Market Trends of Aerospace Floor Panels Industry
This section covers the major market trends shaping the Aerospace Floor Panels Market according to our research experts:
Growing Demand from Commercial Aviation Segment
- Aerospace floor panels, owing to its increased longevity, weight reduction, high strength, and superior durability, are widely used by the commercial aviation segment.
- These products exhibit flexural strength, stiffness, and shear; provide excellent performance both in hot and wet conditions; and eliminates the need for more frequent floorboard replacements in the cabin and the cargo bay, and hence, are used in flooring application of aircraft.
- With air traffic increasing at a tremendous rate, the need for more commercial aircraft has been continuously on the rise.
- According to Airbus Forecast (2019-2038), air traffic is expected to grow at an average rate of 4.3% per annum over the next 20 years. Owing to this, the demand for passenger and freight aircraft is expected to reach 39,210 units during the same period.
- Such aforementioned factors are expected to drive the demand for commercial aircraft, and hence, the demand for aerospace floor panels through the years to come.
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North America Region to Dominate the Market
- The North America region, through the huge presence of major aircraft fleet, is expected to dominate the global market.
- North America is home to one of the world's largest air passenger traffic flows, largely owing to the United States. During the period, air traffic in the market is expected to register a CAGR of over 4%.
- The United States has the largest aerospace industry in the world. According to the Federal Aviation Administration (FAA), the total commercial aircraft fleet is expected to reach 8,270 in 2037, owing to the growth in air cargo. Additionally, the US mainliner carrier fleet is expected to grow at a rate of 54 aircraft per year, due to the existing fleet getting older.
- Strong exports of aerospace components to countries, such as France, China, and Germany, along with robust consumer spending in the United States, have been driving the manufacturing activities in the nation's aerospace industry.
- According to Airbus Forecast (2019-2038), the demand for small passenger aircraft is expected to be 4,910 units, 695 units for medium passenger aircraft units, and 360 units for large passenger aircraft units during the mentioned period.
- Overall, such factors are expected to drive the market for aerospace floor panels in North America, through the years to come.
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