The market for aerospace floor panels is expected to register a CAGR of more than 4% globally during the forecast period. A growing number of aircraft deliverables and increasing requirements of lightweight structures in aircraft have been driving the studied market's growth. The growing development of advanced materials for aircraft interiors is expected to offer various opportunities for the growth of the market studied, over forecast period.
- The commercial aviation segment dominated the market and is expected to grow during the forecast period.
- North America dominated the market across the world, with the largest consumption coming from countries, such as the United States and Canada.
Key Market Trends
Growing Demand from Commercial Aviation Segment
- Aerospace floor panels, owing to its increased longevity, weight reduction, high strength, and superior durability, are widely used by the commercial aviation segment.
- These products exhibit flexural strength, stiffness, and shear; provide excellent performance both in hot and wet conditions; and eliminates the need for more frequent floorboard replacements in the cabin and the cargo bay, and hence, are used in flooring application of aircraft.
- With air traffic increasing at a tremendous rate, the need for more commercial aircraft has been continuously on the rise.
- According to Airbus Forecast (2019-2038), air traffic is expected to grow at an average rate of 4.3% per annum over the next 20 years. Owing to this, the demand for passenger and freight aircraft is expected to reach 39,210 units during the same period.
- Such aforementioned factors are expected to drive the demand for commercial aircraft, and hence, the demand for aerospace floor panels through the years to come.
North America Region to Dominate the Market
- The North America region, through the huge presence of major aircraft fleet, is expected to dominate the global market.
- North America is home to one of the world’s largest air passenger traffic flows, largely owing to the United States. During the period, air traffic in the market is expected to register a CAGR of over 4%.
- The United States has the largest aerospace industry in the world. According to the Federal Aviation Administration (FAA), the total commercial aircraft fleet is expected to reach 8,270 in 2037, owing to the growth in air cargo. Additionally, the US mainliner carrier fleet is expected to grow at a rate of 54 aircraft per year, due to the existing fleet getting older.
- Strong exports of aerospace components to countries, such as France, China, and Germany, along with robust consumer spending in the United States, have been driving the manufacturing activities in the nation's aerospace industry.
- According to Airbus Forecast (2019-2038), the demand for small passenger aircraft is expected to be 4,910 units, 695 units for medium passenger aircraft units, and 360 units for large passenger aircraft units during the mentioned period.
- Overall, such factors are expected to drive the market for aerospace floor panels in North America, through the years to come.
The global aerospace floor panels market is consolidated in nature, with the major players accounting for a significant share of the market. Some of the major companies operating in the market are Collins Aerospace, Elbe Flugzeugwerke GmbH, The Gill Corporation, JB International, and Triumph Group, among others.
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