Market Trends of Cabin Interior Composites Industry
This section covers the major market trends shaping the Cabin Interior Composites Market according to our research experts:
Narrow-body Segment Expected to Generate Higher Demand for Cabin Interior Composites During the Forecast Period
The current global commercial aircraft fleet is dominated by narrowbody aircraft. Moreover, the demand for such aircraft is anticipated to further increase as most low-cost carriers (LCCs) are trying to modernize their existing fleet to exploit new market opportunities to match the competencies of successive versions of aircraft. For instance, in December 2021, Air France-KLM announced an order for 100 Airbus A320 neo family aircraft, along with options for an additional 60 planes. The order consists of a mix of A320 neo and A321 neo aircraft, with the first deliveries expected in the second half of 2023. On the other hand, though the B737 MAX fiasco has hampered the market prospects for The Boeing Company, the successful recertification from the FAA has started driving back the demand for B737 MAX aircraft. With the first deliveries of MC-21 and COMAC C919 models expected in 2022, the respective Russian and Chinese manufacturers plan to compete with the existing market giants like Airbus and Boeing in the narrow-body aircraft segment. The quicker recovery of domestic air passenger traffic is also anticipated to result in new orders for the narrow-body aircraft, which in turn would drive the growth prospects of the related cabin interior composites players.
Favorable Market Outlook in the Asia-Pacific Region
Asia-Pacific is expected to be the major market for cabin interior composites during the forecast period, due to the growing demand for commercial aircraft from the region. Though the recovery of international passenger traffic in the Asia-Pacific continues to lag the rest of the world due to strict border restrictions, a stronger domestic recovery is anticipated to help the commercial aviation sector in the region. In 2021, the Boeing company delivered 91 aircraft in the Asia-Pacific region, while 30% of the deliveries of Airbus were in the Asia-Pacific in the same year, signifying a better recovery of the market from the region. With the recovery in domestic traffic, the demand from the LCCs is expected to drive the orders for new commercial aircraft in the region. China is leading the recovery of global commercial aviation due to great domestic demand, helping the airlines witness financial recovery. Chinese airlines are expected to take deliveries of new aircraft and invest in cabin interior modernization in the coming years. On the other hand, the passenger traffic in India is also expected to recover fast, driven by the huge domestic demand. This is driving the aircraft procurement from the country. In November 2021, Boeing announced that India's upcoming airline Akasa Air ordered 72 737 MAX aircraft. The aircraft incorporates several composite materials in the window frames, doors, flooring, paneling among others. Similarly, the aviation industries in other countries in the region are also expected to recover due to a large domestic demand, thereby propelling the growth of the cabin interior composites market in Asia-Pacific in the years to come.
