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Europe holds a significant share of the honeycomb core materials industry due to the increasing demand for biodegradable materials. In addition, the introduction of various government measures to curb rising pollution levels is further escalating the utilisation of honeycomb core materials, which is fuelling the market growth. Meanwhile, the Asia Pacific market is witnessing robust growth owing to the rapid industrialisation in the region, which is surging the demand for honeycomb core materials in applications, such as industrial packaging. The increasing construction activities in countries such as India and China are also surging the deployment of honeycomb core materials, hence bolstering the market growth. Moreover, the thriving aerospace industry in the region, owing to increasing logistics activities and the emerging trend of luxury tourism, is boosting the demand for honeycomb core materials to enhance the fuel efficiency of aircraft, which is significantly contributing to the market growth.
Some of the leading companies in the market are Hexcel Corporation (NYSE: HXL) and Argosy International Inc. The latter announced the opening of a new honeycomb facility in Huntsville, Alabama, in July 2021. The facility is designed to boost the global footprint of the company by increasing the manufacturing of products. It incorporates various concepts such as optimal logical flow, efficient cycle times, and optimal handling and storage to boost productivity. The facility is expected to deploy high-speed processing equipment to minimise manufacturing time and errors. It is also projected to enhance the mechanical strength and tolerance of materials to enable consumers to solve business and technical problems. Such developments are anticipated to surge the development of innovative products made up of honeycomb core materials and is estimated to bolster the market growth in the forecast period.
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The major players in the global honeycomb core materials market are Hexcel Corporation, Argosy International Inc., Honicel Nederland B.V., Euro-Composites Group, and Schütz GmbH & Co. KGaA, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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