Apr 21, 2020
Aerospace Plastic Market to Grow 1.5X through 2030; Stimulus Measures to Reduce Impact of Covid-19 in Near-Term, Finds Fact.MR Report
by Team Fact.MR
The global aerospace plastic market will grow at a modest 4% CAGR during the forecast period (2020 - 2030). Suspension of consumer air travel during the pandemic has left a detrimental impact on the global aviation industry. The US, the UK, Italy, India, and China are instituting stimulus measures to reduce the impact of COVID-19 on the aviation industry. Original Equipment Manufacturers (OEMs) of aerospace plastic face operational challenges which translate into reduced demand for aerospace plastic products. COVID-19 is leaving a deleterious impact on growth of the aerospace plastics market. As airline companies fight to stay afloat, aircraft purchase and repairs are put on hold indefinitely. Depending on the recovery rate post containment, aerospace plastics manufacturers will have to devise suitable strategies.
Key Takeaways of Aerospace Plastic Market Study
- Aerostructure applications are the primary application segment with more than 44% share of the total market value. Prevalence of lightweight components drives the demand from this segment.
- Cabin interiors will emerge as a significant application segment growing at a strong 7% CAGR during the projection period. Introduction of premium category air travelling drives innovation and demand for aerospace plastic composites in cabin interior applications.
- Commercial & freight aircrafts account for a lion’s share of more than 74% of market value.
- Military aircrafts present the most lucrative growth opportunities with a healthy 5.5% CAGR through 2030.Investments in aerospace & defense across the globe are capturing market share for this end-use segment.
- Europe leads global sales with a majority share of over 36% among six major regions. Regulations pertaining to carbon emissions from aircraft manufacturing heighten the need for aerospace plastic from this region.
- South Asia & Oceania offer the most financially rewarding growth prospects during the forecast period. On the back of economic growth in countries such as Indonesia, and Singapore, the South Asia & Oceania region will continue to grow at an impressive 6.5% CAGR from 2020 to 2030.
Energy Efficiency to Pave Way for Future Growth
After the Covid-19 Pandemic is contained and the world economy looks to find a new normal, energy efficiency will be the top trend among both manufacturers, and customers. Increasingly stringent government policing of industrial pollution warrants energy efficiency measures across industry verticals. From original equipment manufacturers that build aircrafts, to aviation component manufacturers, research and advancement in material sciences to produce eco-friendly alternatives will differentiate aerospace plastic manufacturers in the market. Increasing adoption of plastics over conventional materials by aircraft manufacturers is a remunerative trend. Post Covid-19, analysts expect further adoption of light weight aerospace plastic components in new areas of aircrafts.
More Valuable Insights on Aerospace Plastic Market:
Fact.MR, in its new offering, presents an unbiased analysis of the aerospace plastic market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on aerospace plastic on the basis of application (aerostructure, components, equipment, system & support, cabin interiors, propulsion systems, satellites, and construction & insulation components), end-use (commercial & freighter aircrafts, military aircrafts, rotary aircrafts, general aviation, and others), across six major regions (North-America, Latin-America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
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About the Chemicals & Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations – the Chemicals & Materials team at Fact.MR helps clients from all over the globe with their unique business intelligence needs and requirements of the entire value chain of the Chemical & Materials sector. A team of passionate analysts track the performance of the existing Chemicals & Materials as well as those that have just entered their product life cycle. With a repertoire of over 1,000 reports and 1 million plus data points, the team has analyzed Chemicals & Materials lucidly in 50+ countries for over a decade. The Chemicals & Materials team at Fact.MR has been assisting clients in their business expansion as well as new ventures, through their analysis and recommendations.