Composite Floor Panels Market likely to reach an estimated value of US$ 620.6 million by 2024, as estimated by Stratview Research

Stratview Research in its recent report has offered an overlook of the current Composite Floor Panels Market scenarios and has also estimated the Composite Floor Panels Market size to reach an estimated value of US$ 620.6 million by 2024. The insights highlighted in the report are based on data that is carefully collected from reliable sources and is then scrutinized to have a proper analysis.
Not only the report offers the market size but also details about the market segmentation with its share. Stratview Research also extends its research to offer a forecast of the market during the period of 2019 – 2024, to provide the clients with base knowledge of the market and make strategies to have beneficial results ahead.

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Floor panel is made by layering a core material between two thin layers that provide strength in tension and are designed to withstand high compression loads. Floor panels are usually sandwich construction, mostly comprising honeycomb or foam as a core material and fiberglass, aluminum, epoxy prepreg, or phenolic prepreg as laminates. Both, laminates and core assembly, are bonded using adhesives and form a sandwich-structured composites construction. Laminates carry the bending load, whereas the core materials carry the shear load in a sandwich panel.

Composite floor panels offer high mechanical strength, pressure retention, noise absorption, fire-resistanc or fireproofing, and protection against deterioration. Composite floor panels are exposed to a wide range of challenging conditions, such as high temperature and pressure, high load, high frequency of oscillation, threat of fire and explosion. Hence, it becomes necessary to select a material that can handle such harsh and extreme environment. The most commonly used core materials for making composite floor panels are nomex honeycomb, aluminum honeycomb, foam, and balsa wood.

Secondly, composites have an excellent track record in the aircraft and mass transportation industries as the material offers numerous advantages over its rivals including high strength-to-weight ratio, excellent corrosion resistance, excellent fatigue strength, and excellent durability at a lesser weight. The material is a suitable claimant addressing many challenges of the industry including lightweight systems.

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The market is segmented based on the end-use industry type as aircraft, rail, and bus. The aircraft industry is expected to remain the largest and fastest-growing segment of the market during the forecast period. Both the major commercial aircraft OEMs; Airbus and Boeing, are incessantly increasing the production of their best-selling aircraft programs in order to meet huge order backlogs of 13,315 commercial aircraft as of September 30, 2018. Irkut and COMAC, the newcomers in the commercial aerospace industry, also hold excellent order backlogs of their upcoming commercial aircraft programs, which is likely to further substantiate the demand for composite floor panels in the coming years. Introduction of lightweight and highly durable floor panels are the focal points of composite floor panel manufacturers, helping them to gain momentum in the market.

Based on the core material type, the market is segmented as honeycomb core, foam core, and balsa core. In 2018, Honeycomb core-based composite floor panel dominated the market and is expected to witness the highest growth during the forecast period. Honeycomb core majorly includes nomex honeycomb, aluminum honeycomb, kevlar honeycomb, and PP honeycomb. Nomex honeycomb is the most widely used core material in the aerospace industry owing to its superior FST performance, higher strength-to-weight ratio, and lightweight when compared to other materials, such as aluminum honeycomb and PP honeycomb.

Based on the end-user type, the market is segmented as OE and aftermarket. The OE segment is projected to maintain its dominance over the next five years. Increasing production rates of key aircraft programs, such as B737 and A320 family; market entry of new players, such as COMAC; and upcoming aircraft programs are driving the composite floor panels market. Bombardier, one of the market leaders in rolling stocks, has an order backlog of US$ 34.0 billion by June 30, 2018, which is likely to create a strong demand for composite floor panels for the rail segment in years to come.

In terms of regions, North America is expected to remain the largest market for composite floor panels during the forecast period. The USA is the growth engine of the region’s market with the presence of major aircraft OEMs, tier players, composite floor panel manufacturers, and suppliers. All the major composite floor panel manufacturers have a presence in the region to address the emergent needs of the OEMs in order to be the partner for their upcoming aircraft programs.

Asia-Pacific is expected to experience the highest growth in the market during the forecast period. The highest growth of Asia-Pacific is mainly attributable to the increasing rail network; growing bus sales; increasing demand for commercial aircraft to support rising passenger traffic; opening of assembly plants of Boeing and Airbus for B737, A320, and A330 aircraft programs; increasing procurement of military aircraft owing to rising defense budget; and upcoming indigenous commercial and regional aircraft (C919 and MRJ).

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Highlights of the Report:
The global composite floor panels market is projected to grow at a healthy rate over the next five years to reach US$ 620.6 million in 2024. Increasing production rates of key commercial and regional aircraft programs, such as B737, B787, A320, A350XWB, and A220; upcoming commercial and regional aircraft, such as COMAC C919 and Mitsubishi MRJ; increasing demand for lightweight flooring in the aircraft and rail industries; increasing demand for high-speed and metro trains, and rising global aircraft deliveries are the major factors bolstering the growth of the composite floor panels market.
The supply chain of this market comprises raw material suppliers, floor panel manufacturers, tier players, OEMs, airlines, aircraft leasing companies, and MRO companies. The key players in the composite floor panels market are The Gill Corporation, Triumph Group, Inc., Rockwell Collins, Inc. (now UTC Aerospace System), 3A Composites, Encore Group, Elbe Flugzeugwerke GmbH, and Zodiac Aerospace. Development of optimized composite floor panels, regional expansion, and execution of mergers & acquisitions are the key strategies adopted by the major players to gain a competitive edge in the market.

Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

The Composite Floor Panels Market analysis report discusses the following heads in great detail:
• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

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