Honeycomb Core Materials Market is driven by surging demand from the aircraft manufacturing industry, demand for vehicles that are lightweight and provide excellent strength-to-weight ratio, and usage of paper honeycomb core in the packaging industry. Manufacturing activities of honeycomb core materials were stopped partially or completely due to lockdown measures implemented in many countries during the Covid-19 pandemic.
According to Allied Market Research, the global honeycomb core materials market is anticipated to grow at a considerable CAGR from 2021 to 2030. In the last few years, there's been a steady incline in demand for eco-friendly and high-strength yet lightweight solutions across the world. Honeycomb core materials are now being widely taken recourse to so as to fabricate an array of different automotive components such as interior body plates, floorings, chassis modules, reflectors, resonators, spoilers, and many more. These factors have worked as the major drivers boosting the growth of the market in more than one way. Simultaneously, increasing demand for fuel-efficient vehicles in the majority of countries is propelling the automotive manufacturers to incorporate firsthand materials with exclusive properties, which has been highly beneficial for the growth of the market. Last but not the least; growing inclination toward Boeing and Airbus has supplemented the growth yet more.
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Based on region, Asia-Pacific accounted for the largest share in 2020, holding around two-fifths of the total share, and is projected to continue its lead position by 2030. Moreover, this region is projected to portray the fastest CAGR of 8.6% during the forecast period.
The global honeycomb core materials market size is segmented on the basis of type, application, end-use industry, and region. By type, it is classified into aluminum, Nomex, thermoplastic, paper, and others. By application, it is bifurcated into composites and non-composites. By end-use industry, it is divided into packaging, aerospace & defense, construction & infrastructure, automotive, and others. Region-wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
By End-Use Industry
- Aerospace & Defense
- Construction & Infrastructure
Based on end-use industry, the aerospace & defense segment contributed to the highest share in 2020, accounting for nearly two-fifths of the global honeycomb core materials market, and is expected to continue its leadership position in terms of revenue during the forecast period. However, the packaging segment is projected to register the highest CAGR of 9.0% from 2021 to 2030.
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Based on type, the paper segment held the highest market share in 2020, contributing to more than one-third of the total share, and is projected to maintain its dominant share during the forecast period. However, the nomex segment is projected to witness the largest CAGR of 9.0% from 2021 to 2030.
Analysis of COVID-19 impact
The outbreak of the pandemic has had a massive impact on the majority of industries and the honeycomb core materials market was also not an exception in this regard. The report provides a detailed study on the micro- and macro-economic impact during the pandemic. Additionally, it emphasizes the direct impact of the COVID-19 pandemic on the honeycomb core materials market in the form of qualitative study. The report offers explicit details regarding the market extent and shares during this unprecedented time. At the same time, the major strategies adopted by the market players to combat the global crisis is also covered under the report. Last but not the least, the report highlights how the pandemic has distorted the supply chain of the market and takes in a post-COVID-19 analysis too.
Leading players of the global honeycomb core materials market analyzed in the research include Hexcel Corporation, Packaging Corporation of America (PCA), Honicel, Euro-Composites, Argosy International, Dufaylite Developments, Grigeo, Corinth Group, Cartoflex, and Axxion Group.
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