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Honeycomb Core Materials Market Forecast to Reach $4.2 Billion by 2025 After Growing at a CAGR of 9.6% During 2020-2025

Honeycomb Core Mater

iCrowdNewswire   Jul 24, 20202:00 PM ET

Honeycomb Core Materials Market size is forecast to reach $4.2 billion by 2025, after growing at a CAGR of 9.6% during 2020-2025, owning to rising demand for lightweight, high strength, and recyclable packaging solutions. Properties such as high strength, stiffness, and light weight are boosting demand in various industries for honeycomb core materials. The increased demand for paper honeycomb core materials to protect household & industrial appliances, equipment, and other fragile & delicate products from external effects during transportation also promotes market growth. The core materials of Honeycomb are not only strong and robust, but also provide cushioning and rigidity, offering superior protection, thus owning to these factors its demand is increasing.

Type – Segment Analysis
The paper segment held the largest share in the Honeycomb Core Materials market in 2019, Paper honeycombs are used in the packaging industry in boxes and pallets to protect household and industrial appliances, equipment and others while transportation. Nomex honeycombs is also gaining popularity during the forecast period, owning to increasing demand from aerospace and defense, transportation, sporting goods, and other applications. The Nomex aerospace grade honeycombs are used in helicopter blades, aircraft flooring, radomes, cargo linings, fuselage components, antennas and so on. They are excellent core materials for sandwich structures and are effective energy absorbers, which makes them suitable for heat shielding and other high-temperature applications in automobiles. In addition, the aramid fiber and thermoplastic film segment are also growing at a faster rate during the forecast period.

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End-User Industry – Segment Analysis
Aerospace held the largest share in the Honeycomb Core Materials market in 2019 and is growing at a CAGR of 10.2%, owning to the high demand for lightweight materials in the aerospace sector. The aerospace industry is significantly growing, as many countries have increased investment in new technologies. According to Boeing, the demand for new aircraft is projected to hit more than 44,040 by 2038. In 2018, Boeing’s sales rose by 13 percent to USD 101 billion due to rise in commercial and military jet deliveries. Global aerospace trade volumes are rising, and a higher growth rate is expected in the near future. As the aerospace sector is growing, the demand for honeycomb core materials is also expected to grow during the forecast period.

Geography – Segment Analysis
Asia Pacific held the largest share in the Honeycomb Core Materials market in 2019, up to 30%, owing to the increasing demand from packaging industries and improving economic conditions. The growing demand for honeycomb core materials from the Asia-Pacific region is mainly due to developing countries in the region, such as China, India and South Korea. In addition, According to the Association of Asia-Pacific Airlines (AAPA) passenger traffic is expected to increase up to 40% of the global passenger traffic, by 2036. Hence, the increasing demand for aircraft is expected to drive the demand for honeycomb core materials in the region, during the forecast period.

Drivers – Honeycomb Core Materials Market

Expanding interest of lightweight materials
The growing interest in lightweight materials in various end-customer enterprises, such as aviation, barrier and marine enterprises, has driven the interest in honeycomb core materials in recent times. Weight is the most important consideration in the design and manufacture of machines such as automotive, marine, aircraft and others. Honeycomb core materials assumed a noteworthy part in weight decrease in both auxiliary applications and segments in flying machines. Therefore, its demand is increasing from various end use industries.

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Challenges – Honeycomb Core Materials Market

Structural limitations of honeycomb core materials
Honeycomb core shapes are difficult to model and also difficult to manufacture which are computationally expensive. Therefore, core material may be replaced by a simple equivalent volume having elastic orthotropic properties, which acts as a restrain in the honeycomb core market growth. In addition, the high cost of nomex honeycomb core is also limiting market growth.

Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Honeycomb Core Materials Market. Major players in the Honeycomb Core Materials market are Honicel, Euro-Composites, Argosy International, Grigeo, Plascore, Tubus Baer GmbH, Corinth, Axxion, Toray TCAC Holding B.V. and Hexcel Corporation., among others.

Key Takeaways
The Asia-Pacific region dominated the global market share of honeycomb core materials market, owning to growing demand for packaging from the expanding e-commerce business platform, and rising production in the food and beverage industry.

The use of 3D printing for the production of honeycomb panels is expected to create various opportunities for the market during the forecast period.

However, the absorption of water and moisture by honeycombs and the structural limitations of honeycomb core materials act as a constraint to the market.

Recycled polyethylene terephthalate honeycomb is gaining popularity as it provides superior temperature tolerance and mechanical properties compared to traditional thermoplastic core materials.

However, operations in various industries such as automotive, and aerospace is being significantly affected due to the COVID-19 epidemic, as most of countries have issued “stay at home guidance” i.e., lockdown. And it is expected that the outbreak of COVID-19 will be seen in the whole year of 2020, and a few months in 2021. Therefore, this factor is expected to limit honeycomb core material market growth for the next two years.

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