Aerospace Floor Panel Market is Predicted to Be Worth Almost US$ 460 Million in 2022 from a Value of Just Under US$ 355 Million in 2017
Ongoing production of commercial and regional aircraft, growing fleet size of aircraft, surging requirements for lightweight aircraft flooring, and increasing innovations in flooring technology are some factors expected to drive growth of the global aerospace floor panel market. Aircraft OEMs are focusing on making their fleets more fuel efficient, by improving engine performance and using composite materials for interiors. A recent research by Fact.MR provides an in-depth analysis of the global aerospace floor panel market for the forecast period 2017 to 2022.
Fact.MR’s report projects the global aerospace floor panel market to register steady CAGR through 2022. The global aerospace floor panel market will account for revenues worth US$ 354.7 Mn in 2017; by 2022-end this number is further estimated to reach nearly US$ 460 Mn. Increasing disposable income of middle-class population in developing economies, has resulted into higher preference for air travels. This has further driven demand for aircrafts, and thereby its components such as floor panels. In addition, increasing collaborations between OEMs and tech companies, coupled with rising research and development activities by OEMs are further expected to drive growth of the market. However, substructure corrosion of floor panels exposed to moisture, for example – doorways, galleys, and lavatories, remains a key challenge for floor panel manufacturers. Manufacturers are therefore focusing on using flame retardant tapes, which offer an excellent and durable moisture barrier, providing a long service life.
7 key Projections from Fact.MR’s Report on Global Aerospace Floor Panel Market
- Narrow-body aircraft are estimated to remain preferred in the global aerospace floor panel market. However, sales of floor panels in wide-body aircraft will register fastest expansion through 2022. Demand for floor panels in very large aircrafts will remain comparatively low during the forecast period.
- By core material, sales of nomex honeycomb and aluminum honeycomb floor panels in aircrafts will collectively account for revenues worth US$ 459.6 Mn by 2022-end, the former being more lucrative than the latter.
- OEM will remain the largest sales channel for aerospace floor panels, with sales estimated to witness an impressive expansion through 2022. Sales of aerospace floor panels in Aftermarket will remain sluggish throughout the forecast period.
- North America is estimated to remain dominant in the global aerospace floor panel market, with sales poised to reach nearly US$ 170 Mn by 2022-end.
- Sales of aerospace floor panels in Asia Pacific excluding Japan (APEJ) will register highest CAGR through 2022.
- Europe will remain the second largest market for aerospace floor panels during the forecast period.
- Key market players identified in Fact.MR’s report include Triumph Group, Inc., Rockwell Collins, Inc., Avcorp Industries, Inc., Zodiac Aerospace ECE, The Gill Corporation, The NORDAM Group, Inc., EnCore Group, Euro-Composites S.A., and Automated Dynamics Corporation.
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Posted by
Neha Bhosle
on Thursday August 23 2018, 9:48 AM EST.
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