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The aerospace plastics market share is expected to increase by USD 125.67 million from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 3.57%.
This aerospace plastics market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by end-user (commercial and freighter aircraft, general aviation, and others), application (exterior and interior), and Geography (Europe, North America, APAC, MEA, and South America). The report also offers information on several market vendors, including BASF SE, Compagnie de Saint-Gobain SA, DuPont de Nemours Inc., Ensinger GmbH, Hexcel Corp., Mitsubishi Chemical Holdings Corp., PPG Industries Inc., Saudi Basic Industries Corp., Solvay SA, and Victrex Plc among others.
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Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The increasing use of lightweight materials is notably driving the aerospace plastics market growth, although factors such as fluctuation in raw material prices may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the aerospace plastics industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Aerospace Plastics Market Driver
The increasing use of lightweight materials is one of the key factors driving the growth of the global aerospace plastics market. The use of lightweight materials is increasing in the aerospace industry. Various lightweight materials used in the automotive industry are high-strength steel, aluminum, composites, magnesium, and plastics. The major driver for the growth of lightweight materials in the aerospace industry is the production of fuel-efficient and low-emission aircraft. With the increasing awareness of climate change and environmental issues, coupled with the rising fuel cost, the aerospace industry is trying to save on the operation cost by demanding lightweight aircraft. Aluminum has a density of 2.7 g/cm³, whereas high-performance polymers have a density of around 1.3 g/cm³. This difference helps in gaining significant weight savings. Airbus uses lightweight materials in the horizontal tail of the Airbus A340. In this way, the company is able to reduce its weight by 50% and cost by 30%. Thus, to increase fuel efficiency and comply with environmental regulations, aerospace component manufacturers are mainly focusing on lightweight materials.
Key Aerospace Plastics Market Trend
The growing introduction of additive manufacturing will fuel the global aerospace plastics market growth. The aerospace industry is one of the major adopters of additive manufacturing for aircraft component manufacturing. Additive manufacturing is contributing to the aerospace industry by effectively manufacturing highly complex geometrical components, faster production of replacement parts, and faster improvement of the current design for better improvements. In the additive manufacturing process, components are built up layer by layer based on 3D printing. This reduces weight, increases fuel efficiency, and reduces material use. Siemens is using additive manufacturing in many applications to print components for Etihad passenger planes. They have a collaboration with Strata Manufacturing, an aircraft parts manufacturer. Siemens is supporting Strata Manufacturing with the technical knowledge and consulting for the manufacturing of monitor shrouds using 3D printing technology. They are using materials such as plastics and metals. Such factors will increase the market growth during the forecast period.
Key Aerospace Plastics Market Challenge
The fluctuation in raw material prices is a major challenge for the global aerospace plastics market growth. The price fluctuation of raw materials, including crude oil, has a negative impact on the market vendors as they rely heavily on crude oil during the manufacturing process. High prices of oil increase the production cost of petroleum-based products, including plastics. For instance, the price of polypropylene hiked over 4.5% in December 2016, following a hike in the prices of crude oil in India. In 2019, the average crude oil price was $56.99/barrel, which decreased to $39.68/barrel in 2020 due to the COVID-19 outbreak and increased to $58.30/barrel by March 2021. Thus, the changing prices will have a negative impact, leading to an increase in the lead time and thereby increasing the price of the final product. However, owing to the high volatility in the prices of crude oil and natural gas, aerospace plastic manufacturers are setting high prices for the products to gain a healthy margin. The rise in prices of raw materials increases production cost and decreases product demand in the market.
The report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global aerospace plastics market as a part of the global commodity chemicals market within the global chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the aerospace plastics market encompasses successful business strategies deployed by the key vendors. The market is fragmented and the vendors are deploying growth strategies such as product launches and business expansions to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The aerospace plastics market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the aerospace plastics market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global chemicals market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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