North America aerospace floor panels market holds major share owing to presence of major aircraft manufacturers including Lockheed Martin, Falcon, Boeing, Airbus and Bombardier. Europe region will foresee significant growth with constant increase in air passengers. In 2018, Europe witnessed over 5% rise in passenger traffic as compared to 2017. Latin America market is at nascent stage and will register healthy growth with owing to low air fare to attract more customers.
Initiatives such as reduction in aircraft weight to enhance fuel efficiency will drive aerospace floor panels market growth during forecast period. Properties such as high strength to weight ratio and stiffness to improve cabins structural strength will spur its adoption. Companies are installing fire-retardant and chemical resistant materials to reduce fatalities and injuries during any accident. OEMs are replacing solid metals with honeycomb panels offering higher rigidity and lower weight. These initiatives will positively influence aerospace floor panels market.
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Constant increase in flight iterations and passenger traffic has enhanced aircraft requirements. In 2017, according to IATA (International Air Transport Association), air passengers rose to 4.3 billion from 4.1 billion in 2016. Further, aircraft manufacturers including Bombardier and Airbus have increased annual production to meet previous backlog. In 2017, global aircraft production witnessed 4% growth as compared to 2016. Continuous growth in aircraft manufacturing will boost aerospace floor panels market share.
Commercial aircraft will account for over 84% of total revenue till 2024 with substantial growth in global aviation industry. Rising per capita and annual income has augmented air passenger traffic resulting an increase in domestic and international fleet size. Growth in aircraft production facilities in regions such as Europe and North America will fuel aerospace floor panels market by 2024.
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Regional jets will witness healthy growth owing to increasing demand fulfilling gap between single aisle and turbo prop airplanes. Rising regional jet production from companies including Bombardier to strengthen global airline network will support product demand. Proliferating tourism industry and economic expansion in Middle East & Africa will boost business aircrafts demand and propel aerospace floor panels market growth.
Nomex honeycomb segment will register gains at over 2% during the forecast period with increase in airplane demand. Properties such as high stiffness, fire resistance, lightweight, better dielectric properties, thermal stability, superior strength and dielectric properties will enhance aircraft flooring market demand. Product availability in different thickness and cell size sufficing customer demand will further boost aerospace floor panels market.
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Aluminum honeycomb materials will witness sturdy growth owing to high strength to weight ratio. Non-absorbent and high recyclable properties of aluminum decreases product cost. It imparts superior strength to structures that further enhances component life. Competitive cost in comparison with other materials will fuel aluminum honeycomb demand over the forecast period. Titanium honeycomb aerospace floor panels market segment will foresee growth with better corrosion resistance and strength as compared to stainless steel and aluminum.
Major aerospace floor panels market players include Rockwell Collins, Advanced Custom Manufacturing, EFW, Euro Composites, Avcorp Corporation, Aim Altitude, Triumph Group, EnCore Group, Zodiac Aerospace, Nordam Group and Gill Corporation.
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