Global Honeycomb Core Materials Market 2023-2030

Title: Global Honeycomb Core Materials Market Size, Share & Trends Analysis Report by Product Type (Nomex, Aluminum, Thermoplastics, and Other Products), and by End-User Industry (Aerospace, Defense, Marine, and Other End-user Industries) Forecast Period (2023-2030).

The global honeycomb core materials market is anticipated to grow at a considerable CAGR of 8.5% during the forecast period. The increased preference for lightweight materials in the aerospace and defense industries across the globe is a key factor driving the growth of the global honeycomb core material market. Core materials played a significant 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 aircraft is expected to reach more than 40,000 by 2036. The water and moisture absorbance properties of the honeycomb and the structural limitations of honeycomb core materials may restrain the market growth. The growing usage of 3D printing to manufacture honeycomb panels is likely to act as an opportunity for the growth of the honeycomb core material market during the forecast period.

Segmental Outlook

The global honeycomb core materials market is segmented based on product type and end-user industries. Based on product type, the market is segmented into nomex, aluminum, thermoplastics, and other products. Based on end-user industries, the market is sub-segmented into aerospace, defense, marine, and other end-user industries. Among the end user industries, the aerospace sub-segment held a major market share owing to the high usage of honeycomb core material in aerospace industry. The global aerospace deal activity volumes are rising, and a greater growth rate is expected. As the sector is growing, the demand for honeycomb core materials is also projected to grow during the forecast period.

Aluminum Segment Holds a Prominent Market Share in the Global Honeycomb Core Materials Market

The growing demand for aluminum honeycomb core material from marine industry is a key factor driving the growth of this market segment. Maritime transport is a major contributor to the global economy as well as an essential mode of transport. 90.0% of the global trade is carried out by sea, and maritime transport is the most cost-effective mode of transport of raw materials and goods. The favorable mechanical properties of aluminum as a material have driven its high demand in marine industry. The use of aluminum honeycomb in ships contributes significantly in terms of lightweight, rigidity, recyclability, non-toxicity, energy efficiency, and insulation. For example, the use of aluminum honeycomb in ships offers much more rigidity than other materials used in shipping such as foam core materials.

Regional Outlooks

The global honeycomb core materials market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these, the European region is anticipated to exhibit a considerable growth in the global honeycomb core materials market. Expansion of automobile industry across Europe is contributing to the growth of the European honeycomb core materials market.

The Asia-Pacific Region is Expected to Hold a Considerable Share in the Global Honeycomb Core Materials Market

The increasing demand for honeycomb core materials from the developing countries such as China, India, and South Korea is a key factor driving the regional market growth. According to the Association of Asia-Pacific Airlines (AAPA), the region's airlines carry approximately 1,486 million passengers and 22 million metric tons 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. Thus, the Asia-Pacific region held considerable share in the honeycomb core materials market in 2022.

Market Players Outlook

The major companies serving the global honeycomb core materials market include: ThermHex Waben GmbH, Hexcel Corp., Honicel Pvt. Ltd., EURO-COMPOSITES, and Packaging Corporation of America, among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in May 2023, GracoRoberts acquired Washington-based Pacific Coast Composites (PCC) to significantly expand its composites materials offerings and underpin its standing as the largest, fastest, and most technical aerospace specialty chemicals distributor across the globe. The addition of stocking distributor Pacific Coast Composites to the GracoRoberts family bolsters the organization's product depth and breadth and amplifies its reach to customers and suppliers in the $31 billion aerospace composites market.

Additionally, in January 2020, Woodward Inc. and Hexcel Corp. merged to focus on products for aircraft aerodynamics, energy efficiency, improved safety, and reduced emissions and noise. The combined company, to be named Woodward Hexcel, are considered among the top independent aerospace and defense suppliers globally by revenue.

The Report Covers:

• Market value data analysis of 2022 and forecast to 2030.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global honeycomb core materials market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying 'who-stands-where' in the market.