Aerospace Plastics Market Report -Trend Analysis And Forecast Up To 2024”

Axiom Market Research & Consulting™ added “Aerospace Plastics Market Report, By Application, End Use And Geography – Global Market Share, Trend Analysis And Forecast Up To 2024”

Impressive properties of high performance plastics which include fire behavior and low weight among others have attracted various end-user industries worldwide. Aerospace plastics have led to improved safety, fuel saving, cost reduction and improved passenger comfort. These benefits have led to high usage of high performance plastics in the aerospace industry. High performance plastics finds applications in the aircraft for wings and rotor blades, flight deck and cockpit, empennage, airframe and fuselage, cabin areas and other parts. General aviation, military aircraft, commercial and freighter aircrafts among others are the major end-users of aerospace plastics. The global aerospace plastics market was valued at around USD 9.50 billion in 2017 and is expected to expand at a between CAGR of 9.5% to 10.5% from 2019 to 2024.Growing demand for lightweight materials in the aviation industry is one among the major factors boosting high demand for aerospace plastics.

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Growing demand for lightweight materials in the aviation industry is one among the major factors boosting high demand for aerospace plastics. Lightweight plastics are expected to provide many benefits, some of which include, reduced fuel consumption, corrosion resistant and improved safety. These factors are the attractive factors leading to growth of global aerospace plastics market. Increasing defense budget along with regulatory support for aviation industry development due to growth in freight air carriers are also anticipated to favor demand for aerospace plastics in the market. On contrary, stringent regulations together with environmental effect of petro-based products are anticipated to affect the prices of aerospace plastics. Hence, carbon fiber usage in the aviation industry may hamper the raw material availability, thereby hampering the growth of global aerospace plastics market. However, high demand from the aircraft manufacturers and growing strategies for development of eco-friendly composites are expected to fuel market growth of aerospace plastics in the market.

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The global aerospace plastics market is concentrated with leading manufacturers such as Hexcel, Toray, Mitsubishi, HITCO, Cytec Industries and Toho Tenax having strong hold on the global market. Some of the key manufacturers of aerospace plastics in the global market include Composite Holding Comp, Hyosung Corp, Ensinger, Premium Aerotec Zoltek, Kaman Corp, Tech-Tool Plastics, Saudi Basic Industries, SGL Carbon SE, BASF, Evonik Industries AG, Solvay and Holding Company Composite among others.

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