The Global Aerospace Plastics Market Predicted to Reach $27.74 Billion in 2028

Plastic has always been one of the major components in the aerospace industry. They not only improve fuel efficiency but also reduce the weight of the aircraft. They also help military aircraft extend flight range and evade radar detection.

Also, components for navigation functions, propulsion, interiors, and structural elements are made of plastic. Plastic has many advantages that are ideal for aerospace applications such as the following:

• Lightweight
• Durable
• Impact-resistance
• Chemical-resistance
• Corrosion-resistance

The increasing adoption of fuel-efficient and lightweight aircraft are key factors that are driving the global aerospace plastics market.

The global aerospace plastics market size is expected to grow at a CAGR of 6.3% and reach 27.74 Billion in 2028. Factors that are boosting the growth are the increasing use of commercial aircraft and the rising demand in the military sector. Some other factors include rapid globalization, trade, and urbanization that result in the need to travel and transport goods to different countries.

The rising use of energy-saving and environment-friendly plastics will also drive market growth. The increasing popularity of aerospace plastics over conventional materials like plastics is also expected to propel the market forward.

Regional Insights

The North American region is anticipated to witness demand for aircraft that are fuel-efficient. This is is due to rising fuel prices. The demand to replace or modify existing airplanes with fuel-efficient ones will drive the market growth in the North American region.

Europe has been a leader in the commercial aircraft segment for the past few years. European countries have design and engineering expertise that will drive innovation. This is expected to increase demand for aerospace plastics in the coming years.

The Asia Pacific and the Middle East regions hold the major market share in the aircraft industry as well. Demand for helicopters is predicted to rise significantly in these regions due to oil and gas projects in various parts of these regions. This will further drive the use of aerospace plastics.

In conclusion, plastics are an ideal choice for the aerospace industry owing to their lightweight properties, resistance to corrosive materials, and high temperature. There is no doubt that the aerospace plastics market will witness steady growth in the coming years.

Source:

https://www.globenewswire.com/en/news-release/2021/05/20/2233237/28124/en/Global-Aerospace-Plastics-Market-2020-to-2028-by-Type-Plastic-Type-Aircraft-Type-Application-and-Region.html