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The global aerospace floor panels market size is projected to reach USD 107.27 million by the end of 2027. The presence of several globally renowned companies will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Aerospace Floor Panels Market Size, Share & Industry Analysis, By Core Material (Nomex Honeycomb, Aluminum Honeycomb, and Others), By Aircraft (Commercial, Military, Business & General Aviation and Others) and Regional Forecast, 2020-2027,” the market was worth USD 75.37 million in 2019 and will exhibit a CAGR of 5.45% during the forecast period.
Aerospace floor panels are lightweight materials that are normally made up of aluminium and other composites. The properties of these products such as high strength and resistance make it suitable for applications across the aerospace industry. Technological advancements have played a huge part in the growth of the overall market in recent years. The increasing use of composites in aerospace structures has opened up a wide applications scope; a factor that will create several growth opportunities for the companies operating in the market. The increasing demand for these type of floor panels is consequential to the favourable properties of the product as well as the growing investments in product R&D. The strength retention of these products is another factor that attracts builders and vendors across the world. The rising building and construction activities will create several growth opportunities for the aerospace floor panels market in the coming years.
Market to Witness Slight Decline in 2020
The coronavirus outbreak has had a massive global impact on several industries and businesses. Due to the rapid spread of the virus, governments across several countries have imposed lockdowns and advised people to follow social distancing practises. These activities have ultimately affected manufacturing units in the aerospace floor panels industry. As a result, the market is likely to witness a slight decline in the year 2020.
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Triumph Group Announces New Contract with Boeing
The report highlights a few of the major company mergers and collaborations of recent ties and discusses the impact of these industry developments on the growth of the market. Accounting to the increasing applications of these floor panels in the aerospace and defense industry, Army forces across several countries as well as companies in this market are collaborating with other experienced vendors for customized requirements. In September 2017, Triumph Group announced that it has received a contract from Boeing for the development of new airplanes. The company announced that it will be supplying ducting and floor panels for Boeing’s 737, 767, 777X, and 787 airplanes. The company will be delivering these composites over the next decade. Triumph’s latest contract with Boeing will not just help the company generate short-term revenues, but will have a direct impact on the growth of the overall market in the coming years.
Product Innovations Pertaining to Extremely Light-weight Materials will Aid Growth
The construction of any aerospace body aims at the use of minimum weight maximum strength. As aerospace floor panels cater to these requirements, they are widely used across the aerospace industry. Technological advancements have played a huge role in the development of extremely light-weight as well as highly durable and high-strength products in recent years. The increasing investments in technological intervention will have a direct impact on the growth of the overall market in the coming years.
Mergers and Acquisitions Remain a Popular Preference Among Major Companies
Accounting to the rising demand for aerospace floor panels across the world, manufacturers across the aerospace industry are looking to collaborate with experienced companies. Large scale distributors and companies are turning towards SMEs for customized and specific requirements. This situation is often beneficial for both the companies. Moreover, the presence of several large scale companies has encouraged companies to form mergers and also acquire other SMEs, with the aim of establishing a stronghold in the market.
List of companies profiled in the report:
The global market is segmented on the basis of:
Value (USD Million), Volume (Thousand Square Meters)
By Core Material