Aerospace Thermoplastics Market Report

Market Insights

The aerospace thermoplastics market consecutively registered growth over the past three years (2015-2018). In 2019, the market registered a pause in its growth, mainly due to the grounding of B737 max after two fatal crashes, and delays in the market entries upcoming aircraft programs such as B777x. The industry stakeholders were anticipating the year 2020 as an impressive year. However, the rapid spread of the COVID-19 entirely changed the market dynamics. The pandemic has devastated the entire supply chain of the airline business with the massive drop in air travel, not only reducing the airlines’ revenue but also enduring an additional cost of maintaining their grounded aircraft fleets. As per the latest estimates of IATA, the airline industry is recording a possible loss of 65.9% in RPKs in 2020 from 2019.

Based on the results of primary interviews coupled with past recovery trends of previous downturns caused by recession and pandemics (Great Recession, SARS, and MERS) suggests that the market for aerospace thermoplastics will mark an overall tick-shaped recovery with a deeper curve than previous downturns.  The market participants are still optimistic about the long-term market outlook with a plethora of opportunities across regions. An expected recovery in the GDP to revitalize the positive waves, huge order backlogs by Airbus and Boeing, B737 Max’s approval from FAA and other bodies, and expected entries of COMAC C919 and Irkut MC-21, to assist the prompt recovery of the aerospace thermoplastics market. Other demand boosters are market entries of new aircraft and large aircraft fleet size, helping the market to land close to US$ 0.3-billion-figure in 2026.

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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, 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.

Aerospace composite part manufacturers have started preferring thermoplastics over thermosets for a gamut of aerospace applications. There are various reasons indicating thermoplastics having a great appeal as composite matrices in the aerospace composites industry.

• Thermoplastics generally exhibit superior impact toughness and good fire/smoke/toxicity (FST) performance and can be readily re-melted and re-formed; something that cannot be achieved using conventional thermosets.
• The greatest advantage of thermoplastics is that they can be welded easily, which not only eliminates the need for bonding and riveting but also reduces the cost and weight factors.
• Thermoplastics also exhibit a near-infinite shelf life at room temperature. Further, thermoplastics can take shapes easily under specific heat and simply harden and maintain those shapes when cooled at a faster rate than thermosets.
• There are continuous advancements in processing technologies for composite materials as well as parts. Thermoplastics are easy to work with such advancements and updated techniques.
• Furthermore, in a bid to save weight and consequent operating costs by increasing fuel efficiency, many traditional metallic aircraft structures have been substituted with thermoplastic ones.

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.

Segment Analysis

Aerospace Thermoplastics Market Share by Aircraft Type

Based on the platform type, the market is segmented as commercial aircraft, regional aircraft, general aviation, military aircraft, spacecraft, and others. In 2020, all platform types recorded severe declines except spacecraft in the wake of the pandemic. Among all platform types, commercial aircraft, regional aircraft, and general aviation are to be the biggest victims of the pandemic. Military aircraft to record a relatively low decline in the year 2020.

Despite logging a massive decline in 2020, the commercial aircraft segment is likely to maintain its dominance in the market during the forecast period. Both Boeing and Airbus have huge order backlogs of 11,179 aircraft (Airbus: 7,163 and Boeing: 4,106) as of January 2021 and as per the new Boeing outlook suggesting that deliveries of 43,110 new aircraft during 2020-2039, are likely to resuscitate the demand for thermoplastics in the commercial aircraft segment in the long term.

Aerospace Thermoplastics Market Share by Resin Type

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-recovering segment in the post-pandemic market developments. 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.

Aerospace Thermoplastics Market Share by Form Type

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 2026. Reinforced thermoplastics provide a substantial boost in modulus and stiffness. The stiffness gain through the impregnation of reinforcements with thermoplastics increases performance at elevated temperatures.

Aerospace Thermoplastics Market Share by End-use Type

Based on the end-use type, the market is segmented as exteriors, interiors, assembly components, and others. Among all end-use application segments, the interiors are likely to remain one of the most dominant segments, whereas assembly components to be the fastest-growing end-use type in the market over the next five years. 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 excellent FST performance.

Regional Insights

The market is registering significant changes in regional dynamics in the post-COVID scenario. All regions to mark significant declines in aerospace thermoplastics’ demand in 2020. Despite severely hit by the pandemic, North America is projected to remain the largest market during the forecast period. The USA is anticipated to remain not only the largest market in North America but also in the world throughout the study period (2015-2026), owing to the presence of major aircraft OEMs, tier players, raw material suppliers, and part fabricators.

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Europe and Asia-Pacific are the other major markets and are also likely to experience hefty declines in the demand for thermoplastics in the aerospace industry in 2020. Asia-Pacific is anticipated to log the quickest recovery in the market during the forecast period. The upcoming commercial aircraft program (C919), the opening of assembly plants in China by Boeing and Airbus, and an ongoing shift in assembly plants of OEMs in the region are likely to create a healthy long-term demand for aerospace thermoplastics in the region.

Market Scope & Segmentation

The global aerospace thermoplastics market is segmented into the following categories.

Aerospace Thermoplastics Market Size, Share & Forecast, By Aircraft Type

• Commercial Aircraft (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Regional Aircraft (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• General Aviation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Helicopter (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Military Aircraft (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• UAV (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Aerospace Thermoplastics Market Size, Share & Forecast, By Resin Type

• High-Performance Thermoplastics (HPTPs): Regional and Resin-Type Analysis
  • Regional Analysis: North America, Europe, Asia-Pacific, and RoW
  • Resin Type Analysis: PPS, PAEK Family, PASU Family, PEI, HPPAs, and Others
• Engineering Thermoplastics: Regional and Resin-Type Analysis
  • Regional Analysis: North America, Europe, Asia-Pacific, and RoW
  • Resin Type Analysis: PA, PC, and Others
• Standard Thermoplastics: Regional and Resin-Type Analysis
  • Regional Analysis: North America, Europe, Asia-Pacific, and RoW
  • Resin Type Analysis: PP, PS, and Others

Aerospace Thermoplastics Market Size, Share & Forecast, By Application Type

• Exteriors (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Interiors (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Assembly Components (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Aerospace Thermoplastics Market Size, Share & Forecast, By Form Type

• Reinforced Thermoplastics (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Unreinforced Thermoplastics (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Aerospace Thermoplastics Market Size, Share & Forecast, By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: France, Germany, the UK, Spain, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)

Key Players

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
• Arkema S.A.

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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.

Report Features

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s aerospace thermoplastics market realities and future possibilities for the forecast period 2021 to 2026. The report segments and analyzes the market in the most comprehensive manner to provide a panoramic view of the market. The strategic report also studies and analyzes the impact of COVID-19 on the market and provides a detailed overview of the possible market recoveries in the long run. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of low-hanging fruits available as well as formulate growth strategies.

This report provides market intelligence most comprehensively. 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:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, Product portfolio, New product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Research Methodology

This report offers high-quality insights and is the outcome of a 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 books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We have conducted more than 15 detailed primary interviews with the market players across the value chain in all five regions and industry experts to obtain both qualitative and quantitative insights.

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Market Segmentation

• Current market segmentation of any one of the component types by resin type

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.