Aerospace Plastics Market Size was valued at USD 22.40 billion in 2023. The Aerospace Plastics industry is projected to grow from USD 24.15 Billion in 2024 to USD 44 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.79% during the forecast period (2024 - 2032).
The highly designed polymers used in a variety of aircraft parts and components are known as aerospace grade plastics. The aerospace sector uses a variety of plastic kinds. Some of these include acrylics, polyvinyl chloride, polycarbonates, and acrylonitrile butadiene styrene (ABS) (PVC). The requirement for a material that can withstand extremely high temperatures while being lightweight is one of the biggest problems the aerospace industry is now facing. Aerospace polymers are created to effectively handle these difficulties. High temperature resistance, high pressure withstand capacity, excellent resistance to vibration, turbulence, and abrasion, better transparency for aircraft roof and canopy, and excellent electrical insulating properties are some of the significant physical characteristics displayed by aircraft plastics. The aerostructure, fuselage parts, and other interior components all make extensive use polymers in aerospace application. Commercial, military, and rotary aircraft are the primary end consumers of aerospace polymers.
Aerospace Plastics Market Trends
The rising demand for both commercial and military aircrafts worldwide is one of the main reasons promoting growth of the aerospace plastics market. The need for various plastics is anticipated to increase as the market for aerospace core materials is predicted to reach approximately 40 billion USD at a CAGR of 9% by 2023. Additionally, the worldwide aerospace plastics market is anticipated to rise as a result of the rising need for lightweight materials in contemporary aircrafts and other aviation applications. The leading military powers—the United States, Russia, China, France, the United Kingdom, and India—invest a size able portion of their GDP in their defence industries. This is expected to increase demand for aerospace polymers, which are used to make the core or fuselage of military aircraft. China, India, South Korea, Malaysia, South Africa, Brazil, and other growing economies are concentrating on their transportation sectors by investing in air travel. The next years are anticipated to see an even greater growth in aircraft manufacturing as a result.
The commercial aircrafts is expected to register a significant CAGR during the forecast period. It is anticipated that an expanding economy and rising air passenger traffic will increase demand for commercial aircraft and, consequently, for aerospace polymers.
In October 2021, Hexagon and Stratasys partnered together with an aim to encourage manufacturers in the aerospace industry to trust 3D printed plastic components' functionality and safety.
In November 2020, Boeing, a well-known manufacturer of aircraft, and Solvay, a producer of cutting-edge materials have renewed their agreement for the supply of plastic composite materials.
Figure 2: AEROSPACE PLASTICS MARKET, BY END USER, 2022 & 2030 (USD BILLION)
The five geographic areas that were examined for the worldwide Aerospace Plastics market are Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. The region with the highest expected CAGR over the study period is Asia-Pacific. This is mostly attributable to the area's quick industrialization against the backdrop of supportive governmental policy. To promote economic progress, the governments of emerging nations in this region are making significant investments in the construction of aviation infrastructure. In the upcoming years, the growth of the regional market is anticipated to be primarily driven by developments in the industrial sector brought about by government initiatives, technology, and the explosive growth of the plastics industry.
The other important markets for aircraft polymers are in North America and Europe. During the study period, the expansion of the regional market is anticipated to be driven by the rising demand for aerospace plastics in these areas' well-established aerospace industry.
Last but not least, the Middle East and Africa market is anticipated to expand significantly during the projection period due to the region's recovering economy and industries following its political and economic collapse in 2014 and 2015.
Figure 2: AEROSPACE PLASTICS MARKET, BY REGION, 2022 & 2030 (USD BILLION)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The existence of numerous multinational corporations in the major nations has led to the fragmentation and intense competition of the aerospace plastics market. To grow market share and boost revenues, businesses place a strong emphasis on expanding their geographic reach. As a result, the corporation has access to a new business portfolio, which boosts revenues.
With important plastic manufacturers serving both the domestic and foreign markets, the aircraft plastic market is fragmented. To improve their market position, the businesses that produce aircraft plastics are creating new products.
Hyosung Corporation (South Korea)
Mitsubishi Heavy Industries, Ltd. (Japan)
Kaman Corporation (US)
SABIC (Saudi Arabia)
TORAY INDUSTRIES, INC. (Japan)
BASF SE (Germany)
Evonik Industries AG (Germany)
Solvay S.A. (Belgium)
Hexcel Corporation (US)
Premium AEROTEC (Germany)
The collaboration between Toray Industries and Airbus started in March 2024 with the goal of developing advanced thermoplastic composites for applications in aviation. This alliance aspires to make planes lighter, thus cutting weight and subsequently reducing fuel usage, which is a more sustainable way of air travel. As a result, there will be considerable advances in terms of both designing and manufacturing airplanes due to the specific knowledge in relation to such materials from Toray and the global leadership position held by Airbus within its marketplace.
In April 2024, Hexcel Corporation announced that it would increase production capability for advanced composite materials used in aerospace applications. To meet the rising demand for lightweight but strong materials required by aircraft manufacturers, this company disclosed that it had made substantial investments in multiple plants located within the United States and Europe. The expansion aligns with Hexcel’s objective of being the major provider of composite materials used by key players in the aviation business.
Sometime around February 2024, BASF launched a new lineup of high-performance polyamides developed specifically for aerospace application use. Ultramid® Advanced N series comes with enhanced mechanical properties, flame retardancy, and chemical resistance, which make them applicable to various parts found inside aircraft, such as interiors and structural parts. BASF intends to address these demands by introducing a new product line that will be lightweight but still durable, considering its functionality within the aviation domain.
SABIC announced its strategic partnership with Boeing in January 2024, which entails the development of advanced plastics for improved aircraft performance and sustainability. The cooperation focuses on creating innovative materials capable of reducing weight while enhancing fuel efficiency, contributing towards decreased emissions. SABIC has a wide-ranging portfolio of engineering thermoplastics coupled with Boeing’s expertise in aircraft design as some of the possible sources for these aerospace materials being further developed.
In December 2023, DuPont unveiled its latest Kevlar® fibers targeting the aerospace sector. The new offering has improved strength-to-weight ratios and enhanced thermal stability, hence making it suitable for various aerostructures, including fuselage panels and cabin parts. Designing modern aircraft is a challenging task; therefore, DuPont’s innovation looks forward to providing material solutions that meet the requirements of demanding performance on new machines.
Aerostructure
Fuselage Components
Interior Components
Support Equipment
Commercial Aircrafts
Military Aircrafts
Rotary Aircrafts
General Aviation
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 22.40 billion |
| Market Size 2024 | USD 24.15 billion |
| Market Size 2032 | USD 44 billion |
| Compound Annual Growth Rate (CAGR) | 7.79% (2024-2032) |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2019 & 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
| Countries Covered | U.S., Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, Brazil, Argentina, Mexico, South Africa, Turkey, GCC. |
| Key Companies Profiled | Hyosung Corporation (South Korea), Mitsubishi Heavy Industries, Ltd. (Japan), Kaman Corporation (US), SABIC (Saudi Arabia), TORAY INDUSTRIES, INC. (Japan), BASF SE (Germany), Evonik Industries AG (Germany), Solvay S.A. (Belgium), Hexcel Corporation (US), and Premium AEROTEC (Germany) |
| Key Market Opportunities | Rising Demand for Commercial Aircraft |
| Key Market Dynamics | Rising demand for efficient and light weight aircraft. |
Aerospace Plastics Market Highlights:
Frequently Asked Questions (FAQ) :
The aerospace plastics market is projected to reach USD 22.40 billion in 2023
North America is held the market share 45% of the market in 2021 and expected to remain the dominant region during the forecast period 2030.
America Aerospace Plastics market is exhibiting a compound annual growth rate (CAGR) of 7.79% during the forecast period (2024-2032)
Asia Pacific holds the largest share in the global aerospace plastics market, followed by North America and Europe, respectively.
Hyosung Corporation (South Korea), Mitsubishi Heavy Industries, Ltd. (Japan), Kaman Corporation (US), SABIC (Saudi Arabia), TORAY INDUSTRIES, INC. (Japan), BASF SE (Germany), Evonik Industries AG (Germany), Solvay S.A. (Belgium), Hexcel Corporation (US), and Premium AEROTEC (Germany)
Aerostructure
Research Analyst Level I In her 3 years of experience in the market research field, she has handled critical cross-domain projects. she has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.she holds an engineering degree and is an mba professional from a well-known university, capable of evaluating the market and competitive conditions. an exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. generated business through active client and project development, networking, and high-quality responses. her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
