Composite Floor Panels Market to reach US$ 620.6 million in 2024
February 04, 2020
Composite Floor Panels Market is projected to grow at a healthy rate over the next five years to reach US$ 620.6 million in 2024. Increasing production rates of key commercial and regional aircraft programs, such as B737, B787, A320, A350XWB, and A220; upcoming commercial and regional aircraft, such as COMAC C919 and Mitsubishi MRJ; increasing demand for lightweight flooring in the aircraft and rail industries; increasing demand for high-speed and metro trains, and rising global aircraft deliveries are the major factors bolstering the growth of the composite floor panels market.
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Composite Floor Panels Market Segment Insights:
By End-Use Industry Type:
The market is segmented based on the end-use industry type as aircraft, rail, and bus. The aircraft industry is expected to remain the largest and fastest-growing segment of the market during the forecast period. Both the major commercial aircraft OEMs; Airbus and Boeing, are incessantly increasing the production of their best-selling aircraft programs in order to meet huge order backlogs of 13,315 commercial aircraft as of September 30, 2018. Irkut and COMAC, the newcomers in the commercial aerospace industry, also hold excellent order backlogs of their upcoming commercial aircraft programs, which is likely to further substantiate the demand for composite floor panels in the coming years. Introduction of lightweight and highly durable floor panels are the focal points of composite floor panel manufacturers, helping them to gain momentum in the market
Based on the end-user type, the market is segmented as OE and aftermarket. The OE segment is projected to maintain its dominance over the next five years. Increasing production rates of key aircraft programs, such as B737 and A320 family; market entry of new players, such as COMAC; and upcoming aircraft programs are driving the composite floor panels market. Bombardier, one of the market leaders in rolling stocks, has an order backlog of US$ 34.0 billion by June 30, 2018, which is likely to create a strong demand for composite floor panels for the rail segment in years to come.
By Core Material Type:
Based on the core material type, the market is segmented as honeycomb core, foam core, and balsa core. In 2018, Honeycomb core-based composite floor panel dominated the market and is expected to witness the highest growth during the forecast period. Honeycomb core majorly includes nomex honeycomb, aluminum honeycomb, kevlar honeycomb, and PP honeycomb. Nomex honeycomb is the most widely used core material in the aerospace industry owing to its superior FST performance, higher strength-to-weight ratio, and lightweight when compared to other materials, such as aluminum honeycomb and PP honeycomb.
By Region:
In terms of regions, North America is expected to remain the largest market for composite floor panels during the forecast period. The USA is the growth engine of the region’s market with the presence of major aircraft OEMs, tier players, composite floor panel manufacturers, and suppliers. All the major composite floor panel manufacturers have a presence in the region to address the emergent needs of the OEMs in order to be the partner for their upcoming aircraft programs.
Asia-Pacific is expected to experience the highest growth in the market during the forecast period. The highest growth of Asia-Pacific is mainly attributable to the increasing rail network; growing bus sales; increasing demand for commercial aircraft to support rising passenger traffic; opening of assembly plants of Boeing and Airbus for B737, A320, and A330 aircraft programs; increasing procurement of military aircraft owing to rising defense budget; and upcoming indigenous commercial and regional aircraft (C919 and MRJ).
Key Players:
The supply chain of this market comprises raw material suppliers, floor panel manufacturers, tier players, OEMs, airlines, aircraft leasing companies, and MRO companies. The key players in the composite floor panels market are The Gill Corporation, Triumph Group, Inc., Rockwell Collins, Inc. (now UTC Aerospace System), 3A Composites, Encore Group, Elbe Flugzeugwerke GmbH, and Zodiac Aerospace. Development of optimized composite floor panels, regional expansion, and execution of mergers & acquisitions are the key strategies adopted by the major players to gain a competitive edge in the market.
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