Aftermarket Segment to Dominate APAC Aircraft Floor Panel Market during 2019–2027

According to a new market research study on “APAC Aircraft Floor Panel Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Aircraft Type, Material Type, Sales Channel, and End User,” is expected to reach US$ 183.00 million by 2027 from US$ 109.99 million in 2019. The market is estimated to grow at a CAGR of 8.6 % from 2020 to 2027. The report provides trends prevailing in the APAC aircraft floor panel market along with the drivers and restraints pertaining to the market growth. Upsurge in the adoption of wide body jets and business jets and rising demand for air freighter fleet are the major factor driving the growth of the APAC aircraft floor panel market. However, Boeing’s problem from B737 max and termination of A380 program hinder the growth of APAC aircraft floor panel market.

In case of COVID-19, APAC is highly affected specially the China and India. China is one of the leading aerospace manufacturing countries in the region and has been one of APAC's most affected country. Due to this, the manufacturing facilities have been witnessing severe conditions in aircraft and aircraft component manufacturing facilities. India, Japan, and South Korea are still combating the virus. However, the countries have eased the lockdown measures, which is reflecting the restart of manufacturing facilities. Nonetheless, the remarkable lower volumes of air travel passengers have slowed down the demand for various components among the OEMs and aftermarket players regionally and internationally. This has been negatively affecting the aircraft floor panels market. Several airlines in the region have retired their wide body jets and narrow body jets, which were prime customers of aftermarket products and services. This factor is anticipated to inhibit the aircraft floor panel market for the next few months.

The APAC market for aircraft floor panel is segmented into aircraft type, material type, sales channel, end user, and country. Based on aircraft type, the market is segmented into wide body aircrafts, narrow body aircrafts, and general aviation. The narrow body aircrafts segment got the highest share of the market in 2019 and wide body aircrafts is expected to be fastest growing segment during forecast period. Based on material type, the market is divided into the aluminum honeycomb and nomex honeycomb. The nomex honeycomb segment led the market in 2019 and is expected to be fastest growing during forecast period. Based on the sales channel, the market is segmented into OEM and aftermarket. The aftermarket segment got the highest share of market in 2019 and OEM segment is expected to be fastest growing during forecast period. Based on end user, the market is divided into commercial and military. Commercial segment dominates the market in 2019 and is expected to be fastest growing during forecast period.

Aeropair Ltd; Aim Altitude UK Ltd.; Avcorp Industries Inc.; Collins Aerospace, a Raytheon Technologies Corporation company; Eco Earth solutions; Euro Composite S.A.; Safran S.A; Singapore Technologies Engineering Ltd; The Gill Corporation; The Nordam Group LLC are among the leading companies in the APAC aircraft floor panel market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019, Safran SA collaborated with Zhejiang XiZi Aircraft Component Company to enhance Safran SA relation with OEM through asset &skill training, and to increase its penetration in Chinese market.

The report segments the APAC Aircraft Floor Panel Market as follows:

APAC Aircraft Floor Panel Market – By Aircraft Type

• Wide Body Aircrafts
• Narrow Body Aircrafts
• General Aviation      

APAC Aircraft Floor Panel Market – By Material Type

• Aluminum Honeycomb
• Nomex Honeycomb

APAC Aircraft Floor Panel Market – By Sales Channel

• OEM
• Aftermarket

APAC Aircraft Floor Panel Market – By End User

• Commercial
• Military

APAC Aircraft Floor Panel Market – By Country

• Australia
• China
• India
• Japan
• South Korea
• Rest of APAC