Global Aerospace Floor Panel Market Size, Revenue, Growth, Status and Forecast for period of 2017-2022
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Aerospace floor panels are preassembled units of floor joists used for flooring purposes in the construction of an aircraft. From cockpit to the tail end of fuselage, aerospace floor panels facilitate the need for subflooring and finished flooring throughout the body of an aircraft, and are also used as support for the airplane’s interior walls, beams and columns.
Rising Component Costs in Developing Countries May Pose a Challenge
Component costs have traditionally remained low because OEM’s were able to exploit the high fragmentation and intense competition that exists among suppliers in the developed world. However, this is no longer the case as the situation has dramatically changed in the last ten years and automakers are only able to get a reduction in prices to the extent of 20% of component costs. Even emerging markets are expected to witness a price rise and a supplier scramble to get the best possible deals is expected. All these factors will directly impact the aerospace floor panel market.
The global aerospace floor panel market is predicted to be worth almost US$ 460 million in 2022 from a value of just under US$ 355 million in 2017, growing at a steady CAGR.
Wide and Narrow Body Aircraft Neck and Neck in Aerospace Floor Panel Market
Narrow-body aircrafts are poised to account for a significant revenue share of the aerospace floor panel market in terms of aircraft type in 2017. North America alone represents roughly 2/5th of the narrow-body aerospace floor panel market, making it imperative to target this dynamic region. However, it would not be wise to completely ignore wide-body aircraft as it continues to offer growth opportunities to manufacturers.
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Very Large Aircraft Segment to Grow, Looming Fuel Crisis Notwithstanding
Even though the aircraft industry has not been immune to the trend of ‘downsizing and cost-cutting’, very large aircrafts have surprisingly shown marked growth. The very large aircraft segment is anticipated to grow significantly during the forecast period. While North America and Europe remain fairly steady, APEJ should account for a bigger portion of the very large aircraft aerospace floor panel market in the days to come.
Nomex and Aluminium Honeycomb Two Options in Aerospace Floor Panel Market
It is estimated that the nomex honeycomb segment will grow at a steady CAGR during the forecast period. The revenue share of nomex honeycomb is anticipated to witness an increase during the forecast period. Nomex’s gain is Aluminium’s honeycombs loss as the latter will account for relatively lesser revenue share of the aerospace floor panel market. Aluminium honeycomb is not forecast to exceed nomex honeycomb during the period studied as the value of the former will only touch US$ 187 million by the end of 2022.
OEM Segment Vital in the Aerospace Floor Panel Market
With a steady CAGR during the forecast period, the OEM segment of the aerospace floor panel is projected to grow to surpass US$ 400 Mn in revenues by the end of the forecast period. With a significant revenue share, it is not surprising that all attention is on this critical segment of the aerospace floor panel market.
Overall, the global aerospace floor panel market is anticipated to expand at a significant CAGR during the forecast period. The market will continue to be influenced by the parent aerospace industry, which in turn, is massively impacted by changed in government regulations.
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