Home > Aerospace & Defense > Aerospace Floor Panels Market
Aerospace Floor Panels Market size surpassed USD 174 million in 2017 and is estimated to witness around 4% CAGR through 2024. Adoption of methods to reduce aircraft weight and enhance fuel efficiency will drive the industry growth. Flooring units form a major part in aircraft gross weight and require lightweight structures to meet stringent requirements. Honeycomb sandwich panel provides high strength to weight ratio and enhanced stiffness as compared to solid metals. Continuous innovation to provide improved strength & rigidity along with weight reduction trends will influence the market outlook.
Growing aviation industry owing to rise in air traffic has enhanced domestic and international iterations thereby driving the industry demand.
The product enhances the cabin interiors and reduce overall weight to increase overall fuel efficiency. Further, flame resistance and higher durability increases the floor panels adoption. Regulatory including Federal Aviation Administration (FAA), European Aviation Safety Agency (EASA) and International Civil Aviation Organization (ICAO), guides the aviation industry for floor panel utilization in airplanes. FAA requires the passenger compartment interiors to be self-extinguishing to avoid fire spread in case of any fire. The aircraft manufactures need to comply Code of Federal Regulations (CFR) Part-25 for components such as interior surface and structures to ensure flammability, smoke and toxicity requirements.
|Market Size in 2017:||174 Million (USD)|
|Forecast Period:||2018 to 2024|
|Forecast Period 2018 to 2024 CAGR:||4%|
|2024 Value Projection:||230 Million (USD)|
|Historical Data for:||2013 to 2017|
|No. of Pages:||300|
|Tables, Charts & Figures:||569|
|Segments covered:||Aircraft, Raw Material, Distribution Channel and Region|
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Commercial aerospace floor panels market is likely to account for over 86% share by 2024 with substantial growth in global aviation industry. Rising disposable income in emerging nations has increased air passenger traffic and led to increase in domestic and international air fleets.
Regional jet segment is projected to observe 5.7% CAGR through 2024 as it provides most cost-efficient air travel. Increment in regional jet series production from companies such as Bombardier to ensure global airline network will support the market statistics. Rising regional jet demand to suffice increasing passenger strength between short haul turbo props and long-range single aisle will positively influence the demand. Business aircrafts segment will foresee robust growth particularly in North America and Middle East & Africa driven by high spending capacity in these regions.
Nomex honeycomb material is poised to register 2.8% growth rate till 2024 with high demand from commercial airplanes. Further, advantages including lightweight, high stiffness, exceptional strength, good fire and corrosion resistance, thermal stability and exceptional dielectric properties advocates its utilization. These can easily be formed into different shapes and are compatible with most adhesives for sandwich construction thereby enhancing market growth.
Aluminum honeycomb material will grow at healthy growth rate during the forecast timeframe due to high strength to weight ratio. Aluminum imparts optimal safety, strength and longevity to aircraft structures. Non-absorbent property along with 90% recyclability will further enhance the product demand. Additionally, these are competitive priced compared to other counterparts. Titanium find application in aircraft cabin structures as it offers maximum corrosion resistance. However, high cost as compared to other materials will limit its growth.
OEM segment is expected to exhibit 2% CAGR up to 2024 with product installation requirement in cabin interiors to meet government regulation for passenger safety and reduce aircraft weight. Market players are undergoing long term product supply contracts with aircraft manufacturers and are focusing on reducing logistics cost. Increasing demand for regional and commercial aircrafts across regions will boost industry growth.
Aftermarket segment to achieve strong growth propelled by rise in refurbishment and retrofit activities. Airplane interiors need to comply stringent norms regarding fire, smoke and toxicity. Regular compliance with government regulations to ensure passenger safety will increase consumption.
North America aerospace floor panels market led by the U.S. held more than 55% share and is anticipated to expand at 2.2% CAGR through 2024. Presence of large number of aircraft manufacturers including Airbus, Bombardier, Boeing, Cessna Lockheed Martin and Falcon in the region will fuel the market revenue. Rise in large and small sized OEMs for various components will further drive the industry demand. Europe will witness significant growth with continuously increasing air passengers.
Asia Pacific will observe robust growth till 2024 impelled by growing aviation industry and rise in retrofit activities in old aircrafts. Latin America and Middle East & Africa market share is at nascent stage and will see improvement with growing tourism industry and regional economic expansion. Low air fare in emerging nations in conjunction with increase in business and private jets will further boost industry growth.
Aerospace floor panels market is consolidated with presence of major players including Rockwell Collins, EFW, Avcorp Corporation, The Gill Corp., Triumph Group, Zodiac Aerospace, Nordam Group, EnCore Group, Aim Altitude, Euro Composites and Advanced Custom Manufacturing. Companies are undergoing business agreements with aircraft manufacturers to enhance their market share.
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Market, By Aircraft
Market, By Raw Material
Market, By Distribution Channel
The above information is provided on a regional and country basis for the following: