The honeycomb core materials market is expected to witness a CAGR of over 9%, during the forecast period. The demand for honeycomb core materials is driven by the increased preference for lightweight materials in the aerospace and defense industries, across the world.
- North America accounted for the largest market size, in terms of consumption, during the forecast period.
- The absorbance of water and moisture by the honeycomb and the structural limitations of honeycomb core materials act as a restraint to the market.
- The usage of 3D printing to manufacture honeycomb panels is likely to act as an opportunity for the market, during the forecast period.
Key Market Trends
Healthy Demand from the Aerospace Sector
- Aerospace is expected to be the largest market for honeycomb core materials during the forecast period, owing to the high demand for lightweight materials in the aerospace sector.
- Core materials played a major role in weight reduction in both, structural applications and components in aircraft.
- The aerospace industry is growing, as many countries have increased investments in new technologies. According to Boeing, the demand for new aircrafts is expected to reach more than 40,000, by 2036.
- In 2018, the sales of Boeing rose by 8%, to USD 101 billion, for the first time in its 102-year history, due to increases in commercial and military jet deliveries.
- The global aerospace deal activity volumes are rising, and a greater growth rate is expected in the near future. As the sector is growing, the demand for honeycomb core materials is also expected to grow during the forecast period.
Surging Demand from the Asia-Pacific Region
- The surging demand for honeycomb core materials from the Asia-Pacific region is mainly due to the developing countries in the region, such as China, India, and South Korea.
- According to the Association of Asia-Pacific Airlines (AAPA), the region's airlines carry approximately 1,486 million passengers and 22 million metric ton of cargo, which is almost one-third of the global passenger traffic and two-fifths of the world air cargo traffic, correspondingly, thus playing a leading role in the constant development of global aviation.
- In addition, 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.
The honeycomb core materials market is fragmented. The major companies include ThermHex Waben GmbH, Hexcel Corporation, Honicel, EURO-COMPOSITES, and Packaging Corporation of America, among others.
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