Composite Floor Panels Market to Reach US$ 620.6 Million in 2024, Says Stratview Research

DETROIT, November 22, 2018 /PRNewswire/ --

Stratview Research  announces the launch of a new research report on Composite Floor Panels Market by End-Use Industry Type (Aircraft, Rail, and Bus), by Core Material Type (Honeycomb Core, Foam Core, and Balsa Core), by End-User Type (OE and Aftermarket), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2019-2024.

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This market report, from Stratview Research, studies the composite floor panels market over the trend period of 2013 to 2018 and forecast period of 2019 to 2024. The report provides detailed insights on the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

Composite Floor Panels Market: Highlights 

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 a 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 forms a sandwich-structured composites 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 retaining, noise absorption, fire-resistance, and protection against deterioration. They are exposed to a wide range of challenging and operating conditions, such as high-temperature and -pressure, load-bearing, high frequency of oscillation, threat of fire and explosion. The most commonly used core materials for making composite floor panels are nomex honeycomb, aluminum honeycomb, foam, and balsa wood.

As per Stratview Research, the global composite floor panels market is projected to grow at a healthy rate over the next five years to reach US$ 620.6 million in 2024. 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 fleet are the major factors mushrooming the growth of the market.

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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 significant 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 the manufacturers, helping them to gain momentum in the market.

Based on the core material type, honeycomb core-based composite floor panels dominated the market in 2018 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 as compared to other materials, such as aluminum honeycomb and PP honeycomb.

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In terms of regions, North America is expected to remain the largest market for composite floor panels during the forecast period. 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. However, Asia-Pacific is expected to experience the highest growth in the global composite floor panels market in the same period. The highest growth of the region 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 key players in the composite floor panels market are The Gill Corporation, Triumph Group, Inc., Rockwell Collins, Inc. (now UTC Aerospace System), 3A Composites, Encore Group, Elbe Flugzeugwerke GmbH, and Zodiac Aerospace. Development of optimized composite floor panels, regional expansion, and execution of mergers & acquisitions are the key strategies adopted by the major players to gain a competitive edge in the market.

Report Features 

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• 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 and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

This report studies the global composite floor panels market and has segmented the market in four ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the four ways in which the market is segmented:

By End-User Type 

• Aircraft (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Rail (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Bus (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

By Core Material Type 

• Honeycomb Core (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Foam Core (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Balsa (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

By End-User Type 

• OE (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Aftermarket (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

By Region 

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Spain, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Stratview Research has several high value market reports in the composites and advanced materials industry. Please refer to the following link to browse through our reports:  

Click Here for Other Reports from Stratview Research in the Advanced Materials Industry

Related premium market report in the advanced materials industry are: 

Aircraft Interior Sandwich Panel Market by Aircraft Type, by Application Type, by Core Material, by End-User Type, and by Region, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2018-2023
Aircraft Floor Panel Market by Aircraft Type, by Core Material Type, by End-User Type, and by Region, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2018-2023

About Stratview Research  

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We have a strong team of industry veterans and analysts with an extensive experience in executing custom research projects for mid-sized to Fortune 500 companies, in the areas of Market Assessment, Opportunity Screening, Competitive Intelligence, Due Diligence, Target Screening, Market Entry Strategy, Go to Market Strategy, and Voice of Customer studies.

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