RAIPUR, India, May 26, 2021 /PRNewswire/ --Stratview Research announces the launch of a new research report on Aerospace Thermoplastics Market By Aircraft Type (Commercial Aircraft, Regional Aircraft, General Aviation, Helicopter, Military Aircraft, and UAV), By Resin Type (High-Performance Thermoplastics {PPS, PEEK Family, PASU family, PEI, HPPA, and others}, Engineering Thermoplastics {PA, PC, and Others}, and Standard Thermoplastics {PP, PS, and Others}), 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), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026.
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.
Aerospace Thermoplastics Market: Highlights
The aerospace thermoplastics market consecutively registered growth over the three years between 2015 to 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 of upcoming aircraft programs such as B777x. The industry stakeholders were anticipating the year 2020 as an impressive year. However, the rapid spread of COVID-19 entirely changed the market dynamics. The pandemic has devastated the entire supply chain of the airline business with a 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 reach approximately US$ 0.3 billion in 2026.
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.
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In 2020, all the 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 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.
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.
Among all end-use application segments, 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.
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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.
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), 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.
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. 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.
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 to gain a competitive edge in the market.
Report Features
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 on 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, product launches, etc.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
This report studies the aerospace thermoplastics market and has segmented the market in five ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the five ways in which the market is segmented:
Aerospace Thermoplastics Market, 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, 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, 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, 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, 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 (Sub-Regional Analysis: Latin America, the Middle East, and Others)
Stratview Research has several high value market reports in the composites industry. Please refer to the following link to browse through our reports:
https://www.stratviewresearch.com/market-reports/Advanced-Materials.html
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