Vietnam Aerospace Plastic Market Trends, Forecast 2021-2027

1. Vietnam Aerospace Plastic Market, By Polymer Type, Trend Analysis, Competitive Market Share & Forecast, 2021-2027

2. Vietnam Aerospace Plastic Market • Industry Trends & Forecast Report 2027 • A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the Vietnam aerospace plastic market is expected to grow at a CAGR of 5.8% by 2027. The growth of the Vietnam Aerospace Plastic market is attributable to the increasing adoption of lightweight, fuel-efficient, chemical, thermal, and sound resistant materials in the manufacturing of aircraft. Plastics are lighter in weight than their metal counterparts, and aircraft made of aerospace plastics require less fuel, making them a lucrative raw material option since companies are worried about increasing fuel prices.

3. Growth Drivers  Demand for Lightweight, and Flame-Resistant Material for Manufacturing in The Aviation Sector For economic development and growth, air transport is crucial. In addition to improving connectivity to the world and facilitating integration into the global economy, the aviation industry enhances tourism and generates jobs. Vietnam’s aviation industry is one of the world’s fastest-growing aviation industries. According to International Trade Administration, Vietnam’s airports welcomed 66 million passengers, 1.3 million tons of cargo and navigated 423,399 flights in 2020. As per International Air Transport Association, Airlines, airport operators, airport on-site enterprises, aircraft manufacturers, and air navigation service providers employ around 42,000 people in Vietnam.

4. Restraints  High Capital Investment Slowing Market Growth Since aerospace plastics are still in the development phase, the initial investment involved in the use of aerospace plastics is somewhat more than average. Investing in aerospace plastics in Vietnam is an expensive endeavor due to their high cost.Investing in aerospace plastics in Vietnam is an expensive endeavor due to their high cost. Although plastics require less maintenance after the installation and have several advantages over their metal counterparts, the initial cost of the advanced materials is high. Moreover, the price of polymer keeps changing due to fluctuating prices of crude oil. This challenge has caused a restraint in the expansion of the market.

5. Impact of COVID-19 Vietnam’s aerospace plastic industry has been negatively impacted by the COVID-19 outbreak. Since the beginning of the crisis, the aviation sector has been one of the hardest-hit sectors globally.  Due to the government- imposed lockdowns and severe travel and transportation restrictions, the major end-users of aerospace plastics saw a significant drop in demand for their services. The tourism industry also took a hit as a result of people being confined to their homes. As a result of lower demand for services, aircraft manufacture came to a halt, affecting demand for aerospace polymers. In addition, fluctuating polymer and fuel prices have made it difficult for manufacturers to use aircraft plastics.

6. Key Players Key market players include Aviation High-Grade Plastics JSC, LTS Vietnam Co., Ltd., DuPont de Nemours, Inc., Honeywell International Inc., Vietnam Cho Chen Acrylic Co., Ltd., Mitsubishi Chemical Advanced Materials, Inplast, BASF SE, European Plastic Company, and other prominent players. Sample Copy of the Report:https://www.blueweaveconsulting.com/report/vietnam-aerospace-plastic-market/report-sample

7. Competitive landscape The leading players in the Vietnam aerospace plastic market are Aviation High-Grade Plastics JSC, LTS Vietnam Co., Ltd., DuPont de Nemours, Inc., Honeywell International Inc., Vietnam Cho Chen Acrylic Co., Ltd., Mitsubishi Chemical Advanced Materials, Inplast, BASF SE, European Plastic Company, among other prominent players. The players maintain their dominance in the market by launching enhanced products and services for customers. Strategies such as alliances and collaborations are also prevelant in the market.

8. About 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.

9. Contact Us:  +1 866 658 6826 +1 425 320 4776 +44 1865 60 0662  info(@)blueweaveconsulting.com  www.blueweaveconsulting.com