Aerospace Plastic Market Size will Observe Substantial Growth by 2030
Verfasser: ashwani_kailiya on Wednesday, 29 July 2020The global aerospace plastic market is expected to grow 1.5x with a moderate 4% CAGR, for the assessment period 2020 - 2030. Following the covid-19 outbreak, airlines around the world have struggled to maintain operations, as governments have taken strict measures to contain the virus. Consequently, passenger demand for commercial carriers has fallen by nearly three quarters, reducing demand for aerospace products and materials.
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.