The flame retardants for aerospace plastics market is expected to register a CAGR of over 3% during the forecast period. The growing safety concerns related to the flammability of aerospace plastics and the increasing usage of plastic for maintaining the optimal weight of the aircraft have been driving the demand for aerospace plastic flame retardants. On the flip side, unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
- The growing demand for commercial aircraft is expected to offer various opportunities for the growth of the market.
- The carbon fiber reinforced polymer segment is expected to dominate the flame retardants for the aerospace plastics market over the forecast period.
- The Asia-Pacific region is the fastest-growing market for flame retardants for aerospace plastics, and it is further likely to offer huge opportunities over the years to come, owing to increasing air traffic in the region.
Key Market Trends
Carbon Fiber Reinforced Polymers (CFRP) to Dominate the Market
- The carbon fiber reinforced polymers (CFRP) segment dominates the consumption of flame retardants, as they are used in the manufacturing of various aircraft components.
- In aircraft, CFRP finds application in the cockpit, payload fairing, tanks, bulkheads, wing-body fairing, doors, seat components, and empennage.
- With the increasing number of new airport projects across various regions, such as Asia-Pacific, Middle-East and Africa, and South America, to accommodate the growing demand for air commute, the orders for new aircraft are also projected to increase over the forecast period.
- Besides, numerous countries have been looking forward to replacing old aircraft with the new advanced aircraft with superior safety features to avoid air crashes.
- Hence, all such trends are projected to increase the production of new aircraft, which is further expected to drive the demand for flame retardants for the application in aerospace plastics.
Asia-Pacific Region to Witness the Fastest Growth
- Asia-Pacific is projected to witness the fastest growth for flame retardants used in aerospace plastics, owing to continuously growing demand for air commute.
- Countries, such as China, India, Vietnam, and Indonesia, have been witnessing a significant rise in the air commute, and to increase the availability of aircraft, there has been an increase in the number of new orders for aircraft and aircraft components in the region.
- The Indian government, on the other hand, signed a military aircraft manufacturing deal with France, for which the production is planned to be conducted in India.
- Additionally, in February 2019, Boeing announced its decision to build “a factory of the future” in India, for manufacturing next-generation Block III F/A-18 Super Hornet fighter aircraft as part of the ‘Make in India’ initiative.
- Hence, all such plans and deals are expected to provide growth opportunities for the flame retardants used in aerospace plastics in the region.
The flame retardants for aerospace plastics market is partially consolidated in nature. Some of the key players in the market include Huber Engineered Materials, Clariant, RTP Company, BASF SE, and LANXESS, among others.
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