India Aerospace Plastic Market Flying High – Projected to grow at a CAGR of 6.8% by 2027
Published | 18 November 2021
India aerospace plastic market is thriving and is growing at an impressive CAGR because of the increasing demand for fuel efficiency & weight reduction in aircraft, rising air traffic, and lagging aircraft retirements…
A recent study by the strategic consulting and market research firm BlueWeave Consulting revealed that the India Aerospace Plastic market is expected to grow at a CAGR of 6.8% by 2027. Some of the factors driving market growth are the growing number of aircraft manufacturers, rising demand for fuel economy and weight reduction in aircraft, rising demand for regional and commercial aircraft, rising air traffic, and lagging aircraft retirements. The growing e-commerce industry and booming tourism sector also adds to the growth of the market.
Polymethyl Methacrylate contributing to the growth of the aerospace plastics market
Based on the polymer type, the India Aerospace Plastic market is fragmented into Polyetheretherketone (PEEK), Polyphenyl Sulfide (PPS), Acrylonitrile Butadiene Styrene (ABS), Polymethyl Methacrylate (PMMA), Polycarbonate (PC), Polyamide-imide(PAI), Polycholrotrifluoroethylene(PCTFE), and others. Among these, Polymethyl Methacrylate (PMMA) is anticipated to grow at a healthy CAGR during the forecast period. PMMA is also known as ‘plexiglass' and is used in various applications, including the manufacturing of aircraft canopies. The aircraft canopies are designed for high visibility and they have the ability to resist damage from foreign objects. Plastics, as glass replacements, are economical, easy to work with, feature excellent transmittance of light, have unique mechanical properties, and are lightweight with a low weight-to-volume ratio. However, they are susceptible to scratches, abrasions, and ultraviolet light.
Increasing demand for fuel-efficient, lightweight aircraft favoring market growth
Although plastics have long been employed in the aircraft sector, the aerospace materials market has recently been revolutionized by aluminium, steel, and titanium. Metals began to lose ground to plastic composites and polymers as demands for weight reduction and fuel economy intensified. Transparent plastics have many valuable properties such as Light transmission, freedom from the haze, surface imperfections and constituents that reduce or distort vision, resistance to weathering, resistance to surface abrasion, etc. These properties make them a perfect choice for the aerospace material industry. For example, Polyamide-imide (PAI), commercially known as 'Torlon,' can serve as a flame retardant and maintain its strength even at temperatures as high as 500 degrees Fahrenheit.
The demand for lightweight materials that provide the same strength as that of metal is increasing. A decrease in weight will lead to less fuel consumption, which will be beneficial for the companies because the prices of fuel are expected to rise owing to limited reserves. These are the primary factors driving the growth of the aerospace plastics market in India.
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High costs of advanced materials hinders the growth of the aerospace plastics market.
Some companies show reluctance to shift from traditional metal parts to new composite and plastics materials mainly because polymers and plastics are newer materials. Thus, how they behave under different conditions is still an ongoing study. Although plastics and composite materials have better properties and require less maintenance after initial installation, the cost of advanced materials is high. Moreover, the price of polymers keeps changing due to fluctuating prices of crude oil. This challenge has caused a restraint in the expansion of the market.
Impact of COVID-19 on the India aerospace plastics market
The economic & social disruption caused by the pandemic has been devastating. The pandemic has had a massive impact on almost all industries in India and the aerospace plastic sector is no exception. Major airlines have lost money and halted flights due to the pandemic. The pandemic has had a massive impact on major end-users like the aviation sector, with major airlines facing losses and suspended flights. As per an estimate by the International Civil Aviation Organization (ICAO), gross passenger operating revenue loss was around 370 billion USD in the past year. Furthermore, supply chains crumbled due to the disruptions caused by the pandemic-induced pandemic. Also, rising crude oil prices made it difficult for polymer producers to deliver polymers to aircraft makers.
India aerospace plastics market - Competitive Landscape
The key players in the Indian aerospace plastic market are Victrexplc, Solvay, BASF, DuPont de Nemours, Inc., Sujan Industries, Mitsubishi Chemical Advanced Materials, Quadrant Engineering Plastics, Honeywell International Inc., Celanese Corporation, PACO Plastics and Engineering Inc., and other prominent players. The key marketing strategies adopted by the players are new launches, collaborations, and partnerships to expand their customer reach and gain a competitive advantage in the market.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the India Aerospace Plastic market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Aerospace Plastic market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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