According to TechSci Research report, “Global Aerospace Plastics Market By Polymer Type, By Aircraft Type, By Application, By Region, By Company, Competition, Forecast & Opportunities, 2024”, the global aerospace plastics market stood at $ 12 billion in 2019 and is expected to witness sluggish growth during 2020 – 2025. A major chunk of demand for aerospace plastics can be attributed to demand for lightweight and high efficiency aircraft, increasing passenger transportation due to affordable carriers in emerging regions, replacement of old aircraft and modernization of existing aircraft and growth of the aviation industry in developing economies.
However, COVID-19 outbreak during 2020 across the globe has significantly affected the overall market of aerospace plastics, globally. The effects of COVID-19 are not confined to specific sectors but extend to a range of sectors including automotive, hospitality, oil & gas and many others. The factors include workforce dislocation and disruption in the complete supply chain, which hindered manufacturing across all the sectors. In addition, the steep decline in demand amid pandemic was observed and is expected to face a slowdown for a longer period due to lockdown imposed among various countries and continuous decline in the revenues generated by travelling sector is directly affecting the aerospace plastics industry and its overall market demand, globally.
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The market for aerospace plastics is segmented into polymer type, aircraft type, application and region. Among the polymer types, PEEK is anticipated to account for the largest share of the aerospace plastics market in 2019 while polymethyl methacrylate (PMMA) is expected to outperform other polymer types during forecast period. PMMA is used as a substitute to glass for manufacturing airplane windows. Further, the market is segmented based on applications, which include cabin interiors, flight deck and cockpit and structures sub-segments. Out of these, cabin interiors accounts for the largest share in the aerospace plastics market in 2019.
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Based on region, the market is segmented as Asia Pacific (APAC), Europe, North America, Rest of the World. Among these regions, the North American region is expected to account for the largest share of the aerospace plastics market in 2019. “Among aircraft types, commercial aircraft account for the largest share of the aerospace plastics market. However, the industry is expected to witness challenging times in the coming years, predominantly on account of a huge impact that the entire aerospace industry has had to face due to COVID-19 pandemic.” stated Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Aerospace Plastics Market By Polymer Type, By Aircraft Type, By Application, By Region, By Company, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global market and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the global aerospace plastics market.
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