The global aerospace plastic market will grow at a modest 4% CAGR during the forecast period (2020 - 2030). Suspension of consumer air travel during the pandemic has left a detrimental impact on the global aviation industry. The US, the UK, Italy, India and China are instituting stimulus measures to reduce the impact of COVID-19 on the aviation industry. Original Equipment Manufacturers (OEMs) of aerospace plastic face operational challenges which translate into reduced demand for aerospace plastic products. COVID-19 is leaving a deleterious impact on growth of the aerospace plastics market. As airline companies fight to stay afloat, aircraft purchase and repairs are put on hold indefinitely. Depending on the recovery rate post containment, aerospace plastics manufacturers will have to devise suitable strategies.
Key Takeaways of Aerospace Plastic Market Study
- Aerostructure applications are the primary application segment with more than 44% share of the total market value. Prevalence of lightweight components drives the demand from this segment.
- Cabin interiors will emerge as a significant application segment growing at a strong 7% CAGR during the projection period. Introduction of premium category air travelling drives innovation and demand for aerospace plastic composites in cabin interior applications.
- Commercial & freight aircraft account for a lion’s share of more than 74% of market value.
- Military aircraft present the most lucrative growth opportunities with a healthy 5.5% CAGR through 2030.Investments in aerospace & defense across the globe are capturing market share for this end-use segment.
- Europe leads global sales with a majority share of over 36% among six major regions. Regulations pertaining to carbon emissions from aircraft manufacturing heighten the need for aerospace plastic from this region.
- South Asia & Oceania offer the most financially rewarding growth prospects during the forecast period. On the back of economic growth in countries such as Indonesia, and Singapore, the South Asia & Oceania region will continue to grow at an impressive 6.5% CAGR from 2020 to 2030.
Energy Efficiency to Pave Way for Future Growth
After the COVID-19 Pandemic is contained and the world economy looks to find a new normal, energy efficiency will be the top trend among both manufacturers, and customers. Increasingly stringent government policing of industrial pollution warrants energy efficiency measures across industry verticals. From original equipment manufacturers that build aircraft, to aviation component manufacturers, research and advancement in material sciences to produce eco-friendly alternatives will differentiate aerospace plastic manufacturers in the market. Increasing adoption of plastics over conventional materials by aircraft manufacturers is a remunerative trend. Post COVID-19, analysts expect further adoption of light weight aerospace plastic components in new areas of aircraft.
