The global aerospace plastics market size was valued at USD 778.1 million in 2019 and is expected to witness significant growth over the forecast period. Recent developments in the manufacturing of fuel-efficient aircrafts are likely to drive the demand for aerospace plastics in the years to come. Increasing use of environment-friendly and energy saving products is also expected to influence the market growth positively. Growing popularity of aerospace plastics over aluminum and other conventional materials due to their durability, high strength, light weight, and high corrosion and chemical resistance is expected to drive the market in the years to come. Reduction in the overall weight directly impacts the efficiency and performance of an aircraft. A reduction of a kilogram in the weight is estimated to nullify substantial operating costs, especially fuel costs, in case of a commercial airplane. Furthermore, growing aviation industry is expected to boost the global demand for aerospace plastics over the coming years. Aerostructure emerged as the prominent application segment in the market as of 2019. Other key applications of aerospace plastics include equipment, systems & support, cabin interiors, components, propulsion systems, and other aerospace applications. Aircraft frame consists of the maximum amount of carbon fiber reinforced plastics and composites, which make the frame lighter by up to 20% in comparison with the conventional aluminum designs. Source:https://www.grandviewresearch.com/industry-analysis/aerospace-plastics-market
North America is expected to witness above-average growth over the forecast period, both in terms of volume and revenue. This can be attributed to the presence of a large number of aerospace parts manufacturing facilities in U.S.