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Aerospace Plastics Market Share

ID: MRFR//5772-HCR | 140 Pages | Author: Chitranshi Jaiswal| November 2024

In the fiercely competitive realm of the Aerospace Plastics Market, companies strategically deploy diverse market share positioning strategies to establish a robust presence and gain a competitive edge. A fundamental strategy involves differentiation, where companies focus on producing high-performance aerospace plastics with unique characteristics, such as lightweight properties, high strength-to-weight ratios, or resistance to extreme temperatures and chemicals. By investing in research and development, companies can create innovative formulations that cater to the stringent requirements of the aerospace industry, setting themselves apart from competitors and securing a significant market share. Differentiation not only attracts aerospace manufacturers seeking advanced materials but also enhances the overall perceived value of aerospace plastics in the market.

Cost leadership is another pivotal strategy employed by companies in the Aerospace Plastics Market. This approach revolves around becoming a low-cost producer through optimized manufacturing processes, economies of scale, and efficient supply chain management. Emphasizing cost efficiency enables companies to offer competitive pricing for their aerospace plastics, making them appealing to cost-conscious aerospace manufacturers and gaining a larger market share. The successful execution of this strategy demands continuous improvement, innovative production methods, and a keen focus on operational excellence to maintain profitability while providing cost-competitive materials.

Strategic alliances and partnerships play a crucial role in shaping the market share positioning of companies in the Aerospace Plastics Market. Collaborating with key stakeholders such as aerospace OEMs (Original Equipment Manufacturers), material suppliers, or research institutions allows companies to access essential resources, cutting-edge technologies, and distribution channels. Through strategic partnerships, companies can expand their market reach, leverage shared expertise, and create synergies that enhance their overall competitive position. This collaborative approach fosters innovation, accelerates market penetration, and contributes to a more robust market presence.

Geographical expansion is a strategic imperative for companies aiming to increase their market share in the Aerospace Plastics Market. Identifying and entering new markets or expanding existing operations globally allows companies to tap into regions with growing demand for advanced aerospace materials. Adapting products to suit the unique requirements of different aerospace markets is crucial for success in geographical expansion. This strategy enables companies to diversify their customer base, reduce dependency on specific regions, and strengthen their market share on a global scale.

Furthermore, a customer-centric approach is indispensable for gaining and maintaining market share in the Aerospace Plastics Market. Understanding the specific needs of aerospace manufacturers, providing technical support, and offering excellent customer service contribute to building strong relationships. Companies that prioritize customer satisfaction often benefit from increased loyalty, positive word-of-mouth marketing, and repeat business, ultimately solidifying their market share. As the aerospace industry continues to evolve with increasing demand for fuel-efficient and lightweight materials, aligning products with customer expectations becomes crucial for sustained success in the Aerospace Plastics Market.

Covered Aspects:

Report Attribute/Metric	Details
Growth Rate	7.79% (2023-2030)

Aerospace Plastics Market Highlights:

Aerospace Plastics Market Trends

Aerospace Plastics Market Analysis

Aerospace Plastics Market Share

Aerospace Plastics Companies

Global Aerospace Plastics Market Overview

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 Overview
Aerospace Plastics Market Trends

Rising Demand for Commercial and Military Aircraft

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.

Aerospace Plastics Market Segment Insights

Aerospace Plastics End User Insights

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)

Aerospace Plastics Regional Insights

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

Aerospace Plastics Key Market Players & Competitive Insights

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.

Key Companies in the Aerospace Plastics market includes

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)

Aerospace Plastics Industry Developments

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.

Aerospace Plastics Market Segmentation

Aerospace Plastics Application Outlook

Aerostructure

Fuselage Components

Interior Components

Support Equipment

Aerospace Plastics End User Outlook

Commercial Aircrafts

Military Aircrafts

Rotary Aircrafts

General Aviation

Aerospace Plastics Regional Outlook

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

Aerospace Plastics Companies

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