Aircraft Floor Panel Market Growth Analysis | 2023-2028

Market Insights

The aircraft floor panel market was estimated at USD 0.31 billion in 2022 and is likely to grow at a CAGR of 11.7% during 2023-2028 to reach USD 0.69 billion in 2028.

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Market Dynamics

Introduction

An aircraft floor panel is a structural component used in the cabin and cargo areas of an aircraft to create a durable, lightweight, and stable flooring system. These panels are designed to withstand high loads, vibrations, and environmental conditions while maintaining a lightweight profile to enhance fuel efficiency.

Floor panel varies depending on the type of aircraft and is a crucial factor in improving passenger safety and comfort. A honeycomb structure is made of a honeycomb-like core material layered between thin sheets. The aircraft floor panel should possess qualities including toughness, rigidity, and longevity. 

COVID-19 Impact

The market for aircraft floor panels witnessed a severe decline of more than -40% in 2020, because of the lockdown and supply chain disruption caused by the outbreak of COVID-19. The year 2021 was projected to be a promising year by some; however, airlines that had intended to replace their floor panels in 2021 were forced to delay or cancel plans due to the financial crisis. This, combined with a production issue in B787 found during the shimming process, caused the market for aircraft floor panels to decline by more than -15% in 2021.

Market Drivers

The market for the aircraft floor panel is presented with a wealth of opportunities with a healthy future growth rate. The key factors driving the market's expansion are:

• The projected rise in production rates of key aircraft programs (B737 max, B787, A320neo, A350XWB, and A220)
• Upcoming aircraft programs (COMAC C919, B777x, etc.).
• The demand for lightweight aircraft flooring; advancements in the flooring technologies.
• An expanding aircraft fleet size.

An expected recovery in aircraft demand to support recovering air passenger traffic, new upcoming aircraft programs, and growing aircraft fleet size collectively turn the headwinds into the tailwinds.

Segment Analysis

By Aircraft Type

The market is bifurcated into narrow-body aircraft, wide-body aircraft, regional aircraft, and business jets. Wide-body aircraft is anticipated to be the dominant as well as the fastest-growing segment of the aircraft floor panel market in the foreseen future. Wide-body aircraft witnessed an enormous decline amid the pandemic, greater than all other aircraft types. Furthermore, the grounding of B787 dented the recovery that was earlier expected from the market participants. However, the long-term business outlook still seems favorable to the market participants as both, Boeing and Airbus have announced to ramp up their production rate of B787 and A350XWB, respectively, in the coming years. Concurrently, the introduction of a fuel-efficient variant of the existing aircraft program (B777x) is likely to stir market growth in the years to come.

By Core Material Type

The market is segmented as nomex honeycomb, aluminum honeycomb, and others. Nomex honeycomb material type is expected to be the dominant as well as fastest-growing core material type in the market during the forecast period. It is used extensively in all types of aircraft including narrow-body and wide-body ones. Nomex honeycomb has many benefits, including lightweight, outstanding rigidity, strength, resistance to corrosion, and fire. Also, it is thermally stable and has excellent dielectric characteristics.

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By End-User Type

The market is segmented as OE and aftermarket. Out of these, OE is expected to dominate the market for aircraft floor panels over the forecast period. The plan to increase the production rates of existing aircraft programs to support the rebounding demand and new aircraft programs (COMAC C919 and Boeing’s B777x) are the main factors contributing to its supremacy. It is anticipated that both, OE and aftermarket, segments will experience significant growth rates in the coming years.

Regional Insights

North America is expected to remain the largest market for aircraft floor panels over the forecast period. With the presence of numerous small- to large-sized OEMs in this region. This region has been a pioneer in the aerospace industry. The majority of the participants have production and assembly facilities in North America. Additionally, all of the major floor panel producers for the industry are present in the area to assist OEMs in the creation of advanced products that satisfy airline criteria.

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Key Players

The aircraft floor panel market is highly consolidated with a handful of players capturing a large chunk of the market. Product developments, the formation of long-term contracts, and high R&D investments are one of the indispensable focused areas of the leading companies. The following are some of the key players in the aircraft floor panel market:

• EFW GmbH
• The Gill Corporation
• Triumph Group, Inc.
• Boeing Encore Interiors LLC
• AVIC Cabin Systems Limited

Note: The above list does not necessarily include all the top players in the market.

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s aircraft floor panel market realities and future market possibilities for the forecast period of 2023 to 2028. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.

The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a 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. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• 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, New Product Launches, etc.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The aircraft floor panel market is segmented into the following categories:

By Aircraft Type

• Narrow-Body Aircraft
• Wide-Body Aircraft
• Regional Aircraft
• Business Jets

By Core Material Type

• Nomex Honeycomb
• Aluminium Honeycomb
• Others

By Sales Channel Type

• BFE
• SFE

By End-User Type

• OE
• Aftermarket

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com.