Market Highlights
Honeycomb cores have been used for many decades to manufacture composite sandwich structures. It provides stiffness to the composite structure with minimal weight gain. This core material absorbs the shear forces generated by out-of-planeloads, distributing between the skins, and spreading them over a larger area while maintaining the skins at a fixed distance. Simultaneously, it provides sound absorption, thermal insulation, electromagnetic shielding, and other benefits.
Among structural cores, honeycomb core holds a distinct market positioning with use in specific applications, demanding lightweight, excellent mechanical performance, and corrosion resistance. Honeycomb core materials are fabricated with a large number of hexagon-shaped cells assembled into a honeycomb structure, using various materials, such as paper (Nomex and Kevlar), metal (usually aluminum), thermoplastics (polycarbonate and polypropylene), etc. The selection of a honeycomb core depends on several parameters including application, cost, shape, size, etc. Aerospace & defense is the key demand generator of honeycomb core materials. Other than the aerospace industry, honeycomb cores are majorly used in boat hulls in the marine industry, mass transit interiors, automotive body panels, and sports equipment.
The honeycomb core materials market currently represents a fraction share of these megalodon industries but could not escape from changing market dynamics and experienced a hefty decline in 2020 and 2021 as well. The study of previous downturns and primary interviews with market stakeholders and industry experts suggest a healthy rebound in demand for honeycomb core materials from 2022 onwards, ultimately driving the market to reach US$ 645.5 million in 2030. An expected increase in production rates of key aircraft programs; expected market entries of COMAC C919, B777x, and A321XLR, increase in demand for high-speed metro trains; and rebound in recreational fiberglass boat sales to rejuvenate the current weakened demand in the future.
Segments Analysis
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Segmentations
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List of Sub-Segments
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Dominant and Fastest-Growing Segments
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End-Use Industry-Type Analysis
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Aerospace & Defense, Ground Transportation, Marine, and Others.
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Aerospace & defense is expected to remain the dominant segment of the honeycomb core materials market during the forecast period, propelled by an expected increase in production rates of key aircraft programs.
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Material-Type Analysis
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Nomex Honeycomb, Kevlar Honeycomb, Aluminum Honeycomb, Thermoplastic Honeycomb, and Others.
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Nomex honeycomb core is expected to remain the most dominant material type in years to come as it offers several advantages, such as thermal resistance and corrosion resistance.
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Regional Analysis
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North America, Europe, Asia-Pacific, and Rest of the World
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North America is expected to remain the largest market over the next six years, whereas Asia-Pacific is likely to grow at the fastest rate during the same period.
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Based on the 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, market entry 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 the 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 2030.
In terms of regions, North America is expected to remain the largest market during the forecast period. 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’s 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; 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.
Key Players
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.
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s honeycomb core materials 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 the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the 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 the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
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 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:
- 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, Product 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 existing and new players
- Key success factors
The honeycomb core materials market is segmented into the following categories.
Honeycomb Core Materials Market, by End-Use Industry Type
- Marine (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Ground Transportation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Aerospace & Defense (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Honeycomb Core Materials Market, by Material Type
- Nomex Honeycomb (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Kevlar Honeycomb (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Aluminum Honeycomb (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Thermoplastic Honeycomb (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Honeycomb Core Materials Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Latin America, The Middle East, and Others)
Report 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: Product portfolio, geographical reach, regional presence, and strategic alliances
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com
