Aerospace Floor Panels Market to exceed $230 Mn by 2024
Published Date: July 6, 2018 Authors: Kiran Pulidindi, Soumalya Chakraborty
Aerospace Floor Panels Market size is set to surpass USD 230 million by 2024; according to a new research report by Global Market Insights, Inc.
Reduction in gross airplane weight to improve fuel efficiency will drive the aerospace floor panels industry growth. Properties including high stiffness and strength-weight ratio to meet structural strength will advocate its usage in cabin interiors. Companies are developing chemical resistant and fire-retardant materials to ensure passenger safety in case of any in-flight fire. Innovation regarding improving structural strength, rigidity and weight reduction to replace solid metals will boost the market expansion.
Continuous growth in air passenger traffic and flight iterations to accommodate passengers has swelled aircraft requirements. The product is assembled during aircraft production and layered on base structure from cockpit to tail end. Flooring units are major part in overall aircraft weight, thus lightweight structures help in reducing overall weight. Factors such as increasing component cost may hinder the market growth.
Get more details on this report - Request Free Sample PDF
Commercial aircraft segment will contribute around 84% of overall market revenue with significant growth in overall aerospace industry through 2024. Rising annual spending and disposable income has amplified air traffic and increased international and domestic fleets. Surge in commercial aircraft production particularly in developed regions including North America and Europe will enhance aerospace floor panels market revenue.
Browse key industry insights spread across 300 pages with 559 market data tables & 10 figures & charts from the report, “Aerospace Floor Panels Market Size By Aircraft (Commercial Aircraft, Regional Jet, Business Jet, Helicopter), By Raw Material (Nomex Honeycomb, Aluminum Honeycomb), By Distribution Channel (OEM, Aftermarket) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
Aerospace floor panels market from regional jet segment is poised to register over 5.5% growth during the projected time with increase in regional jets to fulfill aircraft gap between turbo prop and single aisle long range airplanes. Rising business aircrafts demand in Middle East and Africa owing to regional economic expansion and growing tourism industry will boost market growth.
Nomex honeycomb material to witness 2.8% CAGR till 2024 driven by increase in commercial aircraft demand. Availability in various cell size, strength and thickness will enhance the market share.
Aluminum honeycomb is expected to observe robust growth with high strength-weight ratio. 90% recyclability of aluminum and non-absorbent property reduces overall product cost and imparts high strength to structural parts that enhances component longevity. Competitive product cost compared to other counterparts will boost aluminum honeycomb demand.
OEM distribution channel is predicted to grow at more than 2% CAGR up to 2024 impelled by panel installation during cabin fabrication to reduce overall aircraft weight and ensure passenger safety. Aftermarket share will foresee robust growth with rise in retrofit and refurbishment activities.
North America hold the major market share with presence of aircraft manufacturers such as Falcon, Lockheed Martin, Boeing, Bombardier and Airbus. Europe will register substantial growth with increasing air traffic. Middle East and Africa will witness growth owing to progress with prevailing travel and tourism industry.
Major players in aerospace floor panels market include Advanced Custom Manufacturing, Euro Composites, Aim Altitude, EnCore Group, Nordam Group, The Gill Corporation, Zodiac Aerospace, Triumph Group, Avcorp Corporation, EFW, and Rockwell Collins.