AEROSPACE PLASTICS MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Aerospace Plastics Market Analysis:

The aerospace plastics market is projected to experience a compound annual growth rate (CAGR) of over 6.8% from 2021 to 2026.

In contrast to many other industries, the plastic manufacturing sector saw an increase in production during the global economic downturn caused by the COVID-19 pandemic. However, this growth was primarily driven by the heightened demand in the healthcare sector, while the demand for aerospace plastics declined in 2020 due to the reduced manufacturing rate of commercial aircraft. The decrease in passenger traffic resulted in deferred deliveries, leading to a decrease in demand for aerospace plastics. Nevertheless, the demand has not experienced a significant decline as more airlines choose to retrofit their cabins with modern amenities. The impact of COVID-19 on the military and space sectors has been limited, with associated programs expected to face minor cost escalations and delays in the short term due to disruptions in the supply chain. However, the long-term effects are mitigated by the anticipated global economic recovery, which will stimulate the demand for military aircraft and space systems.

The market is primarily driven by the growing demand for new aircraft as part of fleet expansion and modernization programs initiated by end-users in the military, commercial, general aviation, and space sectors. Aerospace grade plastics must adhere to various regulations and specifications, including UL94, FAR 25.853, ASTM, DFAR’s, MIL-PRF-5425, MIL-PRF-8184, and MIL-PRF-25690. The stringent standards imposed on manufacturers result in high research and development costs, limiting the entry of new players lacking the necessary technical expertise to produce aerospace grade plastics. Furthermore, the recent disruption in the global raw material supply chain caused by COVID-19 is expected to hinder the market’s growth in the short term during the forecast period.

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