Global Honeycomb Core Materials Market - Segmented by Product Type, by End-user Industry and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global honeycomb core materials market is expected to witness a moderate CAGR during the forecasted period, 2018-2023. The demand for honeycomb core materials is driven by the increased preference for lightweight materials in aerospace and defense industries, across the world. North America accounted for the largest market size, in terms of consumption during the forecast period.
Increasing Demand for Lightweight Materials in Various End-user Industries
The increasing demand for lightweight materials in various end-user industries, such as aerospace, defense, and marine industries is primarily driving the demand for honeycomb core materials in recent years. Weight is the most important consideration in the design and manufacture of heavier-than-air machines; researchers and scientists have been continuously striving to improve lift-to-weight ratio. Honeycomb core materials are widely used in marine industry due to its properties, such as fire retardant, flexible, and lightweight. The growing demand for lightweight materials in various industries; coupled with the growing demand from aerospace and marine industries is expected to drive the market through the forecast period.
Healthy Demand from Aerospace Sector
Aerospace is expected to be the largest market for honeycomb core materials during to forecast period, owing to the high demand for lightweight materials in aerospace sector. Core materials played a major role in weight reduction in both structural applications and components in aircrafts. The global 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. The global aerospace deal activity volumes are ticking up, and a greater growth rate is expected in the near future. As the sector is growing, the demand for honeycomb core materials is expected to grow during the forecast period.
Growing Demand from Asia-Pacific Region
The growing demand for honeycomb core materials from 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 carries approximately 1,214 million passengers and 20 million tons of cargo which is almost one-third of global passenger traffic and two-fifths of world air cargo traffic respectively. In addition with this, the passenger traffic is expected to increase up to 40% of 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.
Major Players: 3M, Sekisui Plastics Co. Ltd, Johnson & Johnson Private Limited, ConvaTec Inc., amongst others.
Key Developments in the Market
September 2018: Plascore, Inc. invested USD 6 million to expand its aerospace business in the city of Zeeland in Netherlands
Reason to purchase this Report
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Which application is expected to dominate the market
Which regions are expected to witness fastest growth during the forecast period
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in excel)
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