Aerospace Plastics Market worth $20.7 billion by 2023 | Key Players include SABIC, Victrex, Drake Plastics Ltd., Solvay, BASF SE, and Evonik

According to recent research "Aerospace Plastics Market by Polymer Type (PEEK, PMMA, PC, PPS, ABS), Aircraft Type (Commerical, General & Business, Military, Rotary), Application (Cabin Windows & windshield, Cabin Lighting, Overhead Storage Bins), and Region - Global Forecast to 2023", published by MarketsandMarkets™, The aerospace plastics market is projected to grow from USD 14.7 billion in 2018 to USD 20.7 billion by 2023 at a CAGR of 7.1% from 2018 to 2023.

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The growth of the aerospace plastics market can be attributed to the increasing demand for lightweight and more efficient aircraft, increasing passenger transportation due to affordable carriers in emerging regions, replacement of old aircraft and modernization of existing aircrafts, and growth of the aviation industry in developing economies.

The aerospace plastics market is projected to grow from USD 14.7 billion in 2018 to USD 20.7 billion by 2023 at a CAGR of 7.1% from 2018 to 2023. Aircraft manufacturers are concentrating on lightweight and advanced design & processing solutions for the manufacture of interior and exterior structures of new-generation commercial transport aircraft. Various interior and exterior aerospace parts manufactured with the use of plastics help reduce the weight and increase the fuel efficiency of aircraft and thus help reduce greenhouse gas emissions. Aerospace plastics have been replacing heavy metal components in aircraft mainly due to the material being lightweight.

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The aerospace plastics market is projected to grow from USD 14.7 billion in 2018 to USD 20.7 billion by 2023 at a CAGR of 7.1% from 2018 to 2023. The growth of the aerospace plastics market can be attributed to the increasing demand for lightweight and more efficient aircraft, increase in passenger transportation due to affordable carriers in emerging regions, replacement of old aircraft and modernization of existing aircrafts, and growth of the aviation industry in developing economies.

SABIC (Saudi Arabia), Victrex (UK), Drake Plastics Ltd. (US), Solvay (Belgium), BASF SE (Germany), and Evonik (Germany), are some of the leading players operating in the aerospace plastics market. These players have adopted strategies such as expansions, new product launches, investment, partnership, joint venture, and contract to cater to the increased demand for aerospace plastics from various end-user industries.

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SABIC is a leading global manufacturer of aerospace plastics. The company has strong sales and distribution networks across the globe. In February 2018, the company planned to increase the production of Ultem resin in Singapore for its customers based in Asia. This new production facility will help in increasing its global production by 50% and is expected to become operational in the first half of 2021.

Victrex is among the prominent players in the aerospace plastics market and offers a broad product portfolio. The company achieves strong growth through organic and inorganic growth strategies such as partnerships and investments. These strategies have also helped strengthen its competitive position in the market. For instance, in September 2018, Victrex partnered with the University of Exeter (UK) to introduce next-generation PAEK polymers and composites for additive manufacturing to be used in the aerospace industry. This partnership acted as a stepping stone for both parties to develop a broader platform for new and current additive manufacturing technologies.

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