“The Global PP Honeycomb Market size was US$ 117.9 million in 2023 and is likely to grow at a healthy CAGR of 4.5% in the long run to reach US$ 159.3 million in 2030.”
Market Dynamics
Introduction
PP honeycomb panel is a lightweight and rigid panel ideal for use in multiple industries due to its excellent structural and functional properties. A PP honeycomb panel has a honeycomb core, made from PP. These honeycomb panels are highly efficient in terms of weight-to-strength ratio. The core has a honeycomb structure for the panel, the arrangement of hexagonal cells in the core forms this geometry as it helps to distribute weight and stress in the panel evenly. This design offers several advantages: a high strength-to-weight ratio, energy absorption capacity, and the ability to act as a heat insulator. The core is placed between two layers of material; the outer skin could be PP or any other material depending on the specific application and required properties.
Drivers
PP honeycombs are extensively adopted across various industries, including automotive, construction, packaging, renewable energy, and other industries due to their lightweight, high strength, and stiffness. In the foreseeable period, their applications will grow significantly in renewable energy (solar panels and wind turbines). PP is also recyclable; hence, PP honeycomb panels are environmentally friendly compared to other materials. These panels can be customized in terms of size, thickness, and outer skin material to meet specific requirements for different applications, all these factors are contributing to the growth of the market.
Recent Market Partnerships:
- In January 2021, Fynotej announced two new automotive OEM contracts using EconCore’s technology. The company has secured two major contracts to supply 120,000m2 of trunk load floors over two years using Fynocore. Fynocore is the brand name for Fynotej’s continuous honeycomb panel technology, licensed from EconCore in Belgium.
- In April 2021, Honeycomb Technology Company, EconCore (Leuven, Belgium), and Renolit SE (Rheinland-Pfalz, Germany), partnered to explore the various issues of lightweight, modular design and easily formable and rigid structures for the automotive industry and other markets via EconCore’s polypropylene (PP) honeycomb core. Through this collaboration, Renolit SE has also sought to improve chemical, thermal, water-resistance, and rot-resistance properties.
Recent Product Development:
- In April 2023, ThermHex introduced its polypropylene (PP) honeycomb panels for solar modules at the JEC World in Paris, the world’s largest exhibition for composites, the panel consists of two thin cover layers of thermoplastic fiber composites (UD tape glass-fiber reinforced polypropylene) and a ThermHex PP honeycomb core.
Market Segments' Analysis
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Segmentations
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List of Sub-Segments
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Segments with High Growth Opportunity
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Application-Type Analysis
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Outdoor Signs & Displays, Packaging & Protections, Building Solutions, Automotive, Renewable Energy, and Others.
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Automotive is anticipated to be the biggest demand generator t in the years to come.
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Thickness-Type Analysis
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<=10 MM, 11-20 MM, and >20 MM
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<=10 MM is estimated to contribute the largest share of the thickness type.
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Outer Skin Material-Type Analysis
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PP and Others.
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PP is projected to remain the most preferred outer skin throughout the forecast period.
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Region Analysis
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North America, Europe, Asia-Pacific, and The Rest of the World
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Asia-Pacific is expected to maintain its reign over the forecast period.
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By Application Type
“Automotive is expected to remain dominant whereas Renewable Energy is estimated to be the fastest-growing application in the market during the forecast period.”
- The PP Honeycomb Market is segmented into Outdoor Signs & Displays, Packaging & Protections, Building Solutions, Automotive, Renewable Energy, and Others.
- PP honeycomb panels are lightweight as compared to many conventional materials. This reduction in weight helps improve fuel efficiency and performance in vehicles. Despite being lightweight, PP honeycomb panels possess very high degrees of strength and rigidity. This makes them suitable for different automotive applications including interior parts, trunk liners, load bearers, and door linings.
- PP honeycomb is expected to have the highest growth rate in the renewable industry owing to the growing application of PP honeycomb panels in solar panels and wind turbines. These panels have excellent resistance to moisture, chemicals, and UV, making them robust and ideal for the prevailing harsh environmental conditions common in renewable energy-incorporating equipment like wind power equipment in areas near the coast and solar panels in extremely exposed places.
By Thickness Type
“<=10 MM is expected to remain the dominant and fastest-growing thickness type in the market during the forecast period”.
- The market is segmented into <=10 MM, 11-20 MM, and >20 MM.
- Key advantages of <=10 MM this thickness type include lightweight, flexibility, ease of cutting and fabricating, and cost-effectiveness.
- It is predominantly used in applications where weight savings are critical, such as automotive, and renewable energy. Reduced weight leads to better fuel efficiency, easier handling, and lower transportation costs.
By Outer Skin Material Type
" PP is expected to continue as the leading outer skin material type. The material type is anticipated to be the fastest-growing segment during the forecast period.”
- The market is segmented into PP and Others.
- PP is widely adopted in various industries for its versatility and cost-effectiveness, making it the outer skin material type with the highest growth trajectory.
Regional Analysis
“Asia-Pacific is expected to remain the largest market for PP Honeycomb Panels as well as Asia-Pacific is estimated to be the fastest growing during the forecast period.”
- Asia-Pacific is anticipated to emerge as the fastest-growing region due to the presence of many key players and manufacturing hubs for various industries including automotive, and construction. This focus on manufacturing activities drives the demand for lightweight and durable PP honeycomb panels in this region.
- China and Japan are key countries in this region, with China notably holding the dominant market share, all these factors collectively contribute to the growth of the market.
Key Players
The market is moderately concentrated with a fair number of players across regions The majority of companies provide PP Honeycomb for automotive applications and its application is steadily expanding across various industries, making it an increasingly attractive product. The following are the key players in the Market.
Here is the list of the Top Players (Based on Dominance)
- RENOLIT SE
- Polyreflex Hi-Tech Co., Ltd
- Fynotej SRL.de C.V.
- Shanghai Metal CorporationPrimex Plastics Corporation
- Karton S.p.A.
- Topolo New Materials
- Ozer Group (Hexapan)
- Gifu Plastics Co. Ltd
- ThermHex Waben GmbH
- Nidaplast
Note: The above list does not necessarily include all the top players in the market.
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Report Features
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
The PP Honeycomb Market is segmented into the following categories.
PP Honeycomb Market, by Application Type
- Automotive (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Building Solution (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Packaging & Protection (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Outdoor Sign & Display (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Renewable Energy (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
PP Honeycomb Market, by Thickness Type
- <=10 MM (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- 11-20 MM (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- >20 MM (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
PP Honeycomb Market, by Outer Skin Material Type
- PP (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
PP Honeycomb Market, by Region
- North America (Country Analysis: Canada, and Mexico)
- Europe Country Analysis: Germany, France, The UK, and Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Saudi Arabia and Others)
Research Methodology
- This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s PP Honeycomb Market realities and future market possibilities for the forecast period.
- The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
- The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
- This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
- More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
- We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances
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