Asia Pacific Aircraft Floor Panel Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Aircraft Type, Material Type, Sales Channel, and End User

Asia Pacific Aircraft Floor Panel Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Aircraft Type, Material Type, Sales Channel, and End User

  • December 2020 •
  • 126 pages •
  • Report ID: 6004125 •
  • Format: PDF
The APAC aircraft floor panel market is expected to grow from US$ 109.99 million in 2019 to US$ 183.00 million by 2027; it is estimated to grow at a CAGR of 8.6% from 2020 to 2027.
Rising demand for air freighter fleet is expected to escalate the APAC aircraft floor panel market.The air freight business across the APAC region is surging at an exponential rate, thereby driving the orders and shipment of freighter aircraft models across APAC.

The wide body freighters dominated the air freight industry over the years, thus boosting the procurement volumes of aircraft floor panels.The flooring of any freighter aircraft is manufactured with ultimate precaution and accuracy, as the floor panels need to carry heavier loads than passenger aircraft cargo compartments.

Moreover, the strength and rigidity of these floor panels is of utmost importance.Several cargo carriers are procuring narrow body freighters and are also converting the existing narrow body passenger aircraft to freighter aircraft.

The Boeing B737 series aircraft fleet is also anticipated to experience strong demand for passenger-to-freighter conversion, which would allow several aircraft floor panel market players across APAC and aftermarket players to witness higher demand for their products and services. These developments would propel the APAC aircraft floor panel market in the coming years. The mounting demand for freighter aircraft—also leading to surge in passenger-to-freighter conversion—would escalate the need for suitable floor panels in the coming years, thereby driving the APAC aircraft floor panel market.
APAC, especially China and India, is highly affected due to COVID-19 outbreak.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 remarkably 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.
Based on sales channel, the aftermarket segment led the APAC aircraft floor panel market in 2019.The market for spare parts, accessories, and component is known as aftermarket.

Floor panels can experience damage because of regular wear-and-tear, abnormal loading, or impacts.This is generally the case for heavy-use areas including cargo holds and passenger entryways.

While it is normal for floor panels to experience damage during their service life, prompt detection is significant in identifying any airworthiness concerns and to ensure the damage does not rise beyond safe and repairable limits.The panel manufacturing system is built for efficiency so it is faster and less costly to make a new panel than to repair a damaged one.

A rise in commercial and regional airliners is expected to increase the use of aircraft floor panels, which would boost the demand for spare parts from aftermarket due to damage floor panel experience during their service life. This, in turn, is likely to drive the APAC aircraft floor panel market.
The overall APAC 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 APAC aircraft floor panel market.

The process also serves the purpose of obtaining overview and forecast for the APAC 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 APAC aircraft floor panel market. 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; and The Nordam Group LLC are among a few players operating in the APAC aircraft floor panel market.

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