PUBLISHER: Stratview Research | PRODUCT CODE: 1122036
PUBLISHER: Stratview Research | PRODUCT CODE: 1122036
Market Highlights
Innovations remain at the core of business for cabin interior stakeholders. The first thing that comes to mind when talking about cabin interiors is technological advancement taking the industry to the next level. The entire interiors community is heading in several directions, addressing a handful of market requirements including but not limited to lightweight, hygiene, cost reduction, space optimization, and aesthetics. All the major players have introduced several product launches in the past decade, making several strides to address keep changing business requirements. All the time, they are creating a new business case to keep themselves ahead of the competition.
In most industries, the Pandemic slackened the product developments and innovations, whereas the case was reversed with interiors. The pandemic expedited the entire product development process with a series of innovations in the past two years. Cabin lining has paramount importance and can not be simply ignored when discussing interiors. It plays a huge role in the entire passenger experience enhancement process. However, if we keep product developments aside and discuss the market numbers then the entire discussion will lead in other directions.
Like other interior products, the market for cabin lining witnessed a massive nosedive in the year 2020 in the wake of the Pandemic. The entire demand was frozen up with airlines diverting their focus on cash conservation and almost stopped buying new aircraft as well as procuring interior products including cabin lining for their existing aircraft fleet. As a result of that, the market for cabin lining for the aircraft industry plunged by over 40% in the market in 2020, equivalent to the one-decade-old market numbers. The decline in the year 2020 was the biggest in the past two-three decade. The existing challenges, such as the grounding of B737 Max, exacerbated the market conditions amid the pandemic.
The balance sheets of the major companies indicate the pressure of the Pandemic on tier players. The year 2021 intensified the existing burden of tier players, taking another double-digit dip, crashing the hope of tier players regarding recovery. The year 2022 is anticipated to be a good year by kicking off real recovery and may form a 5-6-year recovery cycle of the market. Overall, the market would rebound at a promising CAGR of 14.8% during the forecast period to reach a value of US$ 760 Million in 2027.
Market Segments' Analysis
Based on the aircraft type, the market is bifurcated into narrow-body aircraft, wide-body aircraft, regional aircraft, and business jets. Wide-body aircraft is anticipated to remain dominant as well as the fastest-growing segment of the market in the foreseen future. High cabin lining content per aircraft paired with the expected recovery of wide-body aircraft supported by B787 and A350XWB is likely to drive the demand for cabin lining in this aircraft category. Furthermore, the introduction of B777x is likely to add momentum to the segment's growth in the coming years.
Based on the application type, the market is segmented into the sidewall, ceiling panel, and others. Sidewall is expected to remain the most dominant application type over the forecast period. Sidewalls are employed to cover a larger surface area than ceiling panels accompanied by frequent refurbishments.
Based on the end-user type, the market is segmented as OE and aftermarket. Out of these, OE end-user type is expected to dominate the market over the forecast period. Upcoming aircraft programs (C919, B777x, A321XLR, and MC-21) and an expected rise in the production of key aircraft programs (B737 Max, A320neo, B787, and A350XWB) are likely to drive the demand for cabin lining at the OE level during the studied period. Aftermarket is another promising segment that may create several opportunities for market participants in the years to come. An expected rebound in the air passenger traffic is anticipated to drive airlines to go for refurbishments to enhance passengers' travel experience.
In terms of regions, North America is expected to remain the largest market for aircraft cabin linings during the forecast period. This region is a pioneer in the aerospace industry with the presence of several aircraft OEMs and tier players. Most of the leading providers, such as Triumph Group and Collins Aerospace, have a strong presence in the region to support customers. Major players are also engaged in innovations with their customers to further advance the overall performance of the product. In short, North America is usually considered a go-getter in the aerospace industry with an aspect of technology. Europe is hand-in-hand with North America in technology developments, usually driven by players active in the Airbus supply chain.
Key Players
Mergers & Acquisitions, the formation of long-term contracts, vast product portfolios, and technological advancements are among the main strategies employed by key players. The following are some of the key players in the aircraft cabin lining market:
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 into 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:
The aircraft cabin lining market is segmented into the following categories: