The report “Aerospace Plastics Market by Polymer Type (PEEK, PMMA, PC, PPS, ABS), Aircraft Type (Commerical, General & Business, Military, Rotary), Application (Cabin Windows & windshield, Cabin Lighting, Overhead Storage Bins), and Region – Global Forecast to 2023” The aerospace plastics market is projected to grow from USD 14.7 billion in 2018 to USD 20.7 billion by 2023 at a Compound Annual Growth Rate (CAGR) of 7.1% during the forecast period. The growth of the aerospace plastics market can be attributed to the growth in the commercial and general & business aircraft segment.
Browse 140 market data Tables and 50 Figures spread through 159 Pages and in-depth TOC on “Aerospace Plastics Market ”
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=209395426
Based on type of polymer type, PMMA is expected to grow at the highest CAGR during the forecast period
Polymethyl Methacrylate (PMMA), also known as acrylic or acrylic glass, is a transparent thermoplastic. It is also known trade names Crylux, Plexiglas, Acrylite, Lucite, and Perspex. Polymethyl methacrylate is an economical alternative to polycarbonate. In the aerospace industry, it is widely used in manufacturing the canopies of aircraft. For military aircraft, polymethyl methacrylate is used as an alternative for glass to manufacture airplane windows.
Polymethyl methacrylate is also used in aircraft cockpits, portholes, windshields, and exterior lighting. It is also used in helicopter windscreens.
Increasing demand for lightweight and more efficient aircraft aerospace plastics market in the near future. The Advisory Council for Aeronautics Research in Europe (ACARE) mandates all aircraft OEMs to comply with certain rules with a vision to maintain a stable and clean environment by 2020. These rules include (a) halving the time to market and (b) reducing CO2 emissions by 50% and nitrogen oxide emissions by 80% in the major developed economies.
Aerospace plastics can be classified into commercial aircraft, general & business aviation, military aircraft, rotary aircraft, and others. Among these segments, commercial aircraft is projected to grow at the highest CAGR in terms of value between 2018 and 2023. The expanding global economy and increasing air passenger traffic are expected to boost the demand for commercial aircraft, thereby increasing the demand for aerospace plastics.
Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=209395426
North America is expected to be leading region in the aerospace plastics market during the forecast period
North America is the leading market for aerospace plastics, followed by Europe and Asia Pacific. Demand is higher in North America, as key aircraft manufacturers such as Boeing (US) and Bombardier (Canada) are based here. Various leading players have adopted the strategies of expansions, new product launches, and agreements, to meet the growing demand for aerospace plastics.
Key Market Players
Major companies in the aerospace plastics market include SABIC (Saudi Arabia), Victrex (UK), Drake Plastics Ltd. (US), Solvay (Belgium), BASF SE (Germany), and Evonik (Germany) are among the leading players operating in the aerospace plastics market. These companies have adopted various strategies such as expansions, new product launches, and agreements to meet the growing demand for aerospace plastics as well as increase their market presence.
• In February 2018, SABIC planned to increase the Ultem resin production in Singapore for its customers based in Asia. This expansion will help in increasing the global production by 50%. The new production facility in Singapore is expected to begin in the first half of 2021.
• In September 2018, Victrex partnered with University of Exeter (UK) to introduce next-generation PAEK polymers and composites for additive manufacturing to be used in aerospace industry. This partnership became a stepping stone for both parties to develop a broader platform for new and current additive manufacturing technologies.
• In March 2017, Drake Plastics Ltd. Co, added extruded Ryton R4 to its product portfolio. Ryton’s properties and characteristics such as strength, stiffness, and chemical inertness across different environments make it suitable for aerospace applications.
Key Questions addressed by the report
• How is the FST regulation impacting the growth of the aerospace plastics market?
• How the demand for lightweight aircrafts is unlocking opportunities for plastics?
• How are expansions helping the growth of the aerospace plastics market?
• Who are the leading players in the aerospace plastics market?
• How can new product launches unlock new opportunities for growth in the aerospace plastics market?
Don’t miss out on business opportunities in Aerospace Plastics Market. Speak to our analyst and gain crucial industry insights that will help your business grow.