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Aerospace Plastics Global Market Overview, Driving Factors, Future Trends, Key Players and Growth Opportunities And Forecast By 2033 | Victrex plc, Evonik Industries AG,
Aerospace Plastics Global Market
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According to The Business Research Company's, The aerospace plastics market size has grown strongly in recent years. It will grow from $0.75 billion in 2023 to $0.79 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to regulatory standards, environmental concerns, air travel demand, aging aircraft fleet, globalization of supply chains.
The aerospace plastics market size is expected to see strong growth in the next few years. It will grow to $1 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to rising electric and hybrid aircraft, shift in passenger preferences, rise in investment in aviation sector, rising demand for plastics. Major trends in the forecast period include sustainable materials, improved fire resistance, materials innovation, electrically conductive plastics, material traceability and certification.
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Market Drivers and Trends:
The increasing fleet size of commercial aircraft is significantly contributing to the growth of the aerospace plastics market. The aircraft fleet is known as the number of airplanes operated by the respective airline. Increasing fleet size requires new aircraft parts to be installed and the replacement of the old parts, thereby promoting the growth of aerospace plastics used in the manufacturing of aircraft parts. For instance, according to Boeing, a US-based aerospace company's commercial market outlook for 2021-2040, the global commercial fleet will exceed 49,000 airplanes by 2040. Therefore, the increasing fleet size of commercial aircraft is driving the growth of the aerospace plastics market.
Product innovations are shaping the aerospace plastics market. The major players in the market are developing innovative products in the aerospace plastics market to lead the market. For instance, in March 2021, Evonik, a Germany-based specialty chemicals company, launched a new 3D printable filament based on PEEK (polyether ether ke*tone). The new filament, called INFINAM® PEEK 9359 F, is a high-temperature and chemical-resistant polymer that is suitable for the additive manufacturing of demanding industrial and aerospace plastic parts. The natural-colored PEEK filament has a diameter of 1.75 mm and is wound on 500 g spools suitable for direct use in standard FFF/FDM 3D printers for PEEK materials.
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Major Key Players of the Market:
Saudi Basic Industries Corporation, Badische Anilin- und Sodafabrik, Solvay SA, DuPont de Nemours, Inc., Victrex plc, Evonik Industries AG, Saint-Gobain Performance Plastics, Drake Plastics Co Ltd., PACO Plastics & Engineering Inc., Mitsubishi Chemical Advanced Materials, Rochling SE & Co. KG, Performance Plastics Products, Grafix Plastics, HITCO Carbon Composites Inc., Tech-Tool Plastics Inc., Hexcel Corporation, Owens-Corning Fiberglass Company, Performance Plastics Ltd., Polyfluor Plastics BV, Premium AEROTEC GmbH, Quadrant AG, Sumitomo Bakelite Co. Ltd., Teijin Ltd., Toray Industries Inc., Westlake Chemical Corporation, Zeus Industrial Products Inc., Zylog Plastalloys Pvt Ltd., Huntsman Corporation, Koninklijke Ten Cate BV, Loar Group Inc.
Aerospace Plastics Market 2024 Key Insights:
• The aerospace plastics market size is expected to see strong growth in the next few years. It will grow to $1 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
• Expanding Commercial Aircraft Fleets Fueling Aerospace Plastics Market Growth
• Innovative Product Developments Driving Aerospace Plastics Market Growth
• North America was the largest region in the aerospace plastics market in 2023
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