Aircraft Floor Panel Market Size Skyrockets to $1,027.33 Million by 2031 | CAGR of 6.8%, Dominated by Tech Giants - Singapore Technologies Engineering Ltd, Collins Aerospace and Safran | The Insight Partners

Aircraft Floor Panel Market research includes key company profiles like Singapore Technologies Engineering Ltd, Collins Aerospace, Safran, Triumph Group Inc, Latecoere SA, The Gill Corporation, Nordam Group LLC, Aeropair Ltd., The Boeing Co., VINCORION Advanced Systems GmbH, JCB Aero, Jones Metal Products, Geven Spa, LMI Aerospace, Eco Earth Solutions, and Euro Composite SA.

/EIN News/ -- US & Canada, April 01, 2025 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, “the global Aircraft Floor Panel Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Aircraft Type (Narrow Body Aircraft, Wide Body Aircraft, General Aviation, and Others), Material Type (Aluminum Honeycomb and Nomex Honeycomb), Application (Commercial Aviation and Military Aviation), End Use (OEMs and Aftermarket), and Geography”.

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The report runs an in-depth analysis of market trends, key players, and future opportunities. The increasing number of MRO activities in emerging economies, the growing number of general aviation aircraft and helicopter deliveries, and the rising number of orders and production of narrow body aircraft are some of the major drivers of market growth.

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Market Overview and Growth Trajectory:

Aircraft Floor Panel Market Growth: The aircraft floor panel market is expected to reach US$ 1,027.33 million by 2031 from US$ 649.35 million in 2024; it is expected to record a CAGR of 6.8% during the forecast period. Aircraft floor panels are an essential part of the structural design of narrow-body aircraft, providing both strength and support while ensuring the safety and comfort of passengers. Boeing 737's aircraft floor panel structure is made of aluminum honeycomb and other composite materials. Aluminum honeycomb has a lower cost compared to aramid. The Gill Corporation produces both BMS 4-17 and BMS 4-23 panels used in B737 passenger cabin and main-deck freighter applications. EnCore Group delivers floor panels for the Boeing 737. EnCore floor panels are manufactured from various raw materials, including aluminum, Kevlar cores, and Nomex, with fiberglass and carbon skins. These panels are typically made of materials that combine strength, durability, and weight-saving characteristics, such as aluminum alloys, composite materials, or a combination of both. Aircraft floor panels serve as the foundation for the cabin, where seating, cargo, and other elements are mounted. An increase in the adoption of narrow-body aircraft by several airlines has created a massive demand for aircraft floor panels for these aircraft.

Rising Number of Orders and Production of Narrow Body Aircraft: The aerospace industry has developed rapidly over the years, recording numerous aircraft production and deliveries. This has demonstrated massive order volumes for various commercial aircraft manufacturers across the globe. Commercial aviation is anticipated to surge with increased air travel passengers and aircraft volumes in the coming years. The increase in orders of narrow-body passenger and commercial aircraft across the globe drives the demand for aircraft components and aircraft assemblies. As the number of air travel passengers increases, airlines focus on expanding to more remote locations by launching routes to smaller city airports. This is further propelling the need for new commercial and cargo aircraft. In 2023, Boeing and Greater Bay Airlines (GBA) received an order for 15 units of 737-9 airplanes. The agreement also incorporates a pledge for five 787 Dreamliners to support GBA's long-term strategy to introduce international long-haul service.

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Upcoming Aircraft Deliveries: The upcoming commercial and military aircraft deliveries is one of the major factors likely to generate new opportunities for market vendors in the coming years. For instance, according to Airbus' GMF (Global Market Forecasts 2024), more than 42,400 new commercial aircraft are expected to be delivered worldwide during 2024–2043. Similarly, according to Boeing's CMO (Commercial Market Outlook 2024), more than 43,900 commercial aircraft are likely to be delivered worldwide by the end of 2043. Such a large volume of aircraft deliveries is expected to generate new demand for different types of aircraft floor panels for various commercial aircraft models.

Retrofitting of Older Aircraft Fleet: Retrofitting facilitates passenger comfort and safety and helps the airlines maintain their older fleets. One substantial example is Air India's aircraft retrofit program in 2024. This initiative will focus on cabin retrofits across its legacy widebody fleets and some narrow body aircraft. The goal is to modernize the passenger experience and ensure that the aircraft meets current comfort and safety standards. Air India is targeting retrofitting over 100 planes, including 40 wide body planes, and has ordered ~25,000 aircraft seats as part of revamping the fleet. Continuous advancements in aircraft technologies are ensuing in the upgrade of MRO capabilities. MRO service companies are continuously seeking upgrades and purchasing newer technologies in order to service the newer aircraft as well as retrofit the advanced technologies on the older aircraft fleets. This factor is compelling the airlines to opt for MRO activities frequently, facilitating the MRO service providers to offer the airlines to retrofit the aircraft fleet with newer technologies. Thus, the integration of advanced and modern technologies into older aircraft fleets is expected to bring new trends into the aircraft floor panel market in the coming years.

Geographical Insights: In 2024, North America led the market with a substantial revenue share, followed by Europe and Asia Pacific, respectively. Asia Pacific is expected to register the highest CAGR during the forecast period.

Aircraft Floor Panel Market Segmentation, Applications, Geographical Insights:

• Based on aircraft type, the aircraft floor panel market is segmented into narrow-body aircraft, wide body aircraft, general aviation, and others. The narrow-body aircraft segment held the largest market share in 2024.
• Based on material type, the aircraft floor panel market, is divided into aluminum honeycomb and Nomex honeycomb. The Nomex honeycomb segment held a larger share of the market in 2024.
• Based on application, the aircraft floor panel market is divided into commercial aviation and military aviation. The commercial aviation segment held a larger share of the market in 2024
• Based on end use, the aircraft floor panel market, is divided into OEMs and aftermarket. The OEMs segment held a larger share of the market in 2024. 
  
  

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Key Players and Competitive Landscape:

The Aircraft Floor Panel Market is characterized by the presence of several major players, including:

• Singapore Technologies Engineering Ltd
• Collins Aerospace
• Safran
• Triumph Group Inc
• Latecoere SA
• The Gill Corporation
• Nordam Group LLC
• Aeropair Ltd.
• The Boeing Co.
• VINCORION Advanced Systems GmbH
• JCB Aero
• Jones Metal Products
• Geven Spa
• LMI Aerospace
• Eco Earth Solutions
• Euro Composite SA

These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.

Aircraft Floor Panel Market Recent Developments and Innovations:

• " Comtek Advanced Structures Ltd won a design-build contract for composite floors on the De Havilland Aircraft.”
  
  
• “The Gill Corporation won contract extension from Boeing to supply fabricated floor panel assemblies.”
  
  
• “The Gill Corporation introduced Gillfab 5433F.”
  
  

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Conclusion:

The global aircraft floor panel market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). The global air passenger traffic is rising at a constant pace, which has forced the airlines to increase their flight movements and introduce new aircraft. The aircraft floor panel market involves the manufacturing and supply of panels used in the construction and design of aircraft floors. These panels play a crucial role in ensuring structural integrity, safety, and comfort within the aircraft, and they are designed to withstand various stresses, vibrations, and environmental conditions.

Airline operators depend on MRO services to ensure the safety of the aircraft and enhance fuel efficiency. The aircraft floor panel market is mainly driven by the increasing demand for aircraft MRO services and rising aircraft sales worldwide. Aircraft MRO spending reached US$ 104 billion in 2024 and is predicted to reach US$ 124 billion by 2034. The aircraft MRO service companies are using lightweight aircraft floor panels to enhance aircraft fuel efficiency.

APAC is anticipated to witness growth in the aviation industry, particularly in India and China. The government of China and various organizations are focused on building new airports. For instance, the Civil Aviation Administration of China (CAAC) aims to build 216 new airports by 2035 to meet the growing demands for air travel, which will fuel the aircraft floor panel market growth. In the near future, Singapore, Malaysia, and other countries in the Rest of APAC are likely to be the major global markets for aircraft floor panels. The aviation industry in Asia Pacific is a pivotal contributor to its social and economic development. Numerous global players are expanding their MRO facilities across APAC. For instance, in July 2022, Safran AB (one of the leading suppliers of key aircraft components, including landing gear, wheels and brakes, and wiring) announced an investment of US$ 305 million in India to expand its MRO activities in the region.

A rise in air passenger traffic drives the aircraft floor panel market in North America. The North American aviation industry is likely to continue generating relatively higher profits from the US owing to the continuity of air travel. According to the Bureau of Transportation Statistics (BTS) analysis, in 2022, US airlines carried more than 194 million passengers per year, with more than 20,000 flights per day and ~500 million passengers traveling every year by air. The North American aviation industry is dominated by several leading aircraft manufacturers, including Airbus SE, Lockheed Martin Corporation, The Boeing Company, General Dynamics Corporation, and Textron Inc. These aircraft manufacturers rely on suppliers for aircraft floor panels. The Gill Corporation, Collins Aerospace, Comtek Advanced Structures, and Triumph Group are the leading suppliers of aircraft floor panels in North America. Several Airbus and Boeing aircraft models have been fitted with the Gill Corporation's aircraft floor panels. For instance, in August 2022, The Gill Corporation (TGC) awarded a contract to produce fabricated floor panels for Boeing 777, 777X, and 787 programs.

The Europe aircraft floor panels market is growing at a rapid pace. The market growth can be attributed to the increasing air travel and rising use of MRO services with growing flying hours. Furthermore, the market in Europe is shaped by various inorganic strategies employed by market players, such as partnerships. These collaborations help establish relationships with other suppliers and enable companies to strengthen their market position. The expansion of MRO service offerings by major players in Europe is expected to create ample opportunity for the aircraft floor panel market during the forecast period. For instance, in October 2024, Revima, an independent MRO provider, launched MRO services in Europe.

The markets in the Middle East and Africa and South America are growing owing to the increasing investments by the airlines to procure new aircraft. For instance, in September 2024, Brazil's airline Total Linhas Aereas, a small cargo and charter airline, procured C919 aircraft from China's COMAC. Further, in May 2024, Saudi Arabia's airline placed an order for 105 Airbus airplanes. The order consists of 12 A320 Neo and 93 A321 Neo aircraft. These aircraft consist of The Gill Corporation's aluminum honeycomb and composite honeycomb aircraft floor panels.

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