The Honeycomb Core Materials Market is likely to grow at a significant CAGR of 8.9% during 2023-2028, to reach US$ 691 Million in 2028, states Stratview Research.
DETROIT, Sept. 25, 2023 /PRNewswire/ -- Stratview Research, a global market research firm has launched a report on the Honeycomb Core Materials Market which provides a comprehensive analysis of the global and regional industry forecast, current & emerging trends, segment analysis, and competitive landscape.
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Report Highlights
Market Size in 2028 | US$ 691 Million in 2028 |
Growth (CAGR) | 8.9%during 2023-2028 |
Forecast Period | 2023-2028 |
Trend Period | 2016-2021 |
Base Year | 2022 |
Number of Segments Covered | 3 |
Number of Tables & Graphs | 50+ |
Country-Level Market Assessment | 20 |
Segment Insights on the Honeycomb Core Materials Market
Honeycomb Core Materials Market is segmented by Material Type, End-Use Industry, and Region.
Based on End-use Industry Type - The market is segmented into aerospace & defense, ground transportation, marine, and others. Aerospace & defense is expected to remain the dominant segment of the honeycomb core materials market during the forecast period. An expected ramp-up in production rates of key aircraft programs, such as the A320 family, B737Max, A350XWB, and B787, expected market entries of COMAC C919, B777x, and A321XLR, and increasing penetration of lightweight materials are some of the factors to drive the demand for honeycomb core in the segment in the foreseen future. Marine and ground transportation are two other major markets for honeycomb cores. Both these markets are extremely cost-sensitive and prefer core materials that are lower in cost. Foam core, especially PVC, PET, and SAN, are the most preferred core materials in these industries. Balsa core is also used in these industries.
Based on Material Type - The market is segmented into Nomex honeycomb, Kevlar honeycomb, aluminum honeycomb, thermoplastic honeycomb, and others. Nomex honeycomb core is expected to remain the most dominant material type in years to come. Nomex honeycomb offers several advantages including excellent properties (high strength-to-weight ratio and higher stiffness), thermal resistance, and corrosion resistance. Nomex honeycomb is mostly used in aircraft interior panels, such as floors, overhead stowage bins, galleys, and partitions; automotive interior body panels; and high-performance parts in other industries. In the post-pandemic scenario, Nomex honeycomb and thermoplastic honeycomb are estimated to recover at a faster pace and then maintain sequential growth till 2028.
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Which Region Offers the Best Opportunity and Growth?
The report suggests that North America is expected to remain the largest market during the forecast period.
This growth is majorly attributed to the following -
- The USA is to act as the growth engine of the region's market as the country is the manufacturing hub with the presence of several OEMs of aerospace, automotive, and marine.
The Asia-Pacific market is anticipated to witness the least decline in the demand for honeycomb cores and is expected to recover at the fastest pace compared to other regions. The region's demand will be driven by a host of factors including an expected increase in the demand for commercial aircraft to support rising passenger traffic, the opening of assembly plants of Boeing and Airbus in China; upcoming indigenous commercial aircraft (COMAC C919); increasing automobile production; and increased presence of major global players and raw material suppliers. China, Japan, and India are projected to be the growth engines of the region's market.
Honeycomb Core Materials Market Drivers
Some of the key drivers listed in the report are given below.
- Increasing demand for high-speed and metro trains.
- An expected rise in the production rates of key aircraft programs.
- An increase in recreational fiberglass boat sales.
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Top Companies in the Honeycomb Core Materials Market?
The supply chain of this market comprises raw material suppliers, honeycomb core manufacturers, distributors, sandwich panel suppliers, tier players, aircraft and engine OEMs, airlines, aircraft leasing companies, and MRO companies. The following are the key players in the honeycomb core materials market.
- Hexcel Corporation
- Euro-Composites Corporation
- The Gill Corporation
- Schütz GmbH & Co. KGaA
- Plascore, Inc.
- Toray Advanced Composites
- Showa Aircraft Industry Co. Ltd.
- Argosy International Inc.
- AVIC Composite Corporation Ltd
What Deliverables Will You Get in this Report?
Key questions this report answers | Relevant contents in the report |
How big is the sales opportunity? | In-depth analysis of the Honeycomb Core Materials Market |
How lucrative is the future? | Market forecast and trend data and emerging trends |
Which regions offer the best sales opportunities? | Global, regional, and country-level historical data and forecasts |
Which are the most attractive market segments? | Market segment analysis and forecast |
Which are the top players and their market positioning? | Competitive landscape analysis, Market share analysis |
How complex is the business environment? | Porter's five forces analysis, PEST analysis, Life cycle analysis |
What are the factors affecting the market? | Drivers & challenges |
Will I get the information on my specific requirements? | 10% free customization |
Related reports which might be useful:
·Structural Core Materials Market
·High-Performance Core Materials Market
About us -
Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. The reliability and insightfulness of the reports enable the readers to take convincing business decisions.
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