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Aircraft Floor Panel Market Revenue To cross US$ 1,038.63 Million BY 2027 Says, The Insight Partners

The Insight Partners delivers well-researched industry-wide information on the Aircraft Floor Panel market. It provides information on the market’s essential aspects such as top participants, factors driving Aircraft Floor Panel market growth, precise estimation of the Aircraft Floor Panel market size, upcoming trends, changes in consumer behavioral pattern, market’s competitive landscape, key market vendors, and other market features to gain an in-depth analysis of the market. Additionally, the report is a compilation of both qualitative and quantitative assessment by industry experts, as well as industry participants across the value chain. The report also focuses on the latest developments that can enhance the performance of various market segments.

In terms of revenue, the global aircraft floor panel market was valued at US$ 646.68 million in 2019 and is projected to reach US$ 1,038.63 million by 2027; it is expected to grow at a CAGR of 8.2% during the forecast period from 2020 to 2027.

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The aircraft floor panel market is broadly segmented into five major regions—North America, Europe, APAC, MEA, and SAM. Factors such as availability of technological capabilities, high disposable individual incomes, higher standards of living, and rapid technological advancements in the arena of aerospace engineering, presence of leading aircraft manufacturers, as well as presence of some of the well-established floor solution providers among other factors have contributed towards the significant consolidation of the market share in North America and Europe regions. However, from a growth perspective, the Europe region anticipated to gain significant traction and expected to witness the most attractive growth rate during the forecast period. During the forecast period from 2020 to 2027, the growth outlook of aircraft floor solutions in all the major geographic regions estimated to be quite positive.

Key vendors engaged in the Aircraft Floor Panel market and covered in this report:

Aeropair Ltd., Aim Aviation Ltd., Avcorp Industries Inc., Collins Aerospace, Ecoearth Solutions, Euro-Composites S.A., Safran S.A., Singapore Technologies Engineering Ltd., The Gill Corporation, The Nordam Group LLC

Market Insights–Aircraft Floor Panel Market:

Increasing Emphasis on Use of Lightweight Materials:

The floor panels are critical components of any aircraft, the demand for lightweight floor panels is on the rise. This factor compels floor panel manufacturers to design and develop the lightest possible floor panels for modern aircraft fleet.

The aircraft floor panel market players are leveraging the low weight nature of Nomex and Aluminum honeycomb structures. Both the materials are widely used in the construction of aircraft floor panels; however, Nomex being 20% lighter than Aluminum, the inclination toward Nomex honeycomb floor panels is higher among the aircraft manufacturers, which would drive its adoption during the forecast period. In addition to being lightweight in nature, the Nomex honeycomb structures have a longer lifespan than its counterpart Aluminum. The longer lifespan facilitates the aircraft operators to use the structure over a longer period without the need for frequent MRO service adoption. Thus, increasing research activities related to such lightweight materials and escalating adoption of the same are the key factors driving the aircraft floor panel market.

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COVID-19 Impact:

The recent outbreak of the COVID – 19 has significantly affected the world and is continuing to shatter several countries. Until the outbreak of COVID – 19, the aerospace industry was experiencing substantial growth in terms of production and services, despite huge backlogs from the aircraft manufacturers; the global aviation industry witnessed a significant rise in the number of passenger counts, an increase in aircraft procurement (both commercial and military), as well as rise growth in MRO activities.

Unfortunately, the COVID – 19 outbreaks have decimated the demand for aircraft globally, which reflected significantly lower volumes of orders among the airframe manufacturers, which resulted in a lower number of airframe production. The decline in production volumes adversely affected the businesses of various component manufacturers. Thus, this year’s scenario has turned upside down as the aircraft manufacturer refrained from procuring various components during the first two quarters of 2020. Thus, the aircraft floor panels market players’ businesses have been severely affected by destabilization in aircraft production.

Aircraft Type Segment Insights:

Based on aircraft type, the hardware segment dominated lead the global aircraft floor panel market in 2019. The narrow body aircraft signify to single-aisle planes with ~90-175 seats. As compared to wide body aircraft, the market for narrow body aircraft are much larger and enables to reach the break-even number of aircraft in a shorter time. This progress is primarily due to the surging deliveries and orders of narrow body aircraft, such as A320 and B737, from various low-cost carriers (LCC) around the globe.

Material Type Segment Insights:

Based on material type, the nomex honeycomb segment dominated lead the global aircraft floor panel market in 2019. Nomex honeycomb floor materials is one of the most common materials used in aircraft structures with good electrical insulating properties. It possesses outstanding high impact strength and performs excellently on the food cart roller test in the aircraft.

Sales Channel Segment Insights:

Based on sales channel, the OEM segment dominated the global aircraft floor panel market in 2019. The rise in manufacturing and production of the aircraft is directly impacting the aircraft floor panel globally over the forecast period.

End User Segment Insights:

Based on end user, the commercial segment dominated the global aircraft floor panel market in 2019. Globally, commercial airline forecasts remain strong which will directly make a positive impact on aircraft floor panel market and is likely to offer new opportunities for aircraft panel market.

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