A recent study by the strategic consulting and market research firm BlueWeave Consulting revealed that the India Aerospace Plastic market is expected to grow at a CAGR of 68 by 2027 ID: 904140
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India Aerospace Plastic Market Size, by Product Type-Trend Analysis, Competitive Market Share & Forecast, 2021-2027
Slide2India Aerospace Plastic Market- Industry Trends & Forecast Report 2027A recent study by the strategic consulting and market research firm
BlueWeave
Consulting revealed that the India Aerospace Plastic market is expected to grow at a CAGR of 6.8% by 2027. Some of the factors driving market growth are the growing number of aircraft manufacturers, rising demand for fuel economy and weight reduction in aircraft, rising demand for regional and commercial aircraft, rising air traffic, and lagging aircraft retirements. The growing e-commerce industry and booming tourism sector also adds to the growth of the market.
Slide3Growth Drivers Increasing demand for low weight and fuel efficiency in aircraft is driving India aerospace plastic market.Air transportation is vital for connectivity on a national and international scale. It allows the transport of highly perishable and valuable goods and materials to be moved quickly over long distances. Air Transport is also an important enabler to achieve economic growth & development. According to India Brand Equity Foundation, India has become the third-largest domestic aviation market in the world. India’s passenger traffic stood at approx 115.37 million in the financial year 2021. Likewise, India's domestic & international aircraft movements reached 1,062 thousand and 135 thousand, respectively, in the financial year 2021. The Indian government is planning to build new airports to cater to rising air traffic.
Slide4RestraintHigh material costs hindering the growth of the aerospace plastics marketSome companies are reluctant to switch to plastics because polymer panels can be more challenging to manufacture than aluminum panels, making them more costly. Polymers and plastics are new materials, so researchers are still trying to understand how they react to different conditions. Metals, on the other hand, have been studied extensively, and experts are well-versed in their
behaviour
. Although modern materials offer greater qualities and require less maintenance after first installation, they are expensive. Moreover, the price of polymer keeps changing due to fluctuating prices of crude oil. The challenge has slowed the market's expansion.
Slide5Impact of COVID-19The India aerospace plastics market was affected severely as a result of the COVID-19 outbreak. COVID 19 has wreaked havoc over the world, claiming lives and throwing businesses into disarray. The pandemic had a huge impact on India's aviation business, with major carriers reporting losses with flights being cancelled. The extent of impact can be judged from the losses incurred by two of India’s largest airlines, IndiGo and
SpiceJet
. IndiGo incurred net losses of around 388.6 million USD, while SpiceJet recorded approximately 80.8 million USD of losses in the first quarter of 2020. As per an estimate by the International Civil Aviation Organization (ICAO), gross passenger operating revenue loss was around 370 billion USD in 2020.
Slide6Competitive LandscapeThe leading players in India's aerospace plastic market are Victrexplc, Solvay, BASF, DuPont de Nemours, Inc., Sujan Industries, Mitsubishi Chemical Advanced Materials, Quadrant Engineering Plastics, Honeywell International Inc., Celanese Corporation, PACO Plastics, and Engineering Inc., among other players. The players maintain their dominance in the aerospace plastic market launching enhanced products and services to customers. Additionally, the market players adopt different strategies such as strategic alliances and collaborations to stay ahead of the pack.
Slide7Key PlayersKey market players include Victrexplc, Solvay, BASF, DuPont de Nemours, Inc., Sujan Industries, Mitsubishi Chemical Advanced Materials, Quadrant Engineering Plastics, Honeywell International Inc, Celanese Corporation, PACO Plastics and Engineering Inc., and other prominent players.
Sample Copy of the Report:
https://www.blueweaveconsulting.com/report/india-aerospace-plastic-market/report-sample
Slide8About Us: Blueweave Consulting offers a one-stop solution for your market intelligence needs for any service or product. You get well-researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well-informed and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk-return trade-off.
Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavors successful.
Slide9Contact Us:
+1 866 658 6826
+1 425 320 4776 +44 1865 60 0662 info(@)blueweaveconsulting.com www.blueweaveconsulting.com