Market Size of Aerospace Plastics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 6.80 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Aerospace Plastic Market Analysis
The aerospace plastics market is forecasted to grow at a CAGR of more than 6.8% during the forecast period (2021-2026).
Unlike most industries, the plastic manufacturing industry witnessed a production increase during a global economic turndown caused by the COVID-19 pandemic. However, this growth spur was triggered by the rapid demand increase in the healthcare sector and the demand for aerospace plastics has declined in 2020 due to the reduction in the current manufacturing rate of commercial aircraft. Due to lower passenger traffic, several scheduled deliveries have been deferred which has led to a decline in the demand for aerospace plastic. However, with more airlines opting to retrofit their cabin with modern amenities, the demand has not witnessed a steep decline. Since the effect of COVID-19 has been limited in the military and space sectors, the associated programs are expected to face minor cost escalations and delays in the short term due to the widespread disruption in the supply chain. However, the long terms effects are negated due to the anticipated global economic recovery triggering the demand for military aircraft and space systems.
The market is driven by the increasing demand for new aircraft as part of the fleet expansion and modernization programs initiated by respective end-users in the military, commercial, general aviation, and space sectors. Aerospace grade plastics are required to adhere to several regulations and specifications, such as UL94, FAR 25.853, ASTM, DFAR's, MIL-PRF-5425, MIL-PRF-8184, and MIL-PRF-25690. The stringent standards that the manufacturers are required to adhere to lead to high R&D costs, thereby limiting the participation of new players lacking the required technical expertise for producing aerospace grade plastics. Moreover, the recent COVID-19 induced disruption in the global raw material supply chain is expected to hinder the growth of the market in focus for a short term during the forecast period.
