20-Apr-2021 | Facts and Factors
Based on existing and planned trends, the global aerospace floor panels market is anticipated to be around USD 390.0 Million in 2019, and around USD 560.0 Million by the end of 2026. The global aerospace floor panels market is expected to develop at a CAGR of about 5.4%, according to companies and analysts.
The Global Aerospace Floor Panels Market Is Fueled By Growing Technical Advances In The Aerospace Industry, Increased Aircraft Demand, And The Robust Growth Of The Aerospace Industry Across The World.
Aerospace floor panels, also known as floorboards, are fixed to the aircraft's floor beams to provide a walking surface as well as attachment points for assorted furnishings and other components. They must be sturdy and stiff enough to serve as a supporting structure; robust enough to survive repeated use; light enough to help hold aircraft weight low; and, in some situations, flexible enough to accommodate a range of cabin configurations.
Browse the full “Aerospace Floor Panels Market By Raw Material (Nomex Honeycomb, Aluminum Honeycomb, Titanium Honeycomb, and Others), By Aircraft Type (Narrow Body Aircraft, Wide Body Aircraft, and Very Large Aircraft (VLA)), By End-Use (Commercial Aviation, Military Aircrafts, Business Jets, and Helicopter), and By Distribution Channel (OEM and Aftermarket): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026” report at https://www.fnfresearch.com/aerospace-floor-panels-market.
Coronavirus's rapid spread has had a huge impact on financial markets, and the pandemic has placed the world's major economies on lockdown. The entire consumer industry has suddenly lost interest in purchasing those goods as a result of this major lockdown. One of the major problems that the industry is facing is the shutdown of all modes of international transportation. Owing to the global recession, which has been impacted by declining demand in product production and exports, the market for aerospace floor panels has slowed. The COVID-19 Coronavirus outbreak in 2020 has had an effect on the global economy and business situation in major industries around the world. As a result of the pandemic situation, supply-chain fluctuations, trade policies, manufacturing operations, and other incidents have hampered the global lockout. The COVID-19 outbreak has put a stop to the majority of the aircraft industry. In order to deal with the pandemic's threats, fleet preparations and rebuilding are critical. Aerospace floor panels demand has decreased as a result of reduced maintenance and inspection checks due to a reduction in air passenger traffic and a drop in flight hours of various aircraft. A supply-demand imbalance caused by inventory supplies in OEM and MRO sectors, as well as manufacturing units, has hindered the development of the aerospace floor panels industry. Furthermore, aircraft deliveries in the first and second quarters of 2020 have been postponed due to lockdowns in different countries, further reducing manufacturer revenues. Manufacturers must meet the strong demands of airlines and travelers in terms of health care and social distancing requirements. On the other side, the economy is improving, and companies are resuming activities in compliance with government regulations.
The growth of the aerospace floor panels market is being driven by the increased requirement for aerospace floor panels from the aviation industry around the world. Furthermore, the global aerospace floor panels market is projected to be fueled by increased demand for new aircraft from emerging nations such as India and China.
Top Market Players
Some of the leading and key companies in the aerospace floor panels market contain Triumph Group, Inc., Zodiac Aerospace, EnCore Group, The Nordam Group, Inc., AIM Aviation Ltd., Elbe Flugzeugwerke GmbH, The Gill Corporation, Aim Altitude, Avcorp Industries, Advanced Custom Manufacturing, EURO Composites Corporation, Rockwell Collins, Inc., Hexcel Corporation, Aeropair Ltd., Singapore Technologies Engineering Ltd., Comtek Advanced Structures Ltd., and Gurit Holding, among others.
The industry has been driven by a surge in demand for new aircraft from developing economies. In recent technical advances, the aerospace industry has expanded tremendously. This is a big element that is propelling the global aerospace floor panels industry forward. Furthermore, increasing demand is projected to be driven by the defense spending in major economies around the world, as well as strong growth in the aerospace industry, over the forecast period. In addition, technical advances in this field would help to grow the industry. Floor panels are essential components of all sizes of aircraft, including narrow-body, wide-body, and very large planes (VLA). This has allowed a large volume of manufacturing to be completed in a shorter amount of time, leading to the market's growth. The global aerospace floor panels industry is growing as aerospace floor panel manufacturers spend more in research and development to produce innovative, cost-effective, high-efficiency products. Influential countries are promoting technological advancements and investments in the air defense industry in order to increase defensive capabilities. Market vendors in the aerospace defense market are making crucial choices on capital investment, research and growth, and the development of cutting-edge technology. High-performance composites and related technologies are increasingly being used by aerospace and defense industries to produce products and components with increased operating performance. Due to the increasing incidences of security issues and risks, countries such as China, the United States, and the United Arab Emirates have increased their military expenditure in recent years. The United States' administration has taken steps to improve its military by adding modern and specialized defense aircraft and ships to its fleet. The strict regulation governing the aerospace & defense industry has a negative impact on the growth of the aerospace floor panels market. Technological developments in aerospace floor panels are expected to increase the global aerospace floor panels market's growth prospects.
The global aerospace floor panels market is segmented as raw material, aircraft type, end-use, distribution channel, and region. By raw material, the global market is segmented into aluminum honeycomb, Nomex honeycomb, titanium honeycomb, and others. By aircraft type, the global market is segmented into wide-body aircraft, narrow-body aircraft, and very large aircraft (VLA). By end-use, the global market is segmented into military aircraft, commercial aviation, commercial aviation, helicopter, and business jets. By distribution channel, the global market is segmented into OEM and aftermarket. Geographically, the global aerospace floor panels market is divided into North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa.
In terms of geography, North America represents a higher demand for the aerospace floor panels market followed by the European region. The North American region is expected to be the main market for aerospace floor panels during the forecast period. In the North American region, the United States is a major user of aerospace floor panels. North America. The region's growth can be traced to the burgeoning aerospace industry, which has increased aircraft demand. In addition, increasing defense spending has fueled the market's expansion in this area. Due to the demand for commercial aircraft, Asia Pacific is projected to highest CAGR during the forecast period. The market's development in this area has also been aided by technological advances and an increasing population. The Asia-Pacific aerospace floor panels industry is booming due to emerging air passenger traffic in the region's developing economies. Russian, Japanese, and Chinese aircraft manufacturers are entering the global market with modernized and high-tech aircraft, improving the region's aerospace floor panels market. Furthermore, the entry of big players is expected to further fuel demand. Furthermore, the arrival of major players is expected to boost demand.
Report Scope
Report Attribute |
Details |
Market Size in 2019 |
USD 390 Million |
Projected Market Size in 2026 |
USD 560 Million |
CAGR Growth Rate |
5.4% CAGR |
Base Year |
2020 |
Forecast Years |
2020-2026 |
Key Market Players |
AIM Aviation Ltd., Rockwell Collins, Inc., EURO Composites Corporation, Aeropair Ltd., Zodiac Aerospace, Elbe Flugzeugwerke GmbH, Singapore Technologies Engineering Ltd., Aim Altitude, EnCore Group, Triumph Group, Inc., Hexcel Corporation, Gurit Holding, The Nordam Group, Inc., The Gill Corporation, Advanced Custom Manufacturing, Avcorp Industries, and Comtek Advanced Structures Ltd. among others.
|
Key Segment |
By Raw Material, By Aircraft Type, By End-Use, By Distribution Channel, By Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Purchase Options |
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Global Aerospace Floor Panels Market: Raw Material Segment Analysis
- Nomex Honeycomb
- Aluminum Honeycomb
- Titanium Honeycomb
- Others
Global Aerospace Floor Panels Market: Aircraft Type Segment Analysis
- Narrow Body Aircraft
- Wide Body Aircraft
- Very Large Aircraft (VLA)
Global Aerospace Floor Panels Market: End Use Segment Analysis
- Commercial Aviation
- Military Aircrafts
- Business Jets
- Helicopter
Global Aerospace Floor Panels Market: Distribution Channel Segment Analysis
Global Aerospace Floor Panels Market: Regional Segment Analysis
- North America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- The Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- The Middle East and Africa
- GCC Countries
- South Africa
- Rest of Middle-East Africa
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