Composite Floor Panels Market 2022: Detailed Analysis and growth trends post-COVID-19 Outbreak
The composite floor panels market is projected to grow at a healthy CAGR of 4.5% in the next five years to reach US$ 620.6 million in 2024.
Stratview Research announces the launch of the Composite Floor Panels market report which aims to deliver comprehensive information on the market by considering several aspects of market research and analysis such as market size valuations, market dynamics, positioning and segmentation, competitive landscaping, and opportunity analysis.
Market Insights-
The composite floor panels market is projected to grow at a healthy CAGR of 4.5% in the next five years to reach US$ 620.6 million in 2024.
Market Highlights
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.
A floor panel is made by layering a core material between two thin layers that provide strength in tension and are designed to withstand high compression loads. Floor panels are usually sandwich construction, mostly comprising honeycomb or foam as a core material and fiberglass, aluminum, epoxy prepreg, or phenolic prepreg as laminates. Both, laminates and core assembly are bonded using adhesives and form a sandwich-structured composite construction. Laminates carry the bending load, whereas the core materials carry the shear load in a sandwich panel.
Composite floor panels offer high mechanical strength, pressure retention, noise absorption, fire resistance or fireproofing, and protection against deterioration. Composite floor panels are exposed to a wide range of challenging conditions, such as high temperature and pressure, high load, high frequency of oscillation, and threat of fire and explosion. Hence, it becomes necessary to select a material that can handle such a harsh and extreme environment. The most commonly used core materials for making composite floor panels are Nomex honeycomb, aluminum honeycomb, foam, and balsa wood.
Secondly, composites have an excellent track record in the aircraft and mass transportation industries as the material offers numerous advantages over its rivals including a high strength-to-weight ratio, excellent corrosion resistance, excellent fatigue strength, and excellent durability at a lesser weight. The material is a suitable claimant addressing many challenges of the industry including lightweight systems.
Report Insights:
The report focuses on the market based on demographics, geography, features, and volume, among other things, and determines the most appealing segments and sub-segments. The segmentation has been based on the fact that it will not only help businesses save time, money, and other resources, but it will also allow businesses to learn more about their target audience in order to adapt campaigns and gain market share and income.
The report on Composite Floor Panels by Stratview Research helps clients in discovering the simplest opportunities to achieve success within the market with effective methods of research used while formulating the market report.
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 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.
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.
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).
The study conducted while compiling this market report analyses the market status, share, rate of growth, present and future trends, market drivers, opportunities and challenges, risks within the industry. This market research report delivers full knowledge about the market and competitive landscape.
Key Players
Some of the major players in the market are-
The Gill Corporation
Triumph Group, Inc.
Rockwell Collins, Inc. (now UTC Aerospace System)
3A Composites
Encore Group
Elbe Flugzeugwerke GmbH
Zodiac Aerospace.
Attributes of the market report:
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value, 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. Furthermore, we have thoroughly leveraged our huge database, gathered during the preparation of our comprehensive reports on the Composite Floor Panels market, in order to take the veracity of market estimations to the next level.
The following are the key features of the report:
Comprehensive overview of 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 & forecast analysis
Recent market segment forecast
Competitive landscape and dynamics: Market share, product portfolio, etc.
Attractive market segments and associated growth opportunities
Emerging trends
Strategic growth opportunities for the existing and new players
Key success factors
In-depth market segmentation (Trends, Growth with Historical & Forecast Analysis)
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