Aerospace Plastics Market

Market Overview

The global aerospace plastics market size was valued at USD 7.6 billion in 2023 and is projected to reach a value of USD 15.1 billion by 2032, registering a CAGR of 7.9% during the forecast period 2024-2032. The growing need for plastics in various aerospace applications, including cabin interiors, structural components, electrical electronics and control panels, windows, windshields, and canopies, is likely to drive the aerospace plastics market share in the coming years.

Aerospace plastics are a broad set of materials used in the aerospace industry to manufacture aircraft components and structures. These materials have various advantages, including their lightweight nature, high strength-to-weight ratio, corrosion resistance, and capacity to survive harsh temperatures and climatic conditions. Aerospace polymers play an important part in modern aircraft design and construction, helping to increase fuel efficiency, performance, and durability.

Rising demand for general and commercial aviation will drive the aerospace plastics industry. Lightweight aircraft are being deployed to improve aircraft performance and efficiency, which is expected to stimulate demand for high-performance plastics in the coming years. Middle-class discretionary income growth, combined with an expansion in low-cost carriers, is predicted to fuel demand for aerospace plastics. Aerospace Plastics are used in the aviation sector to increase fuel efficiency and provide protection, such as plastic wrap insulation to protect wiring and cable in the aircraft's cabin. However, the high capital cost and low level of Aerospace plastics production per year are expected to impede the Aerospace plastics market growth.

Key Highlights

• PEEK accounts for the largest share of the market by polymer type.
• Commercial aircraft dominate the market by aircraft type.
• Cabin interiors are the most common application in the market.

Market Dynamics

Market Drivers

Rising Aircraft Production

The growing need for commercial aircraft, fueled by rising air passenger traffic, airline fleet expansion plans, and the rise of the aviation industry in new economies, is driving demand for aerospace plastics. Aircraft manufacturers are ramping production to satisfy rising demand for new aircraft, resulting in increased use of aerospace plastics for various applications such as airframe structures, interiors, and parts. 

Furthermore, the increase in air passenger traffic, particularly in emerging countries such as Asia-Pacific and the Middle East, is increasing demand for new commercial aircraft. As more people choose air travel for business and leisure, airlines expand their fleets to meet the growing demand. For example: In 2023, Airbus delivered 735 commercial aircraft, up 11% from 2022. Airbus's A320 manufacturing rate is 45 aircraft per month, although output is increasing, and an official rate increase is imminent.

Major airlines worldwide are implementing fleet expansion plans to replace old aircraft, meet capacity demands, and extend their route networks. For example, India's Akasa Air will place a "substantially" large order for new narrowbody planes this year as the start-up budget airline seeks to capitalize on rising domestic demand and launch international operations. The 200-day-old airline has received delivery of 17 Boeing 737 MAX planes out of a total order of 72 jets due by March 2027. 

As a result, the growing global production of commercial and military aircraft is driving demand for aerospace plastics as manufacturers seek lightweight, long-lasting materials to increase aircraft performance, fuel efficiency, and environmental sustainability. The strong order backlogs, market predictions, and aircraft delivery data demonstrate the importance of aerospace plastics in addressing the growing demand for new aircraft in the aviation industry.

Market Restraints

Stringent Regulatory Standards

The aerospace industry must adhere to severe regulatory standards and certification criteria established by aviation agencies such as the Federal Aviation Administration (FAA) and the European Union Aviation Safety Agency. Aerospace polymers in aircraft components must meet high performance, safety, and quality standards to assure airworthiness and regulatory compliance. Compliance with regulatory requirements for aircraft plastics and composite materials can be time-consuming and expensive, necessitating rigorous testing, documentation, and certification procedures.

According to industry surveys and analyses, meeting aerospace polymers' regulatory requirements can considerably impact manufacturing costs and project durations. According to studies, the certification process for aerospace materials can cost up to 30% of the total project budget and add several months to the development timetable. The costs of testing, documentation, and certification processes for aerospace plastics add to the overall complexity and cost of aircraft manufacturing.

As a result, aerospace businesses and composite material suppliers devote enormous resources to collaboration and compliance efforts to ensure that aerospace plastics meet regulatory requirements. These efforts require close collaboration with regulatory authorities, industry partners, research institutes, and certification organizations to design, test, and certify aerospace materials by established standards and specifications.

Market Opportunity

Demand for Lightweight Materials

The aerospace industry's emphasis on fuel efficiency, performance optimization, and environmental sustainability has driven demand for lightweight materials. Aerospace plastics, especially composite materials such as carbon fiber-reinforced polymers (CFRP) and glass fiber-reinforced polymers (GFRP), are far lighter than traditional metal alloys, making them perfect for aircraft construction.

Lightweight materials are important in increasing airplane fuel efficiency and lowering carbon emissions. Aerospace polymers reduce the weight of aircraft structures and components, resulting in lower fuel consumption, operational costs, and environmental impact. For example, Boeing's 787 Dreamliner uses about 50% composite components, including CFRP, contributing to a 20% reduction in fuel usage compared to similarly sized aircraft.

Aerospace polymers have higher strength-to-weight ratios, corrosion resistance, and fatigue qualities than traditional materials. These qualities help to improve aircraft performance, durability, and safety. For example, the Airbus A350 XWB (Extra Wide Body) fuselage and wings are composite materials. The A350 XWB is Airbus' first airplane to include carbon-fiber-reinforced plastic fuselage and wing components. The A350 XWB has over 70% sophisticated materials, including carbon composites (53%), titanium, and contemporary aluminum alloys. Thus, the demand for lightweight materials, particularly aerospace plastics, provides a tremendous opportunity for growth and innovation in the aerospace industry. Aerospace plastics provide benefits like weight savings, improved fuel economy, performance advancements, and environmental sustainability, which drive their use in aircraft manufacture. 

Regional Analysis

The global aerospace plastics market analysis is conducted in North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.

North America's aerospace plastics market share is estimated to grow at a CAGR of 7.7% over the forecast period. The North American aerospace market is divided into the United States, Canada, and Mexico. With over 19,346 public and commercial airports and many military airbases, the United States is expected to contribute primarily to the aerospace plastics industry. The United States has the world's largest aviation industry, which includes aircraft manufacturers, spare parts producers, and service providers, all of whom contribute to the country's consumption of aerospace plastics. 

Furthermore, many regional airline operators have used cabin upgrades to optimize market positioning regarding individual brand identification. On that point, following the acquisition of Virgin America by Alaska Airlines, the latter has launched a vast cabin refurbishment initiative to establish a more unified look and feel throughout the entire fleet. Air France debuted a new cabin on its Boeing 777-300ER aircraft in January 2023, featuring 48 business class seats and additional privacy elements. Additionally, American Airlines said that in 2022, it will upgrade its Boeing 777-300ER aircraft with a new opulent interior. The new interior will improve the in-flight experience on long-haul international routes. 

Europe is anticipated to exhibit a CAGR of 8.3% over the forecast period, owing to the availability of experienced engineers and the abundance of investments in R&D. The existence of aircraft manufacturing businesses in France, including European consortiums and French partners (ATR, EADS, etc.), has strengthened the Western European aerospace polymers industry. For example, Airbus is a European aircraft maker and Europe's leading aeronautics and space firm. 2023 Airbus delivered 735 commercial aircraft, up 11% from 2022. As of December 2023, Airbus operated 10,562 A320 families, 1,431 A330 families, 585 A350 families, and 314 A220 families. Additionally, in 2023, the monthly production rate for commercial Aircraft in Europe was 64, 20% higher than the 2019 average. The European aerospace sector is a global leader in the manufacture of civil aircraft, including engines, parts, and components. The industry contributes significantly to exports, generating €130 billion in revenue in 2019.

Asia-Pacific accounts for a sizable market share over the projection period. This is primarily due to the area's rapid industrialization and favorable government policies. To foster economic prosperity, the governments of the region's growing nations are investing heavily in aviation infrastructure. In the future, the regional market is expected to rise primarily due to developments in the industrial sector caused by government efforts, technology, and the explosive growth of the plastics industry.

Segmental Analysis

The global aerospace plastics market is segmented based on polymer type, aircraft type, and application.

The market is further segmented by polymer type into PMMA, PC, ABS, PEEK, and PPS.

The Polyetheretherketone (PEEK) segment maintained the most significant market in 2023, accounting for 65%. PEEK is a high-performance thermoplastic with excellent mechanical qualities, chemical resistance, and temperature stability. PEEK is used in aerospace applications for structural components, engine parts, and Aircraft interiors because of its lightweight and robust temperature resistance. PEEK has a high strength-to-weight ratio, fatigue resistance, and dimensional stability, making it ideal for demanding aerospace applications. Its abrasion, wear, and corrosion resistance make it more durable and long-lasting in aircraft applications requiring excellent performance and reliability.

Furthermore, the segment's rise is due to its natural flame retardancy, great stress cracking resistance, exceptional mechanical strength, excellent resistance to rain erosion, and low smoke and poisonous gas emissions. PEEK aircraft parts are chemically resistant to hydraulic fluids, water, salt, steam, and jet fuel. Furthermore, the fantastic strength and rigidity of the most prevalent aircraft plastic make it a viable alternative to metals like steel and aluminum.

PPS is a high-performance thermoplastic renowned for its chemical resistance, flame retardancy, and mechanical qualities. PPS is utilized in aerospace applications for aircraft engine components, electrical connectors, and structural sections because of its lightweight and heat resistance. PPS has good dimensional stability, creep resistance, and a low coefficient of thermal expansion, making it ideal for aerospace applications that need precision, dependability, and longevity. Its ability to tolerate high temperatures, corrosive chemicals, and extreme environments makes it suitable for essential aerospace applications that prioritize safety and performance.

Based on aircraft type, the market is fragmented into Commercial, General & Business, Military, and Rotary Aircraft.

The commercial aircraft segment includes passenger airliners and cargo aircraft, which commercial airlines use to transport passengers and goods. Aerospace plastics are utilized in various applications, including fuselage components, wings, interior panels, cabin fittings, and aerodynamic fairings. Lightweight composite materials such as carbon fiber-reinforced polymers (CFRP) and glass fiber-reinforced polymers (GFRP) are widely utilized in commercial airplanes to reduce weight, improve fuel efficiency, and boost performance. Aerospace polymers are essential in commercial aircraft design, providing weight savings, corrosion resistance, and versatility.

The general and business aircraft segment includes private jets, corporate Aircraft, and smaller Aircraft used for business and general aviation. Aerospace plastics are used in general and commercial aircraft for interior furnishings, cockpit panels, external components, and structural sections. Lightweight materials such as polycarbonate (PC), acrylics, and composite laminates are extensively used in general and business aircraft to reduce weight, improve aesthetics, and increase cabin comfort. Aerospace plastics play an important role in improving the performance, luxury, and usefulness of general and business aircraft, meeting the expectations of high-end clients and corporate passengers.

The market can be bifurcated by application into Aero Structure, Components, Equipment, systems and support, Cabin interiors, Propulsion systems, and Satellites.

The cabin interior application dominated the market, accounting for more than 40% of all revenues. Cabin interiors include seats and seating components, galleys, cabin dividers, overhead storage compartments, over-molded aircraft cabin brackets, and other interior elements. Earlier airplane seats were made of metal composite materials that met stringent FAA flammability criteria, such as smoke density, vertical burn tests, and heat release testing for aircraft interiors. 

Furthermore, the properties of plastic aerospace applications, such as lightweight, flame retardancy, cushioning, and other beneficial properties that comply with FAA flammability regulations and are cost-effective, have resulted in plastic and plastic composites in seats and seating components. Safran, a significant aircraft cabin interior producer, manufactures over-molded aircraft cabin brackets using PEEK polymer and Victrex plc's carbon-fibre-LMPAEK composite. The aerostructures segment covers the aircraft's primary structural components, such as the fuselage, wings, empennage, and control surfaces. Aerospace polymers are frequently utilized in aircraft constructions due to their lightweight nature, high strength-to-weight ratio, and corrosion resistance. Composite materials like carbon fiber-reinforced polymers (CFRP) and glass fiber-reinforced polymers (GFRP) are extensively used in aero constructions to reduce weight, increase aerodynamics, and strengthen structural integrity. Aerospace polymers, such as fuel efficiency, performance optimization, and operational reli advantagesability, are essential in current aircraft design.

Recent Developments

February 2024- SABIC's ULTEM™ resin enabled complicated optical carrier design for Blickfeld's first smart LiDAR.

June 2023- Tool Gauge and Victrex collaborated to produce composite parts for commercial aircraft through hybrid over-molding.

March 2024- Solvay and Carester signed a Memorandum of Understanding to develop a strategic cooperation.

March 2024- BASF raised costs for Standard Antioxidants and Hindered Amine Light Stabilizers (HALS) used in plastic applications.