Aerospace Plastics Market Outlook: Commercial & freighter aircrafts to exhibit maximum deployment over 2015-2022
Aerospace plastics market will grow lucratively over the coming five years, owing to the shifting preference towards the low weight aircrafts to enhance the performance and fuel efficiency of the jet. According to Global Market Insights, Inc., “Worldwide Aerospace Plastics Market is projected to collect a revenue of more than USD 15.50 billion by 2022.” Surging development across the aviation industry along with high investment in the defense activities across the globe will also stimulate the aerospace plastics industry value.
Asia Pacific aerospace plastics market share, by application, 2014
The primary application areas of the aerospace plastics industry are flight deck & cockpit, cabin areas, airframe & fuselage, and wings & rotor blades. Flight deck & cockpit application covered 15% of the global demand in 2014 and will exhibit noticeable growth rate over the coming years. All the products are manufactured with the FST regulation, which will influence the aerospace plastics market share considerably. The cabin application across Europe is expected to exceed a revenue of USD 1.5 billion by 2022, due to its escalating need to manufacture the products such as armrests, decorative closeouts, food trays, and trim strips.
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Airframe & fuselage application surpassed a revenue of USD 2.2 billion in 2014 and is predicted to generate significant revenue over the period of 2015 to 2022, owing to its low weight in response to CFRPs and composites used as key material. In addition, composites are used instead of aluminum to reduce the usage of fasteners & nuts, thereby reducing the total operational cost.
Rotary aircraft, military aircraft, general aviation, and commercial & freighter aircraft are the few of the prominent end-users of the aerospace plastics market size. The general aviation accounted for more than 10% of the global industry share in 2014 (in terms of volume) and will register a substantial growth rate over the coming years. Commercial & freighter aircraft was the dominant end-use segments in the aerospace plastics market in 2014 and will collect a revenue of over USD 10 billion by 2022. The growth can be attributed to the increasing demand for aerospace plastics, owing to the growing preference for low weight aircraft to reduce overall operational and maintenance cost.
Geographically, Asia Pacific aerospace plastics market accounted for more than 13% of the regional demand in 2014 and will exhibit a high growth rate over the coming years. The growth can be primarily attributed to the surging demand for military and commercial aircraft. India and China will contribute significantly towards the regional growth.
Europe aerospace plastics industry dominated the regional landscape in 2014 and is predicted to record a considerable growth rate over the coming timeframe. France, Germany, and UK are likely to lead the regional demand.
North America aerospace plastics market share is expected to exceed a revenue of USD 5 billion by 2022, owing to the huge investment in the military R&D activities. Additionally, growing preferences to replace old aircraft, considering the fuel efficiency will further stimulate the industry growth. U.S. will be the major regional revenue pocket.
Top four industry giants accounted for over 67% of the global market share in 2014. The key players in the aerospace plastics market are Mitsubishi Heavy Industries, Ltd., Ensinger GmbH, Hexcel, Cytec Industries, Hyosung Corp, HITCO Carbon Composites Inc., Holding Company Composite, and Kaman Corp, Toho Tenax, Tech-Tool Plastics Corporation, Zoltek, and Premium AEROTEC.
Author Name : Sunil Hebbalkar