The swift pace of growth being observed in the global aviation sector has proved to be a vital driving force for the overall aerospace floor panels market. Owing to a marked increase in the affordability of air travel, rising disposable incomes, and drastic lifestyle changes, a sizeable portion of the global population now opts for air transportation – a factor that has sky-rocketed the air passenger traffic. In fact, as per the statistics released by International Air Transport Association (IATA), the worldwide air passenger traffic is anticipated to surpass a humongous figure of 4.3 billion in 2018 which amounts to a decent growth rate of 6 percent when compared to last year. In addition to this, a robust regulatory framework and improved sustainability of the aviation sector has further fueled the commercialization scale of aerospace floor panels industry.
U.S. Aerospace Floor Panels Market, By Aircrafts, 2017 & 2024, (Units)
In order to comply with various code of conducts and guidelines prescribed by prominent regulatory authorities such as International Civil Aviation Organization (ICAO) and Federal Aviation Administration (FAA), the demand for lightweight aircrafts equipped with aesthetically superior interior systems has witnessed remarkable uptick across the aviation sector. Leading aircraft manufacturers such as Airbus, Boeing, and Bombardier have focused on increasing their production capacities in the recent times.
As per reliable estimates, the worldwide fleet of commercial aircraft in 2017 stood at 31,000 which is a 4 percent increase than the previous year. This momentous surge in the aircraft fleet has been the result of an increased level of aircraft production which has, in turn, impelled the growth prospects of aerospace floor panels market. In fact, as per a research assessment undertaken by Global Market Insights, Inc., the commercial aircraft segment is estimated to apportion over 86 percent of the total revenue share of the aerospace floor panels industry by 2024.
One of the major trends that has been shaping up the product landscape of aerospace floor panels market is the growing number of strategic alliances. Following are a few prominent instances that highlight the significance of partnerships among technical service providers and leading firms catering customized solutions to the aviation industry:
Owing to the massive expansion of military and commercial aviation sectors coupled with the presence of renowned aircraft manufacturers like Boeing, Falcon, Airbus, and Lockheed Martin, the North America aerospace floor panels market is estimated to register a CAGR of 2.2 percent over the estimated time frame. While North America is deemed to be a key contributor, other geographies like Europe and APAC would play a crucial role in propelling the revenue share of this industry. Driven by a commendable spurt in air passenger traffic and the subsequent demand for lightweight aircrafts, the remuneration portfolio of aerospace floor panels industry is projected to exceed USD 230 million by the end of 2024.