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[195+ pages Report] The aerospace floor panels market is set for rapid growth over the forecast period. In terms of revenue, the global aerospace floor panels market accounted for USD 390 Million in 2019 and is anticipated to reach around USD 560 Million by 2026, growing at a CAGR of 5.4%.
In the aerospace industry, high-performance and lightweight materials are critical. These materials are used to make a wide range of parts and structures. Floor panels for the aerospace industry are no exemption. Floor panels are made from lightweight materials like aluminum and composites in accordance with industry regulations. The bulk of floor panels that are used in the aerospace industry have a honeycomb arrangement of lightweight materials at the center with a sandwich structure and appropriate outer skins. Honeycomb construction has outstanding structural integrity while also saving a lot of weight.
The growing air traffic is expected to drive the global aerospace floor panels market. Due to advancements in airport facilities as well as growing consumer demand, there has been a rise in air traffic passengers globally in the last few years. The increase in disposable income coupled with the increasing middle class has also contributed significantly to the growing demand. Globally, the commercial aircraft fleet is constantly expanding, particularly in the Asia-Pacific region, to meet rising demand. Furthermore, airlines are renewing their older aircraft fleets and replacing them with new facilities and technology, as the refreshed fleet would operate for almost the next 30 years. Also, the market is anticipated to propel in the upcoming years due to the growing demand for lightweight aerospace floor panels attributed to the increasing emphasis on the reduction of aircraft weight. In the aerospace industry, one of the most important considerations of structural design is weight reduction. With a substantial boost in fuel efficiency, lightweight fabrics provide a strong effect on airline profitability. As a result, lightweight floor panels are becoming increasingly popular in the aerospace industry to help with weight reduction. Furthermore, the flammability of these materials is low, ensuring passenger protection in the event of a fire or emergency. Hence the use of lightweight materials in the floor planes of aircraft is anticipated to persist in the future years. In the coming years, this trend is likely to boost the demand.
The global aerospace floor panels market is bifurcated into its raw material, aircraft type, end-use, distribution channel, and regions. Based on the raw material, the global market is divided into titanium, aluminum, Nomex honeycomb, and others. Based on aircraft type, the market is bifurcated into very large aircraft (VLA), wide-body aircraft, and narrow-body aircraft. Based on the end-use category, the global market is divided into military aircraft, helicopters, commercial aviation, and business jets. The commercial aircraft category is anticipated to grow at a significant rate in the upcoming years. The growth of the commercial aircraft category can be attributed to the growing numbers of air passengers. Also, in regions such as Asia Pacific, Latin America, and the Middle East the increase in low-cost carriers or low-cost operators is anticipated to boost the demand for aerospace floor panels from the commercial aircraft category. Based on the distribution channel, the global market is divided into aftermarket and OEM. Geographically, the global market is divided into North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa.
North America region dominated the global aerospace floor panels market in 2019 and is anticipated to continue its dominance in the upcoming years. This is due to the region's rising business and commercial aviation sector, which has the world's highest demand for aerospace and defense aircraft. In addition, industry growth is projected to be fueled by the rapid introduction of new manufacturing technology and substantial investment in research and development activities. The participation of many major industry players such as Rockwell Collins, Triumph Group, Inc., Advanced Custom Manufacturing, The Gill Corporation, EnCore Group, and The Nordam Group, Inc. among others, will help the market expand even further. Furthermore, over the last few years, North America has seen an increase in aircraft deliveries in both commercial and defense applications, which is projected to fuel the region's industry.
The Asia Pacific market is anticipated to grow at a significant rate in the forecast period. The growth of the Asia Pacific region can be attributed to the region's increased emphasis on the construction of aircraft manufacturing facilities. The market's growth is being fueled by encouraging government policies and a growing defense budget. The region's increased commercial and military aircraft production and procurement programs are expected to fuel the market's growth. For example, in December 2018, the Boeing Company and the Commercial Aircraft Corporation of China formed a joint venture to build the first 737 aircraft in China. The Boeing Company spent about USD 33 million in the joint venture and now owns a significant portion of it.
Europe market followed North America market in 2019 and is expected to grow at a healthy growth rate in the upcoming years. This is due to increased demand for aerospace floor panels from main Airbus SE and ATR aircraft manufacturing facilities in Germany, U.K., France, and Italy. Furthermore, leading manufacturers such as Elbe Flugzeugwerke GmbH, Aim Altitude, and EURO Composites Corporation among others, are present in the region, fueling the market growth over the projected period. Furthermore, the UK authorities' assurances that the UK will remain a member of the European Aviation Safety Agency will not affect the BREXIT agreement also brought relief to UK-based manufacturers. The aerospace foam industry in Latin America is dominated by Brazil and Mexico, with Brazil being the largest consumer. Despite its limited scale, the Middle East and Africa aerospace market is projected to expand rapidly due to the optimistic outlook of airplane manufacturers to open new bases in the area and its strategic location.
Some of the key players in the aerospace floor panels market are AIM Aviation Ltd., Rockwell Collins, Inc., EURO Composites Corporation, Aeropair Ltd., Zodiac Aerospace, Elbe Flugzeugwerke GmbH, Singapore Technologies Engineering Ltd., Aim Altitude, EnCore Group, Triumph Group, Inc., Hexcel Corporation, Gurit Holding, The Nordam Group, Inc., The Gill Corporation, Advanced Custom Manufacturing, Avcorp Industries, and Comtek Advanced Structures Ltd. among others.
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