December 11, 2019 by Johnson Paul
According to a new market report published by Credence Research “Aerospace Plastics Market - Growth, Future Prospects & Competitive Analysis, and Forecast 2016 - 2023,” the aerospace plastics market is expected to reach US$ 15.7 Bn by 2023, expanding at a CAGR of more than 6.7% from 2016 to 2023.
Plastics have attracted a large number of end-user industries due to their advantages for a wide range of applications. Lightweight materials, fuel savings, corrosion-resistant and freedom of designs among others are the major advantages of plastics. These advantages of plastics have substituted metal parts in the aerospace industry. The use of plastics makes the planes safer, lighter and more economical. Plastics are not only used for interior parts but also for exterior parts such as technical parts, structural elements, etc. Hence, the use of technical composites and plastics has rapidly grown in the aviation industry.
Browse Full Report Originally Published by Credence Research at https://www.credenceresearch.com/report/aerospace-plastics-market
Growing demand for lightweight materials due to fuel savings and reduced weight of the planes is the major factor driving the demand for aerospace plastics in the market. In addition, reduced fuel consumption due to lightweight planes is another factor promoting the growth of the global aerospace plastics market worldwide. Hence, the aviation industry is anticipated to boost high growth for aerospace plastics in the market.
Based on applications, the global aerospace plastics market is segmented into empennage, airframe & fuselage, cabin areas, wings & rotor blades and flight deck & cockpit. Among these, airframe & fuselage accounted for a major share of the global aerospace plastics market in 2015 and is expected to increase in the near future. The lightweight materials in the aviation industry help in fuel consumption which is the major factor leading to demand aerospace plastics in the market. Flight deck & cockpit application is expected to follow the airframe & fuselage application and is anticipated to increase in the near future. Other applications such as empennage, cabin areas and wings & rotary blades are also expected to boost the growth of global aerospace plastics during the forecast period.
Commercial & freighter aircrafts dominated the global aerospace plastics market in 2015 and are expected to drive the growth of the global aerospace plastics market in the near future. The increase in fuel efficiency in compliance with reduced maintenance is the major factor driving the growth of the global aerospace plastics market. Military aircrafts accounted for the second-largest market for aerospace plastics and are expected to increase demand for aerospace materials in the near future. Other end-user industries such as rotary aircraft and general aviation are anticipated to fuel demand for aerospace plastics during the forecast period.
You can get the sample copy of this research by Credence Research here: https://www.credenceresearch.com/sample-request/58057
Report Scope by Segments
By Application Type
By End-user Type
By Geography Segment