The MEA aircraft floor panel market is expected to grow from US$ 33.96 million in 2019 to US$ 47.63 million by 2027; it is estimated to grow at a CAGR of 5.4% from 2020 to 2027.
Increasing demand for air freighter fleet across the MEA region is expected to upswing the MEA aircraft floor panel market. The MEA air freight business is surging at an exponential rate, thereby driving the orders and shipment of freighter aircraft models across the MEA region. The wide body freighters dominated the air freight industry over the years, thus boosting the procurement volumes of aircraft floor panels. The flooring of any freighter aircraft is manufactured with ultimate precaution and accuracy, as the floor panels need to carry heavier loads than passenger aircraft cargo compartments. Moreover, the strength and rigidity of these floor panels is of utmost importance. Several cargo carriers are procuring narrow body freighters and are also converting the existing narrow body passenger aircraft to freighter aircraft. The Boeing B737 series aircraft fleet is also anticipated to experience strong demand for passenger-to-freighter conversion, which would allow the MEA several aircraft floor panel market players and aftermarket players to witness higher demand for their products and services. These developments would propel the MEA aircraft floor panel market in the coming years. Increasing need for air freighter fleet would surge the demand of aircraft floor panels in coming years, thereby driving the MEA aircraft floor panel market.
The MEA, especially the UAE and Iran, is highly affected due to the COVID-19 outbreak. The MEA aircraft floor panels market is majorly affected by the disruption in the supply chain. Pertaining to the closure of countries' borders, the supply chain of several components and parts has been disturbed. The demand for advanced aircraft components, including aircraft floor panels for line fitting and retrofitting activities on military aircraft fleet and general aviation fleet among the aircraft manufacturers, military forces, and MRO service providers, has weakened over the past couple of months. This has resulted in the loss of business among the aircraft floor panel market players offering their products to respective customers in the MEA region. Additionally, several airlines have postponed or canceled the procurement or orders of scheduled aircraft. The COVID–19 outbreak has led the manufacturers to suspend their operations or operate with a minimal workforce temporarily. This has weakened the demand for aircraft floor panels, thereby hindering the country's aircraft floor panel market.
Based on aircraft type, the wide body aircraft segment led the MEA aircraft floor panel market in 2019. A wide body aircraft has the capability to carry ~200–850 passengers and is used to operate long-haul and medium-haul flights. In the MEA region, the air passenger traffic has been surging with time. Hence, rather than operating small airplanes, a larger one that has the ability to carry a large number of passengers at once is preferred. Therefore, this trend is projected to compel the demand for wide body aircraft floor panels during the forecast period for the MEA region. The wide body aircraft provides airlines the opportunity to deliver better customer experience through value-added services. Rising initiations by the governments across the MEA region for the aerospace & defense industry are likely to push the demand for wide body aircraft in the near future, which would also push the demand for aircraft floor panels. Wide body aircraft has larger surface areas that require wide floor panel system, which are equipped to the aircraft’s floor beams in order to offer a surface for crew and passengers to walk on and also provide attachment points for furnishings and other components. The powerful floor panels act as a supporting structure, which is light enough to keep aircraft weight low. Advantages of aircraft floor panels, such as light weight, high durability, and strength, are expected to increase their demand for wide body aircraft, which would drive the MEA aircraft floor panel market.
The overall MEA aircraft floor panel market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the MEA aircraft floor panel market. The process also serves the purpose of obtaining overview and forecast for the MEA aircraft floor panel market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts, such as VPs, business development managers, aircraft floor panel market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the MEA aircraft floor panel market. Aim Altitude UK Ltd.; Collins Aerospace, a Raytheon Technologies Corporation company; Euro Composite S.A.; Safran S.A; Singapore Technologies Engineering Ltd; and The Gill Corporation are among a few players operating in the MEA aircraft floor panel market.