Reduction in gross airplane weight to improve fuel efficiency will drive the aerospace floor panels market size from 2018 to 2024. Properties including high stiffness and strength-weight ratio to meet structural strength will advocate its usage in cabin interiors. Companies are developing chemical resistant and fire-retardant materials to ensure passenger safety in case of any in-flight fire. Innovation regarding improving structural strength, rigidity and weight reduction to replace solid metals will boost the market growth.
Continuous growth in air passenger traffic and flight iterations to accommodate passengers has swelled aircraft requirements. As per International Air Transport Association (IATA), annual air passengers in 2017 increased from 4.1 billion to 4.3 billion as compared to 2017. Aircraft manufacturers such as Airbus and Bombardier have enhanced their production capacity to overcome past backlog. In 2017, aircraft production grew by 4% to meet the rising consumer demand. These factors will positively influence aerospace floor panels market share during forecast period.
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Commercial aircraft segment will contribute around 84% of overall revenue with significant growth in overall aerospace industry till 2024. Rising annual spending and disposable income has amplified air traffic and increased international and domestic fleets. Surge in commercial aircraft production particularly in developed regions including North America and Europe will push the market in next seven years.
Regional jet segment will register over 5.5% growth with increase in regional jets to fulfill aircraft gap between turbo prop and single aisle long range airplanes thereby accelerating product demand. Rising business aircrafts demand in Middle East and Africa owing to regional economic expansion and growing tourism industry will enhance the market demand.
Nomex honeycomb will witness 2.8% CAGR till 2024 owing to increase in commercial aircraft demand. Properties including high fire resistance, stiffness, lightweight, thermal stability, excellent dielectric properties and superior strength will boost its utilization during forecast period. Availability in various cell size, strength and thickness will enhance aerospace floor panel market share.
Aluminum honeycomb will register robust growth with high strength-weight ratio. 90% recyclability of aluminum and non-absorbent property reduces overall product cost and imparts high strength to structural parts that enhances component longevity. Competitive product cost compared to other counterparts will boost aluminum honeycomb demand during projected timeframe. Titanium honeycomb aerospace floor panels market segment is at nascent stage and will grow with corrosion resistance property.
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OEM will witness around 2% CAGR till 2024 owing to panel installation during cabin fabrication to reduce overall aircraft weight and ensure passenger safety. Industry players have undergone strategic alliance with airplane manufacturers to ensure continuous product supply. Increase in commercial and regional airliners will support market growth over forecast period. Aftermarket share will foresee robust growth with rise in retrofit and refurbishment activities.
North America aerospace floor panels holds the major share with presence of aircraft manufacturers such as Falcon, Lockheed Martin, Boeing, Bombardier and Airbus. Europe will register substantial growth with increasing air traffic. In 2018, Europe recorded around 5% passenger traffic increase in comparison with 2017 further supporting the product demand. Middle East and Africa will witness growth owing to progress with prevailing travel and tourism industry.
Major players of aerospace floor panels market include Advanced Custom Manufacturing, Euro Composites, Aim Altitude, EnCore Group, Nordam Group, The Gill Corporation, Zodiac Aerospace, Triumph Group, Avcorp Corporation, EFW, and Rockwell Collins. Industry players are undergoing strategic collaborations with airplane manufacturers to augment their market share.
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