Global Aircraft Plastic Market: Introduction
Developments in plastics and composites continue to revolutionize the aircraft industry by increasing the design for engineers in civilian, military, and space aircraft. Advancements in plastics and composites have added reduced weight and improved fuel efficiency, strength, and functionality, while meeting flame and smoke requirements for aircraft materials.
Global Aircraft Plastic Market: Segmentation
The global aircraft plastic market can be segmented based on application, end-use, and region. In terms of application, the aircraft plastic market can be divided into aerostructure, components, cabin interiors, propulsion systems, satellites, and construction & insulation components. Demand for aircraft plastic is high in the aerostructure segment. Aerostructure is one of the part of the aircraft as it creates the basic shape and size of the aircraft. PEEK and POM are widely used polymers in this application due to properties such as durability, anti-corrosion, and heat resistance. Rise in demand for general aviation and commercial aviation is projected to fuel the aerostructure segment significantly during the forecast period. In terms of end-use, the aircraft plastic market can be segmented into commercial & freighter aircraft, military aircraft, rotary aircraft, general aviation, and others. The commercial & freighter aircraft segment accounted for a major share of the segment due to the rise in the number of service providers in the air transport industry. The military aircraft segment is estimated to expand due to rise in utilization of these aircraft for security and defense purposes. Growing inclination toward niche air transportation options fuels the demand for rotary aircraft and gliders for special travel purposes.
Global Aircraft Plastic Market: Trends & Developments
Demand for aircraft plastic is increasing from the aerospace industry. Increase in cross country trade and rise in foreign direct investments are key factors propelling the demand for aircraft plastic market.
Moreover, rise in requirement for developed aircrafts from defense industries propel the demand for aircraft plastic market. However, environmental concerns regarding the usage of plastic inhibits the aircraft plastic market. Rise in R&D activities is creating opportunities for the development of aircraft plastics in the industry.
Global Aircraft Plastic Market: Regional Outlook
Based on region, the global aircraft plastic market can be segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe is a major region of the aircraft plastic market, as Germany, France, and the U.K. are key countries manufacturing aircraft. This, in turn, is propelling the demand for aircraft plastic in the region. The aircraft plastic market in North America is anticipated to expand at a rapid pace during the forecast period. High replacement rate of aircraft, especially domestic aircraft propels the aircraft plastic market in North America. Significant change in the economies environment in Asia Pacific impacted the momentous growth in aircraft industry in Asia Pacific. The aircraft plastic market in Asia Pacific is projected to expand at a substantial pace during the forecast period. The aircraft plastic market in Middle East & Africa and Latin America is projected to expand at a noticeable pace in the near future due to presence of developing economies in these regions.
Global Aircraft Plastic Market: Key Players
Key players operating in the global aircraft plastic market include Hyosung Corporation, Kaman Aerospace Corporation, Mitsubishi Heavy Industries Limited (MHI), Premium Aerotec GmbH, Saudi Arabia Basic Industries Corporation (SABIC), SGL Carbon SE, Tech-Tool Plastics Inc., Toho Tenax Co. Ltd., Toray Carbon Fibers America Inc., Zoltek Companies, Inc., BASF, Evonik Industries AG, Cytec Industries Inc., Hexcel Corporation, HITCO Carbon Composites, and Solvay.