The North America aircraft floor panel market is expected to grow from US$ 237. 47 million in 2019 to US$ 361. 73 million by 2027; it is estimated to grow at a CAGR of 7. 6% from 2020 to 2027. Growing focus on use of lightweight materials is expected to upsurge the North America aircraft floor panel market.
New York, Jan. 12, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Aircraft Floor Panel Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Aircraft Type, Material Type, Sales Channel, and End User" - https://www.reportlinker.com/p06004198/?utm_source=GNW
The North America aviation industry players are emphasizing the manufacturing and integration or mounting of lightweight materials on aircraft.
The aviation authorities, aircraft manufacturers, aircraft component manufacturers, MRO service providers, and military forces are seeking lightweight materials for each component to extend the flying range of the aircraft and increase fuel efficiency.Since the floor panels are critical components of any aircraft, the demand for lightweight floor panels is on the rise.
This factor compels floor panel manufacturers across North America to design and develop the lightest possible floor panels for modern aircraft fleet.The North America aircraft floor panel market players are leveraging the low weight nature of nomex and aluminum honeycomb structures.
Both the materials are widely used in the construction of aircraft floor panels; however, nomex being 20% lighter than aluminum, the inclination toward nomex honeycomb floor panels is higher among the aircraft manufacturers, which would drive its adoption during the forecast period. In addition to being lightweight in nature, the nomex honeycomb structures have a longer lifespan than its counterpart aluminum. The longer lifespan facilitates the aircraft operators to use the structure over a longer period. Advantages of lightweight materials, such as longer lifespan and excellent fuel efficiency, are expected increase their demand for floor panel manufacturing, which, in turn, would drive the North America aircraft floor panel market. Emphasizing aircraft orders and delivery volumes is among the other factors expected to drive the North America aircraft floor panel market.
North America, especially the US, is severely affected due to the COVID-19 outbreak.Since the US has a larger density of aircraft manufacturers and component manufacturers, the outbreak has severely affected the production of each.
The lower number of manufacturing staff and temporary suspension of production facilities have resulted in lesser production quantity.Boeing, the aviation giant in the region, has witnessed a significant fall in orders and production, which is one of the key restraining factors for the aircraft floor panels market.
For instance, Boeing delivered only 98 aircraft by the end of September.Apart from Boeing, several other aircraft OEMs such as Bombardier, Textron, and Gulfstream, also experienced tremors of COVID-19 on their orders and production lines.
From the supply side, the region has higher numbers of aircraft floor panel manufacturers. The restricted workforce, disruption in the supply chain, and limited volumes of orders have sternly shaken the region’s aircraft floor panel market players. On the other hand, the Canadian and Mexican aircraft floor panel market is also experiencing slower than usual growth due to the COVID-19 outbreaks.
Based on aircraft type, the narrow body aircraft segment led the North America aircraft floor panel market in 2019.The narrow body aircraft signify to single-aisle planes with ~90-175 seats.
As compared to wide body aircraft, the market for narrow body aircraft is much larger and enables to reach the break-even number of aircraft in a shorter time.This progress is primarily due to the surging deliveries and orders of narrow body aircraft, such as A320 and B737, from various low-cost carriers (LCC).
Presently, the LCCs are expanding their fleets of narrow body aircraft since they help in mounting the profits.Growing demand for narrow body aircraft is propelled by increased consumer air travel .
Several manufacturers across the North America region are highly focused on creating a wide-ranging next-generation air transport system with flexibility and cost-effectiveness; thus, this factor is expected to support the narrow body aircraft segment growth. Growing tourism activity in countries across North America, accessibility of low-cost airlines, and rising government expenditure on the growth of air transport also contribute to the growth of the narrow body aircraft segment. Major aircraft manufacturers are highly focused on increasing their narrow body aircraft delivery rate. Growing developments in narrow body aircraft and rising delivery rate are producing the demand for new and advanced floor panels for installation onboard aircraft, thereby driving the North America aircraft floor panel market.
The overall North America aircraft floor panel market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the North America aircraft floor panel market.
The process also serves the purpose of obtaining overview and forecast for the North America aircraft floor panel market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants who typically take part in such a process include industry experts, such as VPs, business development managers, aircraft floor panel market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the North America aircraft floor panel market. Aeropair Ltd; Aim Altitude UK Ltd.; Avcorp Industries Inc.; Collins Aerospace, a Raytheon Technologies Corporation company; Euro Composite S.A.; Safran S.A; Singapore Technologies Engineering Ltd; The Gill Corporation; and The Nordam Group LLC are among a few players operating in the North America aircraft floor panel market.
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