Commercial Aircraft Floor Panels Market: Growth Analysis By Size, Share, News, Demand, Opportunity and Forecast: 2022-2031

Japan, Japan, Tue, 05 Apr 2022 02:51:05 / Comserve Inc. / -- The commercial aircraft floor panels market is anticipated to grow at a CAGR of more than 3.5% during the forecast period.

The commercial aircraft floor panels market is anticipated to grow at a CAGR of more than 3.5% during the forecast period.

- The increasing demand for lightweight and fuel-efficient aircraft is generating demand for new and advanced material floor panels for installation onboard aircraft.
- To improve the passenger comfort and safety in the aircraft, the demand for new types of floor panels that are fire retardant, lightweight and thermally conductive (which can be controlled externally with a central aircraft unit) is increasing.
- With increasing production rates of the current aircraft programs, the pressure on the supply chain, especially on tier-1 providers is anticipated to increase. These increased production rates are anticipated to drive the profits of the players during the forecast period.

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Scope of the Report

The market study includes various types of floor panels provided for the aircraft made of aluminum honeycomb, Nomex honeycomb, glass fiber, epoxy resins, etc.

Key Market Trends

Narrow-body Aircraft Segment to Experience the Highest Growth During the Forecast Period

The narrow-body aircraft segment of the market is anticipated to grow at the highest CAGR during the forecast period. This growth is mainly due to the increasing orders and deliveries of narrow-body aircraft like A220, A320, B737, etc., from various LCCs around the world during the forecast period. The LCC s are currently expanding their fleet of narrow-body aircraft as they can help in increasing their profits. With increasing demand, the aircraft manufacturers are increasing their production capacities. This will result in increased demand for associated parts and components of an aircraft. Also, the introduction of new models like A321XLR that have a higher range is gaining higher demand. A321XLR was introduced during the Paris AirShow 2019 and received 240 orders (expected entry into service by 2023). Additionally, new aircraft models like COMAC C919, MA700, MC-21 are anticipated to enter service during the forecast period. These aircraft are anticipated to further propel the growth of the market during the forecast period. However, the B737 MAX issues have dampened the Boeing's narrow-body single-aisle jet orders. This has led to a decrease in the production rate of the B737 MAX aircraft, which is one of the main reasons affecting the revenues of the segment in 2019. With new certifications from FAA and EASA, the aircraft is anticipated to again enter service by early 2020. This re-entry is anticipated to further strengthen the narrow-body deliveries, which will support the growth of the segment over the next few years.

Asia-Pacific Region is Expected to Generate the Highest Demand During the Forecast Period

Asia-Pacific region is expected to generate the highest demand for commercial aircraft floor panels market during the forecast period. The passenger traffic in the region has been rapidly growing over the past few years and has been the major driving factor for the aviation market. There is an increase in international and domestic passengers in developing economies like China and India. China is anticipated to overtake the US in terms of air passenger traffic in the next few years. Likewise, India is also poised to replace the UK to become the third-largest aviation market in terms of domestic air passenger traffic over the next decade. Also, with an increasing emphasis on indigenous manufacturing capabilities, Aviation Industry Corporation of China and Mitsubishi Corporation are working on their new aircraft programs, namely, COMAC C919, MA700 and Mitsubishi Spacejet (MRJ). These new aircraft are anticipated to enter service by 2022. COMAC C919 has 815 orders (as of August 2019), MA700 has 285 orders (as of June 2019), and Mitsubishi Spacejet has 213 orders (as of June 2019). The majority of these orders are from airlines in the Asia Pacific, which is expected to fuel the demand for floor panels in the region during the forecast period.

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Competitive Landscape

The prominent players in the commercial aircraft floor panels market are The Gill Corporation, Triumph Group, Singapore Technologies Engineering Ltd., United Technology Corporation, and Avcorp Industries Inc. These players are the suppliers of floor panels on the majority of aircraft programs of Airbus and Boeing. For instance, in Boeing 787 Dreamliner, Collins Aerospace provides heated floor panels & integrated controllers; The Gill Corporation provides Gillfab 4809 floor panels with Kevlar honeycomb core & carbon fiber reinforced epoxy skins, and Triumph Group provides composite environmental control systems (ECS) ducting and floor panels. In a few aircraft programs, the passengers and cargo floor panels will be installed with panels from different companies. Innovation and expansion of product portfolio are anticipated to provide companies a competitive edge over others. Also, long term contracts with aircraft OEMs are anticipated to support the growth of companies. For instance, in 2017, Triumph Group signed an agreement with Boeing to extend its partnership over the environmental control systems (ECS) ducting and floor panels on 737 (legacy and MAX), 767, 777X, and 787 airplanes for 10 years.

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