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The global aerospace floor panels market size was USD 75.37 million in 2019 and is projected to account for USD 107.27 million by 2027, exhibiting a CAGR of 5.45% during the forecast period (2020-2027).
Lightweight and high performing materials have high importance in the aerospace industry. A variety of components and structures are manufactured using these materials. Aerospace floor panels are no exception. These floor panels are produced using lightweight materials such as aluminum and composites in compliance with the regulations in the industry. The majority of the floor panels used in the aerospace industry have a sandwich structure where the core is made up of a honeycomb structure of light materials with suitable outer skins. This honeycomb structure provides excellent structural strength as well as significant weight savings.
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Adoption of Composites in Commercial Aircrafts Continue to Rise Over the Forecast Period
The use of composites is rapidly increasing in the aerospace industry due to a variety of reasons including significant weight reduction, high structural strength, low flammability, and others. Composite floor panels have been used in the aerospace industry with large scale usage starting in the last decade. Today, the composite core material is preferred over other core materials owing to its overall benefits. Particularly, thermoplastic composite materials are used in non-pressure floor design as they have demonstrated high resistance to damages from passenger movements. The strength retention of these panels are much higher than previously used metal and thermoset panels.
Increasing Air Passenger Traffic Is Propelling the Demand for Aerospace Floor Panels
The global air traffic passenger has been steadily increasing over the past few years owing to the advances in airport infrastructures as well as flying rising customers. Rise in disposable income and expansion of the middle class have been major contributors to the growing demand. In order to meet the rising demand, the commercial aircraft fleet is continuously increasing across the globe, especially in the Asia-Pacific region. Moreover, airliners are also renewing their old aircraft fleet and upgrading them with the new amenities and available technologies as the renewed fleet has to serve coming 25 to 30 years. Consequently, lightweight and high performing materials have become an ideal choice for these floor panels in the newly manufactured aircrafts.
Weight Reduction in Aircraft Is Promoting the Use of Light Aerospace Floor Panels
Weight reduction is one of the primary factors in the design of structures in the aerospace industry. Lightweight materials have a direct impact on the profitability of airlines with a significant increase in fuel efficiency. As a result, floor panels made of lightweight materials are prominently being consumed in the aerospace industry to facilitate weight reduction. Moreover, these materials have low flammability which ensures passenger safety in case of fire outbreak and emergency. The use of lightweight materials in these floor panels is expected to continue in the long-run owing to its wide array of benefits. This factor is expected to drive the market in the forthcoming years.
Stringent Regulation Governing the Aerospace & Defense Industry Confines the Growth of Market
The aerospace industry is often regarded as one of the highly regulated industries in the world. The importance of stringent regulations on the aerospace industry is justified by the amount of risk involved in the flying business as well as the number of human lives that are at stake. The industry is regulated by numerous stringent norms governing regional as well as global levels. These regulations extend to components as well as materials used in the industry to ensure quality and high safety standards. This makes the entry of new materials highly competitive and complex which confines the growth of the market. This can be justified by the fact that only two major types i.e. NOMEX honeycomb core material and aluminum honeycomb core dominate this market with over 90% of the share in the global revenue market.
Composites Honeycomb Structure Is Poised To Be Most Lucrative Material In Floor Panels
NOMEX honeycomb core material is the prominently used composite material in the aerospace floor panels with over 80% share in terms of revenue. NOMEX belongs to the family of meta-aramid fibers and is manufactured by DuPont. NOMEX fibers are more rigid and durable as compared to other polymeric fibers such as nylon which makes it ideal for applications in these floor panels. Moreover, these fibers have excellent thermal and chemical resistance thus, safeguarding the passenger’s interest in case of fire outbreak. Aluminum, being a light weight metal, is widely used across the world, as a result of which this segment accounts for second largest share in the market and is relatively cheaper than composite based floor panels. Other materials used in aerospace flooring include wood. These materials also meet the stringent norms on flame and slip resistance required in the aerospace industry.
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Commercial Aircraft Segment Remain Unchallenged in Terms of Both Value And Volume
Commercial aircrafts account for a major share in the global aircraft fleet. Be it narrow or wide body aircrafts, commercial segment employs most of these aircrafts and thus are the largest consumers of aerospace floor panels. Commercial aircrafts are expected to remain the largest end-users of these floor panels owing to the increasing number of aircrafts in the commercial fleet. Moreover, the business & general segment accounts for second largest share in the global market. Military aircraft are also expected to exhibit considerable growth in the years to come.
North America Aerospace Floor Panels Market Size, 2019 (USD Million)
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The market in North America stood at USD 35.65 million in 2019 with U.S. accounting for over 90% of the regional demand. The United States is the major hub for manufacturers in the aerospace industry. The largest aircraft manufacturer Boeing is headquartered in the US and assembles various components of aircraft in the US. It is the largest consumer of aerospace floor panels in the region as well as the world. Europe accounts for the second-largest share in the market on the back of aircraft manufacturers such as Airbus. Countries like France, Germany and UK dominate the manufacturing and consumption of these floor panels in the region.
The renewing aircraft fleet is expected to create several growth opportunities for stakeholders in the market over the forecast period. Asia-Pacific is set to be the fastest growing region in the market on the back of countries like China, India, Indonesia and others. The air traffic passengers are rapidly increasing in the region which is driving the demand for aerospace floor panels in the region. Initiatives taken by the countries to develop local aerospace ecosystem is expected to benefit the market in the long-run.
Most of the aerospace floor consumption in the region is in the form of repairs and other assembling activities. Embraer in Brazil has had a huge impact on the growth of the market in the Latin America region. Other countries in the region account for only a minimum share. Saudi Arabia, UAE and Turkey are the largest consumers in the Middle East & Africa region. The aerospace ecosystem in the region is slowly developing which is expected to create healthy growth opportunities in the long-term forecast. The global aerospace floor panels market is estimated to shrink by around 2% or more in the year 2020 due to the disruptions caused by the COVID-19 pandemic.
Merger & Acquisition and Supply contracts to remain amongst prime strategies for the key players
The global market is highly fragmented as well as regulated. The key stakeholders have developed a highly capable and efficient supply chain across the globe. Various parts are manufactured in different parts of the world and assembled in different locations. To avoid any delays in supply, long term supply agreements are common in the market. Key players are also focused on merger & acquisition activities to ensure the strengthening of in-house manufacturing capabilities and meet large orders by the customers. This also minimizes the dependency on other manufactures, thus improving the overall supply performance of the company.
The aerospace floor panels market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the research report offers insights into the market trends, competitive landscape, and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the market growth over the forecast period.
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Value (USD Million), Volume (Thousand Square Meters)
By Core Material
Fortune Business Insights says that the global market size was USD 75.37 million in 2019 and is projected to reach USD 107.27 million by 2027.
In 2019, the market value stood at USD 75.37 million.
Growing at a CAGR of 5.45%, the market will exhibit steady growth in the forecast period (2020-2027).
NOMEX Honeycomb segment is expected to be the leading segment in this market during the forecast period.
Increasing air fleet around the world is propelling the demand for aerospace floor panels.
North America held the highest market share in 2019.
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