels, luggage compartments, seats and trays. This is mainly because unlike other traditional aircraft materials such as rubber and aluminum, it is easier to form into the right shape while providing the added benefit of light weight. Engineers are using aviation-grade interior plastics to create novel aircraft layouts that are more ergonomic and visually appealing. In addition, the increase in the number of low-cost operators (LLCs) will continue to support the growing demand for aerospace-grade plastics. In the past 25 years, low-cost airlines have played an important role in the steady expansion of the aviation industry, and will continue to play a role in the future, because low-cost airlines have a lower operating cost structure than other airlines. These are some of the key factors that are expected to contribute to revenue growth in the aviation plastics market.
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The most significant disadvantage of plastic is that it is difficult to break, which makes it challenging to check whether the aircraft structure has been damaged. In addition, plastic composite materials are more difficult to repair and more expensive than metals, because the damage of composite materials is mainly internal, so complex detection techniques are required for detection. The possibility of undetected damage is also high, and undetected damage can also adversely affect the performance of the plastic in some way.
The global aviation plastics market revenue is expected to grow at a compound annual growth rate of 7.7%, and increase from 17.93 billion US dollars in 2020 to 32.04 billion US dollars in 2028.
Almost every industry has been affected by the COVID-19 pandemic. Due to the pandemic, the aerospace plastics market has been affected by a sharp decline in air passenger and cargo demand, and containment measures are threatening the viability of many companies in the air transport sector and other aviation industries.
3D printing is increasingly used in the aerospace industry, because component production is usually high (more than 70,000 parts per year). 3D printing is used as a redesign solution, not for final part manufacturing. Due to the advancement of industrial printer sizes, the increase in printing speed, and the availability of materials, 3D printing has become a viable alternative for many medium-sized production operations, especially high-end interior design.
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Due to the development of the aviation industry, the increase in the number of air passengers, and the rapid adoption of plastics for the manufacture of narrow-body light aircraft, the Asia-Pacific market is expected to experience significant revenue growth during the forecast period.
Some of the major companies operating in the market include DuPont de Nemours, Inc., Hexcel Corporation, Premium AEROTEC GmbH, Solvay SA, PPG Industries, Inc., Evonik Industries AG, BASF SE, Curbell Plastics, Inc., Drake Plastics Ltd. and Saudi Basic Industries Corporation.
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Emergen Research has broken down global aerospace plastics based on material type, application, aircraft type, and region:
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