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Honeycomb Core Materials Market | Covid-19 Impact Analysis
Honeycomb Core Materials Market is Segmented by By Material Type (Nomex Honeycomb, Kevlar Honeycomb, Aluminum Honeycomb, Thermoplastic Honeycomb, and Others), By End-Use Industry Type (Marine, Ground Transportation, Aerospace & Defense, and Others), and By Region (North America, Europe, Asia-Pacific, and Rest of the World).
Covid-19 has impacted the market dynamics, competition, and global supply chains. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
This 210-page strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s honeycomb core market realities and future possibilities for the forecast period of 2020 to 2025. The report estimates the short- as well as long-term repercussions of the COVID-19 pandemic on the demand for honeycomb core at the global, regional, as well as country level. Also, the report provides the possible loss that the industry will register by comparing pre-COVID and post-COVID scenario. The vital data/information provided in the report can play a crucial role for market participants as well as investors in formulating short-term as well as long-term growth strategies.
Honeycomb Core Market: Overview
Honeycomb core has 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 core materials, honeycomb core holds distinct market positioning with use in specific applications, demanding lightweight, excellent mechanical performance, and corrosion resistance. Honeycomb cores 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 honeycomb core materials is dependent 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.
Honeycomb Core Materials Market: Impact Assessment of the COVID-19 Pandemic
The honeycomb core market consecutively grew during 2014-2018 and then registered a decline in 2019, mainly due to the grounding of the B737 MAX and the US-China trade war, which severely affected the aerospace and ground transportation industries, respectively. The outbreak of the COVID-19 pandemic further exacerbated the challenges of several industries including aerospace & defense, ground transportation, and marine.
As a result of that, it is estimated that all the major end-use industries are estimated to log a monstrous decline in 2020 among which aerospace & defense to be the worst-affected industry. The pandemic fueled the existing industry challenges including delays in B737 MAX approval, production halts by aircraft OEMs across regions, and decline in the production rate of key aircraft programs by OEMs.
The honeycomb core market currently represents a fraction share of these megalodon industries but could not escape from such changing market dynamics and is anticipated to experience a hefty decline in 2020. The study of previous downturns and primary interviews with market stakeholders and industry experts suggest a quick rebound in the demand for honeycomb core materials from 2021 onwards, ultimately drive the market to reach US$ 0.7 billion in 2025. An expected recovery in commercial aircraft production, B737 MAX’s approval from FAA and other bodies, expected entries of COMAC and Irkut, increase in the demand for high-speed and metro trains, and rebound in recreational fiberglass boat sales to rejuvenate the current weakened demand in the future.
Honeycomb Core Market Share Analysis
Aerospace & Defense is the Most Dominant End-use Industry
Based on the end-use industry type, the market is segmented as aerospace & defense, ground transportation, marine, and others. Aerospace & defense is expected to remain the dominant segment of the honeycomb core market during the forecast period. An expected recovery in commercial aircraft production, expected entries of COMAC and Irkut, B737 MAX’s approval from FAA and other bodies, 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 core materials. 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.
Nomex Honeycomb is the Dominant Material Type
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 2025.
North America will Maintain its Leading Position
The market is registering significant changes in regional dynamics in pre-COVID and post-COVID scenarios. All regions to mark significant declines in honeycomb core demand in 2020. Despite severely hit by the pandemic, among regions, North America is expected to remain the largest market during the forecast period. The USA is expected 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.
Europe and Asia-Pacific are the other major markets and are also likely to experience hefty declines in the demand for honeycomb cores in 2020. The Asia-Pacific’s market is anticipated to witness the least decline in the demand for honeycomb core materials 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 and regional aircraft (COMAC C919 and Mitsubishi SpaceJet); 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.
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 key honeycomb core manufacturing companies are Hexcel Corporation, Euro-Composites, The Gill Corporation, Plascore, Toray Advanced Composites, Showa Aircraft Industry Co. Ltd., Argosy International, and AVIC Composite Corporation Ltd. Years of industry experience and high investment in R&D assisted key market participants to gain excellent product development capabilities and high brand identity.
This report offers high-quality insights and is the outcome of 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 book, press release, journals, investor presentation, 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.
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:
The global honeycomb core market is segmented into the following categories.
Honeycomb Core Market, By Material Type
Honeycomb Core Market, By End-Use Industry Type
Honeycomb Core Market, By Region
Report Customization Options
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Honeycomb core materials can range from low strength to high strength materials depending upon the purpose of the material. These can be aluminum, nomex, thermoplastic, paper, and others. Honeycomb core materials are in a gamut of applications ranging from aerospace & defense, transportation, construction, and marine.
Honeycomb Core Materials Market is likely to rebound at an impressive CAGR of 5.3% during the forecast period. The need for lightweight, high strength, and recyclable packaging solutions is driving the market for honeycomb core materials globally.
In terms of regions, Asia-Pacific is expected to be the largest market for honeycomb core materials in the coming five years.
Some of the honeycomb core material manufacturers are Hexcel Corporation, The Gill Corporation, Euro-Composites, Argosy International, Toray Advanced Composites (TenCate Advanced Composites), AVIC Composite Corporation Ltd. and Plascore.
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