At 6.9% CAGR, Asia Pacific Aircraft Floor Panel Market is Projected to be WWorth US$ 265.69 Million by 2031 says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific aircraft floor panel market was valued at US$ 166.72 million in 2024 and is expected to reach US$ 265.69 million by 2031, registering a CAGR of 6.9% from 2024 to 2031. Rising number of orders and production of narrow body aircraft and usage of lightweight materials are among the critical factors attributed to the Asia Pacific aircraft floor panel market.

The aerospace industry has been developing rapidly over the years, recording a substantial number of aircraft production and deliveries. This has demonstrated massive order volumes for various commercial aircraft manufacturers across the globe. Commercial aviation is anticipated to surge in the coming years with an increase in air travel passengers and aircraft volumes. 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 are focusing on expanding to more remote locations by launching routes to smaller city airports. This 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.

In the last two years, Boeing and Airbus have experienced a significant increase in orders for narrow body aircraft. According to the Airbus order and delivery database, there were 820 commercial aircraft orders in 2022, which reached 2,094 in 2023. However, there was a rise in deliveries for narrow body aircraft—such as A220, A319 & A320, and A321—compared to the wide body aircraft—such as A330 and A350—in 2023, shown in the figure below.

Airbus and Boeing are the two aircraft manufacturing giants with significantly higher volumes of orders and delivery statistics. These two aircraft original equipment manufacturers (OEMs) continuously encounter orders for various aircraft models from civil airlines. The table below highlights the comparison of orders and deliveries from Airbus and Boeing during 2020–2023:

Aircraft Orders and Deliveries, by Boeing and Airbus, 2020 and 2023

Such a growing number of aircraft deliveries by two of the largest aircraft OEMs is driving the demand for aircraft floor panels across different regions.

On the contrary, increase in geopolitical events to hinder supply chain of aircraft components hampers the growth of Asia Pacific aircraft floor panel market.

Based on aircraft type, the Asia Pacific aircraft floor panel market is segmented into narrow body aircraft, wide body aircraft, general aviation, and others. The narrow body aircraft segment held 40.8% market share in 2024, amassing US$ 68.06 million. It is projected to garner US$ 112.69 million by 2031 to register 7.5% CAGR during 2024–2031.

By material type, the Asia Pacific aircraft floor panel market is segmented into aluminum honeycomb and nomex honeycomb. The nomex honeycomb segment held 61.8% share of Asia Pacific aircraft floor panel market in 2024, amassing US$ 103.08 million. It is projected to garner US$ 169.10 million by 2031 to expand at 7.3% CAGR from 2024 to 2031.

In terms of application, the Asia Pacific aircraft floor panel market is bifurcated into commercial aviation and military aviation. The commercial aviation segment held 80.8% share of Asia Pacific aircraft floor panel market in 2024, amassing US$ 134.71 million. It is projected to garner US$ 217.88 million by 2031 to expand at 7.1% CAGR from 2024 to 2031.

Based on end use, the Asia Pacific aircraft floor panel market is bifurcated into OEMs and aftermarket. The aftermarket segment held 54.1% market share in 2024, amassing US$ 90.18 million. It is projected to garner US$ 137.04 million by 2031 to register 6.2% CAGR during 2024–2031.

Based on country, the aircraft floor panel market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 49.8% share of Asia Pacific aircraft floor panel market in 2024. It was assessed at US$ 82.97 million in 2024 and is likely to hit US$ 135.04 million by 2031, registering a CAGR of 7.2% during 2024–2031.

Key players operating in aircraft floor panel market are Singapore Technologies Engineering Ltd; Collins Aerospace; Safran SA; Triumph Group Inc; Latecose SA; The Gill Corporation; The 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 S.A, among others.

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