Aircraft Floor Panel Market International Growth Scenario with 8.2% of CAGR by 2027

Posted by Kaustubh Ravan on November 1st, 2022

According to the new research report titled “Aircraft Floor Panel Market Forecast to 2027 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 1,038.6 million by 2027, registering a CAGR of 8.2% from 2020 to 2027.

With the escalating production pattern of commercial as well as regional aircraft globally, the demand for aircraft floor panels is also increasing. The growing demand for lightweight material for the manufacturing of floor panels is boosting the Nomex honeycomb material market. Furthermore, the rising disposable income of many countries is a significant factor for the growth of aircraft fleet across the globe thereby, strengthening the aircraft floor panel market in the forecast period globally.

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Key Findings of Study:

Currently, the global aircraft floor panel market is dominated by North America and Europe, collectively accounting for ~65% of the global market. Factors such as availability of technological capabilities, high disposable incomes of individuals, higher standards of living, rapid technological advancements in aerospace engineering, and presence of leading aircraft manufacturers and well-established floor solution providers are driving the market growth in these developed regions. However, Europe is anticipated to gain significant traction during the forecast period. Also, the growth outlook of aircraft floor solutions in all major regions is estimated to be positive during 2020–2027. However, due to the COVID-19 outbreak, all major countries in Europe, Asia Pacific, and North America have imposed strict restrictions on business activities, and movement of goods and people. These restrictions are hindering both supply and demand for various aircraft components and parts, thus affecting the revenue growth of players operating in the global aircraft floor panel market; this effect of pandemic is likely to continue till early 2021.

The global aircraft floor panel market is a fragmented one due to the presence of a substantial number of players. However, the market has several prominent market players such as Aeropair Ltd, Avcorp Industries Inc, Collins Aerospace, a Raytheon Technologies Corporation Company, Aim Altitude UK Ltd, Eco Earth solutions, Euro Composite S.A., Safran S.A, The Gill Corporation, The Nordam Group LLC, and Singapore Technologies Engineering Ltd, with the considerable customer base and strong market positioning. These manufacturers significantly invest in expanding their business competencies to sustain market position. For instance, in 2019, Collins Aerospace Systems, a Raytheon Technologies Corporation company, opened a new manufacturing facility of 140,000 ft² in Jacksonville, US.

The COVID-19 outbreak is adversely affecting the several countries in the world. Until the outbreak, the aerospace industry was experiencing substantial growth in terms of production and services, despite huge backlogs from the aircraft manufacturers. It also witnessed rise in the number of passenger counts, leading to an increase in the procurement of aircraft (both commercial and military) and surge in MRO activities. The COVID-19 pandemic is restricting the demand for aircraft across the world that is restraining volumes of orders among the airframe manufacturers, resulting in lowering number of airframe production. The decline in production volumes is hindering businesses of various component manufacturers. Thus, the procurement of various aircraft components was on hold by aircraft manufacturers during the first two quarters of 2020. Thus, the destabilization in aircraft production due to the pandemic is hampering the growth of the aircraft floor panel market.

Currently, the demand for both wide body and narrow body aircraft fleet is high. However, the inclination toward long-range, narrow-body type aircraft is increasing among majority of commercial aviation companies with the rising focus on extending fleet size and lowering operational cost. The delivery volumes of narrow body aircraft fleet such as Airbus A320 series and Boeing B737 series were 626 and 580 in 2018, and 642 and 127 in 2019, respectively. The tremendous rise in the procurement of aircraft floor panels by OEMs, such as Boeing and Airbus, drives the growth of the aircraft floor panel market.

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