New York, May 11, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Aerospace Floor Panels Market” published by Consegic Business Intelligence, the market was worth USD 84.85 Million in 2022 and is anticipated to reach over USD 128.25 Million by the year 2030, growing at a CAGR of 5.6%.
Global Aerospace Floor Panels Market Size, Share & Trends Analysis, By Core Material (Aluminum Honeycomb, Nomex Honeycomb, and Others), Operation (Military Aircraft, Commercial Aircraft, Business Jets, Narrow Body Aircraft, Wide Body Aircraft, and Others), and By Region, Forecast Period 2023 – 2030.
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Aerospace floor panels are designed to withstand high-pressure loads in aircraft and are manufactured from durable materials including aluminum honeycomb and nomex honeycomb. The honeycomb structure offers high strength, durability, and stiffness and is crammed between two outer layers to act as a supporting structure. Additionally, the panels offer resistance to weather, fire, and chemicals and are also recyclable thus, promoting significantly in driving the growth of the market.
The emergence of advanced materials including epoxy resin and unidirectional fiberglass act as a key factor in promoting the growth of the global aerospace floor panels market. The advanced materials are slip-proof, rough, and less sensitive to pressure damage and require less maintenance. Moreover, the increasing demand for thermally stable, lightweight, fire retardant, and low-smoke floor panels is further contributing to propel the market growth. Consequently, the development of advanced materials to offer the abovementioned benefits is contributing significantly in accelerating the growth of the global aerospace floor panels market. For instance, in March 2021, EFW introduced a new floor panel, A350 with advanced materials. The panel is highly durable, withstands wear and tear, and is less sensitive to pressure damage.
The advancements in manufacturing technologies including the advent of additive manufacturing and automation are anticipated to create potential opportunities for market growth. The advance technologies raise the demand to manufacture aerospace floor panels that are more fuel-efficient and effective which in turn promotes the growth of the market. However, the high manufacturing cost associated with the production of floor panels acts as a major restraint for market growth.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 128.25 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 5.6% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Diehl Stiftung & Co. KG, Advanced Custom Manufacturing, AIM ALTITUDE, Avcorp Industries, EFW, ENCORE GROUP, EURO COMPOSITES, Satair, Rockwell Collins (UTC), The Gill Corporation, Elbe Flugzeugwerke GmbH |
| By Core Material |
|
| By Operation |
|
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
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Key Market Highlights
- The Global Aerospace Floor Panels Market size is estimated to reach USD 128.25 Million by 2030 and grow at a CAGR of 5.6% during the forecast period (2023-2030).
- Globally, Aerospace Floor Panels are divided based on the core material into aluminum honeycomb, nomex honeycomb, and others.
- In the context of Operation, the market is separated into military aircraft, commercial aircraft, business jets, narrow body aircraft, wide body aircraft, and others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
- Asia Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in aerospace floor panels.
Aerospace Floor Panels Market Growth Drivers:
- The emergence of advanced materials to offer high durability and less sensitivity to pressure damage is driving the growth of the aerospace floor panels market.
- The increasing adoption of lightweight materials to improve fuel efficiency is bolstering market growth.
- The ability of floor panels to increase longevity by eliminating the need for frequent floorboard replacements is spurring the growth of the market.
Restraints
- The high manufacturing cost associated with the production of aerospace floor panels is restraining the growth of the market.
- The fluctuations in the price of raw materials, namely aluminum and steel is hampering the growth of the aerospace floor panels market.
Opportunities
- The emergence of advanced technologies including additive manufacturing is expected to create potential opportunities for the growth of the market.
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Global Aerospace Floor Panels Market Segmentation Details:
Based on Core Material, the nomex honeycomb segment contributed the largest shares to the market growth in 2022. Nomex honeycomb offers high strength to weight properties required to improve the durability of floor panels. Additionally, the material possesses excellent dielectric properties and also has the ability to survive at a temperature range of up to 180°C. Moreover, the material offers resistance to corrosion against oil, water, and fuel further promoting the growth of the aerospace floor panels market.
Based on Operation, the commercial aircraft segment offered substantial shares to the global aerospace floor panels market in the year 2022. Floor panels are deployed in aircraft to segregate the passenger compartment from several hydraulic electrical and structural components that are placed at the bottom of the fuselage. In addition, the ability of panels to offer superior durability and weight reduction is also increasing the adoption of floor panels in commercial aircraft. Moreover, the increasing investment by key players in research and development to develop more advanced panels is also contributing to accelerate the growth of the market.
Based on region, North America has been a major contributor to the growth of the aerospace floor panels market. The growth is attributed to the advancements in technology and the development of lightweight materials to manufacture durable and high quality floor panels. In addition, the presence of key companies in the region is also contributing significantly in propelling market growth. Moreover, the region has a strong supply chain network in both national and international markets that further drives the growth of the aerospace floor panels market.
Recent Developments
- In September 2022, Heart Aerospace announced that the company has received a contract from Air Canada to provide durable floor panels for manufacturing of new aircraft ES-30.
- In September 2021, L&L Products introduced L-9060, a new core filler compound, and aircraft interior edge. The product is designed to reinforce aerospace interior sandwich panels by offering a solution to enhance the traditional manual process.
List of Major Global Aerospace Floor Panels Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
- Diehl Stiftung & Co. KG
- Advanced Custom Manufacturing
- AIM ALTITUDE
- Avcorp Industries
- EFW
- ENCORE GROUP
- EURO COMPOSITES
- Heart Aerospace
- Satair
- L&L Products India Pvt. Ltd.
- Rockwell Collins (UTC)
- The Gill Corporation
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Global Aerospace Floor Panels Market Segmentation:
- By Core Material
- Aluminum Honeycomb
- Nomex Honeycomb
- Others
- By Operation
- Military Aircraft
- Commercial Aircraft
- Business Jets
- Narrow Body Aircraft
- Wide Body Aircraft
- Others
Key Questions Covered in the Aerospace Floor Panels Market Report
- What are Aerospace Floor Panels?
- Aerospace Floor Panels are designed to withstand high compression loads in numerous aircraft including commercial planes, and military planes, among others. The floor panels of aircraft are manufactured using lightweight materials namely aluminum that offers high durability and strength.
• What will be the potential market valuation for the aerospace floor panels industry by 2030?
- The aerospace floor panels market is estimated to reach USD 128.25 Million by 2030 driven by the increasing adoption of lightweight and durable panels in the aerospace industry.
- What specific segmentation details are covered in the Aerospace Floor Panels Market report, and how is the dominating segment impacting the market growth?
- The report consists of segments including Core Material and Operation. Each segment has a key dominating sub-segment being driven by industry trends and market dynamics. For instance, the operation segment has witnessed commercial aircraft as the dominating segment in the year 2022, driven by factors such as superior durability, weight reduction, and high strength of floor panels.
- What specific segmentation details are covered in the Aerospace Floor Panels Market report, and how is the fastest segment anticipated to impact the market growth?
- The report consists of segments including Core Material and Operation. Each segment is projected to have the fastest-growing sub-segment driven by industry trends and drivers. For instance, in Core Material, the aluminum honeycomb sub-segment is anticipated to witness the fastest CAGR growth during the forecast period. The material offers improved performance in both wet and dry conditions along with delivering high strength-to-weight properties at a relatively low cost.
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