San Francisco, California, Oct. 21, 2014 (GLOBE NEWSWIRE) -- The global market for aerospace plastics is expected to reach USD 13.48 billion by 2020, according to a new study by Grand View Research, Inc. These plastics are preferred substitutes for aluminum and steel in the aviation industry mainly because of high performance and low weight which results in better fuel efficiency. Increasing passenger traffic across emerging markets is expected to boost the demand for new aircraft which in turn would augment the demand for aerospace plastics. In addition, the market will be further augmented by emerging trends in composites and nanocomposites.
Airframe and fuselage was the largest application segment accounting for 14,356.3 tons of aerospace plastics demand in 2013. Aerospace plastics are extensively used in cabin areas application owing to high pressure resistance properties and accounted for over 12,400 tons of aerospace demand in 2013.
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Further key findings from the study suggest:
- Global aerospace plastics demand was 51,146.5 tons in 2013 and is expected to reach 112,503.1 tons by 2020, growing at a CAGR of 12.0% from 2014 to 2020.
- Europe was the largest regional market for aerospace plastics with revenue USD 3.45 billion in 2013. The presence of large aircraft manufacturers coupled with significant number of aerospace OEM's is expected to boost the demand for plastics in the region. In addition, the region is also expected to witness significant growth, at an estimated CAGR of 8.0% from 2014 to 2020.
- Military aircrafts are expected to witness fastest growth for plastics, at an estimated CAGR of 13.1% from 2014 to 2020, in terms of volume. Increasing security concerns worldwide are expected to drive demand in this segment.
- Commercial and freighter aircrafts were the largest end use segment in 2013 with plastic demand of 36,392.9 tons owing to increased number of passengers opting for air transport coupled with increasing number of service providers. This segment is expected to grow at a CAGR of 12.1% from 2014 to 2020.
- Key Companies in the market include Zoltek, Mitsubishi Heavy Industries, Hexcel Corporation, SGL Carbon, and Toray Carbon Fibers America Inc.
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For the purpose of this study, Grand View Research has segmented the global aerospace plastics market on the basis of application, end use and region:
Aerospace Plastics Application Outlook (Volume, Tons; Revenue, USD Million, 2012 - 2020)
• Airframe and Fuselage
• Wings and Rotor Blades
• Flight Deck and Cockpit
• Cabin Areas
• Others (Engine, Wing Box)
Aerospace Plastics End Use Applications Outlook (Volume, Tons; Revenue, USD Million, 2012 - 2020)
• Commercial and Freighter Aircrafts
• Military Aircrafts
• Rotary Aircrafts
• General Aviation
Aerospace Plastics Regional Outlook (Volume, Tons; Revenue, USD Million, 2012 - 2020)
• North America
• Asia Pacific
Browse Press Release of Aerospace Plastics Market: http://www.grandviewresearch.com/press-release/global-aerospace-plastics-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For more information, visit http://www.grandviewresearch.com/
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Source:Grand View Research