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Aerospace Thermoplastics Market | Covid-19 Impact Analysis
Aerospace Thermoplastics Market is Segmented By Aircraft Type (Commercial Aircraft, Regional Aircraft, General Aviation, Helicopter, Military Aircraft, and UAV), By Resin Type (High-Performance Thermoplastics, Engineering Thermoplastics, and Standard Thermoplastics), By Application Type (Exteriors, Interiors, Assembly Components, and Others), By Form Type (Reinforced and Unreinforced), and By Region (North America, Europe, Asia-Pacific, and Rest of the World)
Covid-19 has impacted the market dynamics, competition, and global supply chains. The revenues has gone down in 2020 and may resume an uptrend gradually form 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
The aerospace thermoplastics market is projected to grow at a robust rate over the next five years to reach US$ 341.7 million by 2025. The market for thermoplastics in the aviation industry is driven by
Today, thermoplastics have earned a substantial position in all the end-use industries including the aerospace industry. Although, the aerospace industry represents a diminutive share of less than 1% in terms of volume of the total thermoplastics market, but it has been efficacious in gaining enough buzz in the market, propelled by its eye-catching growth rate. It is undeniably one of the fastest-growing markets among all end-use industries.
There are various reasons indicating thermoplastics having a great appeal as composite matrices in the aerospace composites industry.
All the major thermoplastic suppliers are striving hard for the development of application-specific products in order to hold the larger chunk of the market. Furthermore, companies are extremely believing in inorganic growth strategies to quickly reposition themselves in this growing market.
The aerospace thermoplastics market is segmented based on the aircraft type as commercial aircraft, regional aircraft, general aviation, helicopter, military aircraft, and UAV. Commercial aircraft segment is likely to remain the largest segment of the market during the forecast period. Increasing production rates of the key programs, such as B787, F35 and A350XWB; market entry of new players, such as COMAC C919 and Irkut MC-21; and introduction of fuel-efficient variants of the best-selling aircraft (A320neo and B777x), are likely to create a strong demand for thermoplastics in the commercial aircraft segment.
Based on the resin type, the market is segmented as high-performance thermoplastics (HPTPs), engineered thermoplastics, and standard thermoplastics. HPTPs are further segmented into PPS, PAEK Family, PASU Family, PEI, HPPAs, and Others. Similarly, engineering thermoplastics are further segmented into PC, PA, and others and standard thermoplastics into PP, PS, and others. In terms of value, HPTPs are likely to remain the most dominant and the fastest-growing segment over the next five years. HPTPs are gaining traction in the aerospace industry because of their better temperature stability, excellent chemical resistance, and higher mechanical properties. Among HTTPs, PPS is likely to maintain its supremacy in the market with an excellent CAGR during the forecast period.
Based on the form type, the market is classified as reinforced thermoplastics and unreinforced thermoplastics. Reinforced thermoplastics are likely to maintain their dominance in the market by 2025. Reinforced thermoplastics provide a substantial boost in modulus and stiffness. The stiffness gain through the impregnation of reinforcements in thermoplastics increases performance at elevated temperatures.
Based on the application type, the interiors segment is likely to remain the most dominant, whereas the assembly components segment is likely to be the fastest-growing application during the forecast period. In interiors, all three sets of thermoplastics (HPTPs, engineering, and standard) are used; however, their usage and applications are subjected to various parameters including strength, toughness, cost, etc. For instance, engineered thermoplastics and standard thermoplastics are preferred in low load-bearing applications such as dashboards, and cabinets, whereas HPTPs are preferred in parts requiring higher dimensional stability with more stringent FST standards.
In terms of regions, North America is projected to remain the largest market during the forecast period. The USA is the growth engine of the North American aerospace thermoplastics market. The country is the hub of the aerospace industry with the presence of several aircraft OEMs, tier players, part fabricators, compounders, and resin suppliers. Most of the major thermoplastic manufacturers have their presence in the region to address the emergent needs of the OEMs in order to be the partner for their upcoming aircraft programs or upcoming fuel-efficient variants of existing aircraft programs.
Asia-Pacific is likely to depict the highest growth during the forecast period. The region is likely to remain the most eye-catching market in the foreseeable future, mainly driven by the opening of assembly plants of Boeing and Airbus in China for B737, A320, and A330 aircraft programs; upcoming indigenous commercial and regional aircraft (COMAC C919 and Mitsubishi MRJ); rising aircraft fleet size; and increasing military spending by countries such as China and India.
The supply chain of this market comprises raw material suppliers, aerospace thermoplastic manufacturers, compounders, prepreggers, tier players, aircraft and engine OEMs, airlines, and MRO companies. The key players in the market are Solvay S.A.; Victrex plc; BASF SE; China Lumena New Materials Corporation; DIC Corporation; SABIC; Toray Industries, Inc.; Evonik Industries AG; and Arkema S.A. The advancements in materials, mergers & acquisitions, and collaborations with OEMs for the joint development of aerospace thermoplastics are some of the strategies adopted by the major players in order to gain a competitive edge in the market.
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This 270-page report, from Stratview Research, on the aerospace thermoplastics market, estimates the current as well as future growth opportunities for the market participants until 2025. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies in order to expedite their growth process.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The global aerospace thermoplastics market is segmented into the following categories.
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