Travel & Tourism Industry release:
NEW YORK, March 19, 2018 /PRNewswire/ — Download the full report: https://www.reportbuyer.com/product/5360475
The global aerospace floor panels market size is expected to reach USD 554.4 million by 2025, according to a new report by Grand View Research, Inc., registering a CAGR of 5.6% during the forecast period. The market is majorly driven by the growth of the aerospace industry, rising air passenger traffic, and increasing defense expenditure.
Aerospace floor panels are crucial products used for flooring in aircraft.They are manufactured using a number of raw materials including Nomex honeycomb and aluminum honeycomb.
These raw materials are used to manufacture aerospace floor panels to be used in military, commercial, and business aircraft.
In terms of revenue, commercial aviation was the largest end-use segment for aerospace floor panels, accounting for 59.4% of the global market in 2016. Air passenger traffic has been increasing consistently over the years and this trend is expected to continue over the forecast period. Rising passenger traffic is supported by increasing deliveries from manufacturers. Also, increase in number of routes that connect various cities has facilitated the growth of air passenger traffic.
A large number of research agencies have been carrying out R&D activities and are increasing investments in aerospace floor panels field for several years now.Research has helped in discovering various benefits of using aluminum honeycomb for manufacturing these panels.
Technological innovations involving honeycombs have led to discovery of new methods of manufacturing high-strength and lightweight honeycomb cores.
Further key findings from the report suggest:
• The military aircraft end-use segment will exhibit the fastest CAGR of 7.2% in terms of revenue from 2017 to 2025, on account of growing defense spending across the globe
• By aircraft type, the narrow body segment emerged dominant in terms of revenue in 2016 and is estimated to reach a market size of USD 386.0 million by 2025. Rising adoption of these aircraft for domestic transport, where compact aircraft are preferred, is expected to drive growth
• Asia Pacific is expected to witness significant growth over the forecast period, mainly on account of considerable growth in air traffic and defense spending, especially in India and China. In terms of revenue, this regional market is expected to exhibit a CAGR of 6.7% from 2017 to 2025
• Key players such as Rockwell Collins Inc.; Zodiac Aerospace; Triumph Group Inc.; The Nordam Group Inc.; AIM Aviation Ltd.; EnCore Group; and The Gill Corporation dominated the industry
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