Commercial Aircraft to Witness Growth During Forecast Period
Growing
demand for next generation, lightweight and fuel-efficient aircraft to drive
global aerospace plastics market through 2024
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”, global aerospace plastics market is expected to grow
at a CAGR of over 7% during the forecast period on account of increasing demand
for lightweight and more efficient aircraft. Furthermore, increasing passenger
transportation due to affordable carriers in emerging regions, replacement of
old aircraft and modernization of existing aircraft are further propelling
growth of the aerospace plastics market. Moreover, use of plastics in aircraft
aids in reducing the operation cost due to reduced weight, consequently, which
would further drive the market through 2024
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The
market for aerospace plastics is segmented into polymer type, aircraft type,
application and region. Based on the polymer type, the market can be segmented
into Polyetheretherketone (PEEK), Polyphenyl Sulfide (PPS), Polycarbonate (PC),
Acrylonitrile Butadiene Styrene (ABS), Polymethyl Methacrylate (PMMA), among
others. PMMA is anticipated to account for the largest share in global
aerospace plastics market on account of increasing usage of PMMA as a substitute to glass for
manufacturing airplane windows, which is the largest application segment in the
global market.
Among aircraft type, commercial aircraft is
expected to account for the largest share during forecast period owing to
growing demand for aviation and emergence of several service providers in the
aircraft industry. Global aerospace plastics market is fragmented with the
presence of companies such as SABIC, Victrex, Drake Plastics Ltd, Solvay, BASF
SE, Evonikzx Industries AG, Vantage Plane Plastics, Quadrant Engineering
Plastics, among others.
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“Based on region, the market is
segmented into Asia-Pacific, Europe, North America, Middle East & Africa
and South America. North America is expected to account for the largest share of the
aerospace plastics market. Notably, the presence of leading aircraft
manufacturers, such as Boeing and Bombardier in the region, coupled with increasing
focus on producing lightweight aircraft, have resulted in high demand for
aerospace plastics in the region.” 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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TechSci Research
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