According to a report published by Grand View Research, Inc.; the aerospace floor panels market is likely to reach a valuation of around USD 554.4 million by 2025.
Factors such as growing aerospace industry, increasing air passenger traffic, and growing expenditure for defense can propel the market during the forecast period (2014 to 2025).
Technological advancements in aerospace sector is likely to boost the market growth in the coming years. Several research agencies have been conducting research and development (R&D) activities and are making high investments in these floor panels. This is expected to create positive outlook for the market. In addition, technological developments associated with honeycombs have assist to discover new approaches for manufacturing lightweight and high-strength honeycomb cores.
Full Research Report On Aerospace Floor Panels Market Analysis :
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Worldwide aerospace floor market can be divided into raw material, aircraft type, end-use, and region. As per raw material, the market can be bifurcated into aluminum honeycomb, Nomex honeycomb, and others. In 2016, Nomex honeycomb segment estimated for 71.0% of the overall market. These materials are lightweight and comprises variety of applications due to its better strength and stiffness. The material is also compatible with several adhesives and are thermally insulating. These materials are corrosion-resistant, self-extinguishing, and possess outstanding dielectric properties. Based on aircraft type, the market can be split into narrow body aircraft, wide body aircraft, and very large aircraft (VLA). The military aircraft segment is expected to expand with the fastest CAGR of 7.2% in terms of revenue during 2017 to 2025 due to growing expenditure for defense. In 2016, Narrow body aircraft segment captured 70.5% of the overall market. These aircraft are extensively used for short-haul operations. Growing use of these planes for domestic transport is anticipated to support the growth. The wide body aircraft segment is anticipated to show rapid growth during the forecast period. These aircraft are extensively designed for carrying several passengers instead of operating many small planes. The segment is likely to grow with increasing air passenger traffic in regions including Europe, North America, and Europe. On the basis of end-use, the market can be classified into business jets, commercial aviation, and military aircraft. In 2016, commercial aviation segment estimated for the largest market revenue share of 59.4%. Increasing number of air passenger is driving the growth of this segment. This trend is also likely to continue during the forecast period.
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Geographically, the market can be divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa.
Asia Pacific is likely to display substantial growth during the forecast period due to growing demand for different air crafts in China and India. The region is expected to grow at CAGR of 6.7% during 2017 to 2025. This growth can be associated with robust growth in air traffic and increasing defense spending in the region specially, in countries including China and India. Optimistic political events like better trade relation between China and India have supported the business growth in these countries, thus increased the number of air travel for business purpose. Additionally, growing tourism activities in these countries is also expected to increase the number of air passenger. In emerging countries such as India, airfares are comparatively affordable, therefore it is most favorite tourist destinations among the visitors.
North America is considered as one of the attractive markets. The U.S. market is expected to grow at a CAGR of 5.9% during 2017 to 2025. The aerospace sector in the region is anticipated to increase demand for defense aircrafts in the coming years. Since the U.S government is taking efforts to increase the defense expenditure for expanding their capabilities with advanced defense aircrafts and ships.
Prominent players operating in the market include The Nordam Group Inc.; Rockwell Collins Inc.; AIM Aviation Ltd.; Triumph Group Inc.; and Zodiac Aerospace. Market participants are mainly focusing on new product development, partnerships, and merger and acquisition with other players to increase their share in the market.
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