The global aerospace plastics market is projected to expand 1.5x with a moderate 4% CAGR during the forecast period of 2020 to 2030. In the wake of the COVID-19 outbreak, airlines worldwide faced significant challenges, as governments imposed stringent measures to curb the virus. This resulted in a drastic reduction in passenger demand, with commercial carriers seeing a decline of nearly 75%, leading to lower demand for aerospace products and materials.

A report by Fact.MR highlights the severe impact of the pandemic on the aerospace industry. The economic uncertainty and temporary suspension of manufacturing activities have taken a toll on the aerospace plastics market. Recovery is expected to be gradual due to persistent concerns over contagion and reduced spending on aerospace defense infrastructure.

"Aerospace manufacturers are increasingly turning to plastic materials for component production due to their lightweight nature and corrosion resistance. The need for fuel-efficient aircraft further supports the adoption of plastics. Moreover, plastics offer a more cost-effective alternative to metal components. As fuel costs rise and economic incentives grow, the demand for plastics in aerospace applications is expected to increase," notes the Fact.MR study.

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Aerospace Plastic Market - Key Insights

• Freighter and commercial aircraft are the primary consumers of aerospace plastics, driven by the need to reduce operational costs.
• Military applications are growing, with plastics being widely used in HUDs, firearms, and night-vision systems.
• Aerostructure components, such as fuselages, make significant contributions to market revenue due to the material's strength and weight benefits.
• North America and Europe lead the market, benefiting from the presence of major aerospace manufacturers and high aircraft replacement rates.

Market Drivers

• The rapid development of fuel-efficient aircraft is driving demand for aerospace plastics.
• Increasing awareness of energy-saving and environmentally friendly products will further fuel market growth.
• Plastics' properties—such as durability, low weight, and resistance to chemicals and corrosion—boost their adoption in aerospace applications.
• Expanding use of air travel for business and defense purposes presents significant growth opportunities.

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Market Restraints

• Environmental concerns related to the production and use of plastics pose challenges for market growth.
• Price volatility in the plastic industry, driven by fluctuations in crude oil prices, impacts market prospects.

COVID-19 Impact on Aerospace Plastics Market

The global aerospace industry has been significantly affected by the COVID-19 pandemic, resulting in the suspension of manufacturing activities worldwide. This has directly impacted the demand for aerospace plastics, as air traffic has sharply declined, reducing the need for new airplanes and helicopters.

Moreover, supply chain disruptions have affected plastic production and processing operations. While defense-related applications of aerospace plastics are somewhat insulated due to government contracts, the overall recovery of the industry is expected to be gradual.

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Competitive Landscape

Leading aerospace plastic manufacturers are focusing on mergers, acquisitions, and the integration of distribution and manufacturing facilities to strengthen their market presence. Significant investments in research and development for innovative products are also a key strategy to stay competitive. For example, BASF SE has introduced a range of wear-resistant, recyclable elastomer materials specifically designed for aircraft interiors. Additionally, Kaman Corp. acquired Plastic Fabricating Company Inc. to expand its aerospace applications portfolio.

Prominent companies in the aerospace plastics market include Ensinger, Hyosung Corporation, Solvay, BASF SE, Holding Company Composite, Kaman Corporation, Hexcel Corporation, Mitsubishi Heavy Industries Ltd., Victrex plc, Premium Aerotec GmbH, Evonik Industries AG, SABIC, Tech-Tool Plastics Inc., and SGL Carbon SE. These players continue to innovate and expand their market reach through strategic initiatives.

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