North America will account for the highest volume share in the aerospace plastics market size. The presence of multiple manufacturers focusing on developing fuel-efficient aircrafts are further boosting the regional share. Moreover, rising fuel costs along with stringent regulatory norms are further encouraging players to incorporate plastics in aircrafts. Aircraft manufacturers are developing customized plastic manufacturing processes for improving their margins and increase profitability.
Increasing demand of light-weight materials in the aerospace sector has helped in fueling the aerospace plastics market share over the last few decades. Undoubtedly, there is unremitting growth in commercial air transport and military aircraft across the globe. Success of aerospace plastic industry is heavily relied upon persistent innovation in reducing fuel costs and improving aircraft performance.
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Unsurprisingly, the usage of plastic in aircrafts has grown at an astounding rate in recent years owing to the fast and substantial improvement in manufacturing quality. Utilizing plastic can reduce manufacturing and operating costs which makes it cost-effective to use in aircrafts and fuel aerospace plastics market growth.
Aerospace industry uses plastics in aircraft interior parts like luggage compartments, trays seats and panels; ventilation ducting and seals; rudders, fuselages and landing components; and to craft future airplanes. High degree of thermo-stability, heavy-duty strength, lightweight density and malleability are some added benefits which has made it the perfect application for aircrafts. Although several innovations have been made, many are in the works which would aid plastics with complementary properties and further advance its usage, driving aerospace plastics market growth.
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For instance, the carbon-reinforced plastic composite available in market is being used for manufacturing A350 XWB of Airbus. More than 50 percent of A350 XWB is manufactured from this composite to make the aircraft fuel efficient. Likewise, Boeing 787 is also made up of nearly 50 percent composite. Not only Boeing and Airbus, but also BAE Systems, Bombardier, GE Aviation, Lockheed Martin and Raytheon use composite to manufacture lighter and fuel-efficient aircrafts. Aircraft companies are putting their best efforts to build high performance and unbeatable aircrafts – a factor that is elevating the revenue graph of the aerospace plastics market.
Plastics also help increase stealth in aircrafts as they are light weight. The matte finish of the plastic surface reduces glare to a camouflage pattern, making it an ideal component in military aircraft applications. Plastics also help reduce painting and coating costs as any color can be virtually created over the surface while production. Many innovations are still awaited to benefit the aircraft manufacturing which are likely to propel aerospace plastics market growth.
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Plastics can even be developed with specific properties in mind, such as shock resistance, thermal resistance, high strength-to-weight ratio, chemical resistance, low smoke and toxicity, and flame retardant. Upcoming product advancements and increasing demand for lightweight and durable material in future aircraft manufacturing is likely to boost the aerospace plastics market size which is forecast to surpass USD 75 million by 2025.
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