Jan 26, 2021   SOURCE: BusinessWire

Worldwide Aircraft Floor Panel Industry to 2027 - Growing Adoption of Wide Body Jets and Business Jets Presents Opportunities - ResearchAndMarkets.com

The "Aircraft Floor Panel Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Aircraft Type, Material Type, Sales Channel, and End User" report has been added to ResearchAndMarkets.com's offering.

According to this report the market was valued at US$ 646.7 million in 2019 and is projected to reach US$ 1,038.6 million by 2027; it is expected to grow at a CAGR of 8.2% from 2020 to 2027.

The aviation industry is growing at a rapid pace by recording significant production volumes and deliveries of aircraft fleet - for both commercial and military use. The commercial aviation industry has witnessed tremendous growth in the past few years with the emergence of new low-cost carriers (LCCs) and fleet expansion strategies adopted by the full-service carriers (FSCs), and the rising number of air travel passengers and aircraft procurement would further drive the industry in the coming years. Airbus and Boeing are the two aircraft original equipment manufacturers (OEMs) with the largest order volumes and delivery statistics as they continuously supply various aircraft models to different civil airlines.

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 demand for Boeing B737 reduced in 2019 after the two fatal B737 Max crashes in 2018 and 2019. 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.

The aircraft floor panel market is segmented on the basis of aircraft type, material type, sales channel, end user, and geography. Based on aircraft type, the market is further segmented into wide body aircraft, narrow body aircraft, and general aviation. The narrow-body aircraft segment represented the largest market share. Based on material type, the market is bifurcated into aluminum honeycomb and Nomex honeycomb. In 2019, the Nomex honeycomb segment accounted for a larger share in the market. Based on end user, the market is bifurcated into commercial and military. The commercial segment represented a larger market share. Based on geography, North America held the largest share of the aircraft floor panel market in 2019, followed by Europe and Asia Pacific. Further, Asia Pacific is projected to register the highest CAGR during the forecast period.

Impact of COVID-19 Pandemic on Aircraft Floor Panel Market

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.

Reasons to Buy:

  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global aircraft floor panel market.
  • Highlights key business priorities in order to assist companies to realign their business strategies.
  • The key findings and recommendations highlight crucial progressive industry trends in the global aircraft floor panel market, thereby allowing players across the value chain to develop effective long-term strategies.
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution.

Market Dynamics

Drivers

  • Accentuating Aircraft Orders and Delivery Volumes
  • Increasing Emphasis on Use of Lightweight Materials

Restraint

  • Boeing's Setback from B737 Max and Discontinuation of A380 Program

Opportunities

  • Growing Adoption of Wide Body Jets and Business Jets

Trend

  • Surge in Demand for Air Freighter Fleet

Companies Mentioned

  • Aeropair Ltd
  • Aim Altitude UK Ltd.
  • Avcorp Industries Inc.
  • Collins Aerospace, a Raytheon Technologies Corporation company
  • Eco Earth solutions
  • Euro Composite S.A.
  • Safran S.A
  • Singapore Technologies Engineering Ltd
  • The Gill Corporation

For more information about this report visit https://www.researchandmarkets.com/r/ez8u3m