Global Aerospace Plastics Market 2017-2021
About Aerospace Plastics
Plastics are used as raw materials in different industries such as packaging, automobile, aerospace industry, textile, consumer goods, electronics, and others. These can be molded or shaped into a range of solid objects or flexible sheets by altering the amount of plasticizer used. Aerospace plastics find applications in the exteriors and interiors parts of different aircraft such as commercial and freighter, general aviation, and others.
Technavio’s analysts forecast the global aerospace plastics market to grow at a CAGR of 5.12% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global aerospace plastics market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Aerospace Plastics Market 2017-2021
Technavio recognizes the following companies as the key players in the global aerospace plastics market: DuPont, Hexcel, PPG Industries, Saint-Gobain, and Solvay.
Other Prominent Vendors in the market are: Aerospace Plastic Components, Celanese, General Plastics Manufacturing, GMN, L. P. Aero Plastics, Mulford Plastics, Paco Plastics, SABIC, Toho Tenax, and Vantage Plane Plastics.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is growing introduction of additive manufacturing. The aerospace industry is one the major adopters of additive manufacturing for the aircraft component manufacturing. Additive manufacturing is contributing to the aerospace industry by effectively manufacturing highly complex geometrically components, faster production of replacement parts, and faster improvement of the current design for better improvements.”
According to the report, one driver in the market is increasing use of lightweight materials. 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.
Further, the report states that one challenge in the market is fluctuation in raw material prices. 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. The prices of crude oil in November 2016 was $46.28 per barrel. The prices of crude oil hiked to reach $54.10 per barrel in December 2016.
DuPont, Hexcel, PPG Industries, Saint-Gobain, Solvay, Aerospace Plastic Components, Celanese, General Plastics Manufacturing, GMN, L. P. Aero Plastics, Mulford Plastics, Paco Plastics, SABIC, Toho Tenax, and Vantage Plane Plastics.