Vietnam Aerospace Plastic Market Picking Up Steam – Projected to Grow at a CAGR of 5.8% by 2027
Published | 11 November 2021
Increasing demand for low-weight, durable and fuel-efficient aircraft and the development of new high-grade advanced material are the key factors driving the Vietnam Aerospace Plastic Market….
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the Vietnam aerospace plastic market is expected to grow at a CAGR of 5.8% by 2027. The growth of the Vietnam Aerospace Plastic market is attributable to the increasing adoption of lightweight, fuel-efficient, chemical, thermal, and sound resistant materials in the manufacturing of aircraft. Plastics are lighter in weight than their metal counterparts, and aircraft made of aerospace plastics require less fuel, making them a lucrative raw material option since companies are worried about increasing fuel prices.
General and passenger aircraft contributing to the growth of the market
Based on aircraft types, the Vietnam Aerospace plastic market is grouped into commercial and freight aircraft, general & passenger aircraft, military aircraft, rotary aircraft, and others. The General & Passenger aircraft segment is expected to grow at a healthy CAGR during the forecast period. In the present scenario, the total designed capacity of Vietnam airports is approximately 96 million passengers annually, according to International Trade Administration. It is essential to have a strong aviation sector to enhance a country's economic growth and development and promote foreign direct investments. That is why the Vietnamese government is planning to set up new airports and push the tourism industry's economy. The government aims to set 6 new airports and upgrade tourism hub spots by investing a total of around $16 billion by 2030. This proves that the requirement for general and passenger aircraft is expected to rise in the future, thereby driving the growth of aerospace plastics in the country.
Increasing demand for fuel-efficient, lightweight aircrafts favoring market growth
Aerospace plastics are gaining attention from aircraft manufacturers because of their numerous benefits over their metal counterparts. For example, Acrylonitrile Butadiene Styrene (ABS) is used to manufacture overhead luggage storage compartments as it provides durability and strength without adding additional weight. Similarly, Teflon, an electrical insulator, has low flammability and high tear resistance and retains its properties in aerospace conditions, making it a perfect material for insulating wires and cables in the aircraft. Likewise, Polyetheretherketone (PEEK), a semi-crystalline organic polymer, can withstand large doses of radiation and has high hydrolysis resistance, which means it can be exposed to high-pressure water and steam without degradation. The combined chemical and mechanical properties of various polymers make them a perfect fit for the aerospace industry, where the material has to undergo different conditions like exposure to low temperature and atmospheric particles.
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Construction and Insulation components segment promoting aerospace plastic use
Based on applications, the Vietnam Aerospace Plastic Market is segmented into Aerostructure, Components, Equipment, Systems and Support, Cabin Interiors, Propulsion Systems, Satellites, Construction, and Insulation Components. Plastics are used in various components like avionics instrument panels, connectors, valve components, airframes, etc. Most aircraft components are made of metal or thermoset composites. However, aircraft components need to be strong and light, and metals add weight to aircraft. Therefore, aerospace plastics are the ideal solution to achieving lightweight aircraft components. Moreover, plastics are good electric and thermal insulators, which makes them ideal for use in aircraft electrical components.
Impact of COVID-19
The outbreak of the coronavirus has severely impacted the aerospace plastic market. The pandemic has pushed the aviation sector towards the worst crisis and severely affected air cargo demand, passenger traffic, airport workforce, and revenues. Vietnam Airlines, the largest airline carrier in Vietnam, has reported a total loss of more than USD 284.26 million in the first six months of 2020. The damage that the pandemic has caused to the aviation industry is reflected in the aerospace plastic market. The number of passengers & goods transported both declined sharply. Manufacturing facilities and research work also halted, impacting the growth of the plastic market. However, due to the gradual re-opening of airlines and increasing domestic flights, the tourism, and transportation industry is expected to flourish again, and so will the demand for aerospace plastics.
Competitive Landscape
The key players in the Vietnam aerospace plastic market are Aviation High-Grade Plastics JSC, LTS Vietnam Co., Ltd., DuPont de Nemours, Inc., Honeywell International Inc., Vietnam Cho Chen Acrylic Co., Ltd., Mitsubishi Chemical Advanced Materials, Inplast, BASF SE, European Plastic Company 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 edge in the market.
The report's in-depth analysis provides information about growth potential, upcoming trends, and statistics of the Vietnam Aerospace Plastic market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Vietnam 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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