Increasing need for Fuel Efficiency to Drive Aerospace Plastic Market Through 2030, Finds Fact.MR
The recovery of the aerospace plastic industry is largely dependent on government aid towards commercial applications. Defense applications appear to be more resilient to the crisis due to fixed government budgets.
According to the report published by Fact.MR, the impact of the coronavirus outbreak has been severe on the aerospace industry. Uncertainties over the state of the global economy, coupled with temporary suspension of manufacturing activities will take its toll on the aerospace plastics market. Recovery of the industry is likely to be gradual owing to fears of contagion among air travelers, and budgeted spending on aerospace defense infrastructure.
"Manufacturers in the aerospace industry are increasingly looking towards plastic materials for the production of components, driven by advantages such as low-weight and resistance to corrosion. Further, the need for fuel efficient aircraft supports the adoption of plastics. Also, the use of plastics in component manufacturing is more cost-effective in comparison to metal alternatives. Consequently, the rising fuel costs and other economic incentives will bolster the popularity of plastics," says the FACT.MR study.
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Aerospace Plastic Market- Critical Takeaways
• Freighter and other commercial aircraft are the primary end use for aerospace plastics, driven by demand for reduction in operational costs.
• Military applications gain ground with wide spread use in HUDs, firearms, and night-vision systems.
• Aerostructure applications of aerospace plastics contribute significantly to market revenue, owing to requirements for fuselage.
• North America followed by Europe are the dominant markets for aerospace plastics, owing to the presence of major aerospace manufacturers.
Aerospace Plastic Market- Drivers
• Rapid development in the production of fuel-efficient aircraft drives demand for aerospace plastics.
• Growing awareness about energy saving and environment friendly products will aid market growth.
• Characteristics of durability, low-weight, chemical and corrosion resistance of aerospace plastics bolsters its adoption.
• High scope of air travel for business and defense applications generates key growth opportunities.
Aerospace Plastic Market- Restraints
• Environment concerns associated with the production and applications of plastic holds back market growth.
• Fluctuations in plastic prices owing to vulnerabilities within the crude plastic industry hurt market prospects.
PR Source- https://www.factmr.com/