The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Aircraft Decorative Laminates Market.
It was estimated prior to this unanticipated outbreak that the Aircraft Decorative Laminates Market is likely to reach an estimated value of US$ 344.1 million in 2024. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Aircraft Decorative Laminates Market Segment Insights:
By Aircraft Type:
The market is segmented based on the aircraft type as Narrow-Body Aircraft, Wide-Body Aircraft, Very Large Aircraft, Regional Aircraft, and General Aviation. Narrow- and wide-body aircraft are likely to remain the growth engines of the market during the forecast period. Increasing production rates of the key programs such as B737, B787, A320, and A350XWB; introduction of variants of the best-selling programs (A320neo, B737 Max, B777x, and A330neo); market entry of new aircraft (C919 and MC-21); increasing demand for high quality and lightweight components; and rising aircraft fleet size are the major growth drivers of the market in these segments during the forecast period.
By Application Type
Based on the application type, the market is segmented into Interior Panels, Stowage Bins, Seats, Galleys, and Others. Interior panel is expected to remain the dominant application segment of the market during the forecast period, owing to its large surface area. Other applications include bulkheads/partition walls, lavatories, trolleys, cabin facings, closets, and passenger service units.
In terms of region, North America is expected to remain the largest market for aircraft decorative laminates during the forecast period. The USA is the growth engine of the region’s market with the presence of all major aircraft OEMs, tier players, raw material suppliers, and decorative laminate suppliers. Asia-Pacific is likely to witness the highest growth in the same period, driven by a host of factors including an increasing demand for commercial aircraft to support rising passenger traffic, opening of assembly plants of Boeing and Airbus in China, upcoming indigenous commercial and regional aircraft (COMAC C919 and Mitsubishi MRJ), and rising aircraft fleet size.
The supply chain of this market comprises raw material suppliers, decorative laminate manufacturers, aircraft cabin interior part fabricators, distributors, aircraft OEMs, airlines, aircraft leasing companies, and MRO companies. The key decorative laminate manufacturers are ISOVOLTA AG, Schneller LLC, DUNMORE Corporation, E. I. du Pont de Nemours and Company, and the Boeing Company. The development of high-performance aircraft decorative laminates, expansion in untapped and growing markets, and the 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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