Aerospace Plastics Market Size, Share & Trends Analysis Report By Application (Aerostructure, Components), By End-use (Commercial & Freighter Aircraft, Military Aircraft), By Region, And Segment Forecasts, 2020 - 2027

Report Overview

The global aerospace plastics market size was valued at USD 778.1 million in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 5.1% from 2020 to 2027. Recent developments in the manufacturing of fuel-efficient aircraft are likely to drive the demand for aerospace plastics in the years to come.

Increasing usage of environment-friendly and energy-saving products is also expected to influence market growth positively. The growing popularity of aerospace plastics over aluminum and other conventional materials due to their durability, high strength, lightweight, and high corrosion and chemical resistance is expected to drive the market in the years to come.

North America is expected to witness above-average growth over the forecast period, both in terms of volume and revenue. This can be attributed to the presence of a large number of aerospace parts manufacturing facilities in the U.S.

Reduction in the overall weight directly impacts the efficiency and performance of an aircraft. A reduction of a kilogram in weight is estimated to nullify substantial operating costs, especially fuel costs, in case of a commercial airplane. Furthermore, the growing aviation industry is expected to boost the global demand for aerospace plastics over the coming years.

Aerostructure emerged as the prominent application segment in the market as of 2019. Other key applications of aerospace plastics include equipment, systems & support, cabin interiors, components, propulsion systems, and other aerospace applications. The aircraft frame consists of the maximum amount of carbon fiber reinforced plastics and composites, which make the frame lighter by up to 20% in comparison with the conventional aluminum designs.

Aerospace Plastics Market Trends

The demand for aircraft is related to air travel, which, in turn, is linked with increasing wealth, rising per capita income, and a positive GDP outlook. Developing countries such as India and China have witnessed an increase in air travel in recent years and thus signify a robust optimism for the growth of the aviation industry. Other factors contributing to the growth of this industry include international trade and globalization.

The downturn in the aviation industry was observed to coincide with the global hike in crude oil prices in 2014, which was USD 140 per barrel on average. The industry is expected to continue to recover in the near future given the present economic situation and the low prices of crude oil. Moreover, the industry is likely to be driven by the increasing demand from developing countries such as India and China, which will compensate for the relative slowdown in demand from mature economies including North America and Europe.

The application of composite materials has expanded expeditiously in general aviation and military aircraft designs, which mainly comprise of flight-control surfaces, electronic systems, cabin equipment, and others.

Aircraft manufacturers prefer aerospace plastics over conventional materials owing to their associated benefits. Thus, ascending product demand across the aviation industry is projected to drive the aerospace plastics market over the forecast period. When the fuel prices witnessed a hike, the aviation industry suffered losses with a decline in the number of air passengers as the cost of increased fuel prices directly impacted the cost of air travel. However, stabilization in crude oil prices has helped the market recuperate, thereby generating new growth opportunities.

Ascending demand for aerospace plastics can be attributed to the rising requirement for lightweight materials in the expanding aviation industry. Currently, in terms of the manufacturing of the Boeing 787 Dreamliner, aerospace plastics account for over 80% of its overall weight. Aerospace plastics are widely preferred owing to their excellent corrosion resistance property, which helps elongate the shelf life of an aircraft. Moreover, aerospace components that comprise carbon fibers and fiber-reinforced plastics are flexible and resistant to damage.

They are subjected to vibration and dynamic loads at high altitudes due to air pressure in most types of aerospace applications. Aerospace components with complex curved structures are easily manufactured using aerospace plastics. Such complex curved structures help improve aerodynamics and reduce drag, which enhances fuel efficiency.

High-quality carbon fiber reinforced polymer (CFRP) exhibits electromagnetic transparency, which enables military aircraft to survey areas without getting tracked by the radar. The high-quality CFRP absorbs the radiation waves emitted by the radar, thereby making them untraceable.

Vendors in the global aerospace plastics market are expected to earn benefits due to increased utilization of composites in new-generation aircraft and ongoing research activities pertaining to aircraft that use green sources of energy such as natural gas.

End-use Insights

In terms of revenue, commercial and freighter aircraft emerged as the largest end-use segment and accounted for over 68.0% share in 2019. Freight and large passenger aircraft are one of the major application areas of plastics in the aerospace industry. The use of plastics in airplanes helps in cutting down the operating costs by reducing the overall weight of the aircraft as well as keeping a check on maintenance issues.

This has encouraged aerospace manufacturers to potentially increase the plastic content in commercial and freighter aircraft. The growing trend of fuel-efficient components, coupled with reduced maintenance costs, has shifted the paradigm of commercial aircraft from aluminum to plastics.

Aerospace plastics are used for assembling heads-up displays, night vision systems, firearms, and other military and aerospace applications. They are also increasingly used in the manufacturing of integrated circuits for military aircraft as plastic integrated circuits can operate even in high temperatures. This is expected to drive the demand for aerospace plastics over the forecast period.

Application Insights

Aerostructure was the largest application segment of the aerospace plastics market in 2019, accounting for over 42.0% share of the overall revenue. Extensive use of composites and plastics in the highly tension-loaded environment of the fuselage reduces the maintenance, primarily due to fatigue. Moreover, the use of plastics in the fuselage enables part count reductions with the use of fasteners and integral clips.

Increased manufacturing of airframes, fuselage, empennage, and others by various aerospace component manufacturing companies present in countries, such as China, Japan, Australia, and South Korea, is expected to drive the demand for aerospace plastics over the forecast period.

Thermoplastics find extensive usage in the manufacturing of bearings, fasteners, sealing, bushings, and fuelling and refueling systems. Components are widely used to keep the airplane structure together and fasten the panels and plastic sheets to the interiors and exteriors of the aircraft. Demand for plastics in aerospace components is directly proportional to the demand and production of airplanes.

The rising importance of bio-based polymers on account of growing concerns over greenhouse gas emissions is expected to prompt airplane manufacturers to incorporate bio-based composite materials while manufacturing aerospace components. The aforementioned factors are expected to drive the demand for aerospace plastics over the forecast period.

Regional Insights

The constant change in the economic environment of Asia Pacific has significantly impacted the airline industry during the past five years. However, emerging economies in the Asia Pacific such as China, India, and Japan are largely propelling the growth of the aerospace plastics market owing to the emergence of the aircraft manufacturing industry in the region.

Aircraft components manufactured by Japanese companies such as Mitsubishi Heavy Industries, Kawasaki Heavy Industries, and Subaru are reliable and gaining popularity across the globe. Expanding military budget along with licensed production of defense aircraft has necessitated the demand for aerospace plastics.

Aerospace plastic companies located in India include Tata Advanced Materials Limited and Hindustan Aeronautics Limited, which account for a substantial share in the Indian market. These companies are known for their quality products in other regions such as North America and Europe. An increasing number of suppliers, particularly in emerging economies, and supportive government schemes are expected to bolster the growth of the aerospace plastics market over the forecast period.

Key Companies & Market Share Insights

Most of the key players operating in the global market for aerospace plastics have integrated their production and distribution operations to maintain product quality and expand regional reach. This provides the companies with a competitive advantage in the form of cost benefits, thus increasing the profit margins. Moreover, companies are undertaking research & development activities to develop new products to sustain market competition and cater to the changing end-user requirements.

Some of the prominent companies in the market are Hyosung Corporation; BASF SE; Kaman Corporation; Mitsubishi Heavy Industries Limited (MHI); Premium Aerotec GmbH; SABIC (Saudi Basic Industries Corporation); SGL Carbon SE; Tech-Tool Plastics, Inc.; Evonik Industries AG; Victrex plc; Hexcel Corporation; Holding Company Composite; Solvay; and Ensinger.

Aerospace Plastics Market Report Scope

Global Aerospace Plastics Market Segmentation

This report forecasts revenue and volume growth at the global and regional levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global aerospace plastics market report on the basis of application, end-use, and region.

• Application Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)

  • Aerostructure

  • Components

  • Equipment, Systems & Support

  • Cabin Interiors

  • Propulsion Systems

  • Satellites

  • Construction and Insulation Components

• End-use Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)

  • Commercial & Freighter Aircraft

  • Military Aircraft

  • Rotary Aircraft

  • General Aviation

  • Others

• Regional Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)

  • North America

  • Europe

  • Asia Pacific

  • Central & South America

  • Middle East & Africa