Aerospace Plastics Market Worth $20.7 Billion by 2023 – Exclusive Report by MarketsandMarkets™
CHICAGO, January 16, 2019
CHICAGO, January 16, 2019 /PRNewswire/ —
According to the new research report “Aerospace Plastics Market by Polymer Type (PEEK, PMMA, PC, PPS, ABS), Aircraft Type (Commerical, General & Business, Military, Rotary), Application (Cabin Windows & windshield, Cabin Lighting, Overhead Storage Bins), and Region – Global Forecast to 2023“, published by MarketsandMarkets™, the Aerospace Plastics Market is projected to grow from USD 14.7 billion in 2018 to USD 20.7 billion by 2023 at a CAGR of 7.1% from 2018 to 2023. The growth of the Aerospace Plastics Market can be attributed to the increasing demand for lightweight and more efficient aircraft, increasing passenger transportation due to affordable carriers in emerging regions, replacement of old aircraft and modernization of existing aircrafts, and growth of the aviation industry in developing economies.
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Among polymer type, PMMA is estimated to account for the largest share of the Aerospace Plastics Market in 2018.
The PMMA segment is estimated to account for the largest share of the Aerospace Plastics Market in 2018. PMMA is used as an alternative to glass for manufacturing airplane windows, which is the largest application segment in the global market.
Among aircraft type, commercial aircraft are estimated to account for the largest share of the Aerospace Plastics Market in 2018.
The commercial aircraft segment is estimated to account for the largest share of the Aerospace Plastics Market in 2018. New airplane deliveries in the commercial aircraft segment are expected to create high demand for aerospace plastics due to the rising fuel costs that have led to the demand for lightweight and fuel-efficient aircraft.
Among applications, cabin windshields & windows are estimated to account for the largest share of the Aerospace Plastics Market in 2018.
The cabin windows & windshields segment is estimated to account for the largest share of the Aerospace Plastics Market in 2018. Cabin windows help in equalizing the cabin pressure with the outside atmospheric pressure that is exerted during a flight.
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North America is expected to be the largest market for aerospace plastics in 2018.
The North American region is estimated to account for the largest share of the Aerospace Plastics Market in 2018. The presence of leading aircraft manufacturers in the region, along with high demand for lightweight aircraft across the globe, has resulted in high demand for aerospace plastics in the region.
Some of the leading players operating in the Aerospace Plastics Market include SABIC (Saudi Arabia), Victrex (UK), Drake Plastics Ltd. (US), Solvay (Belgium), BASF SE (Germany), and Evonik (Germany).
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