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Global Honeycomb Core Materials Market to Grow at a CAGR of 11.22% During 2021-2026, Aided by the Increasing Demand for Biodegradable Materials

According to a new report by EMR titled, ‘Global Honeycomb Core Materials Market Report and Forecast 2021-2026’, the global market for honeycomb core materials attained a value of about USD 2.69 billion in 2020. The industry is further expected to grow at a CAGR of 11.22% in the forecast period of 2021-2026 to reach a value of approximately USD 5.05 billion by 2026.

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.

Market Analysis by Product, Application, End Use, and Region:

  • The market, on the basis of product, can be divided into paper, Nomex, aluminium, and thermoplastic, among others.
  • Based on application, the industry can be divided into composites, non-composites, aluminium, and thermoplastic, among others.
  • The end uses of honeycomb core materials include aerospace and defence, automotive, packaging, and construction and infrastructure, among others.
  • The regional markets for honeycomb core materials include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The increasing use of honeycomb core materials in the construction industry owing to their low density, high mechanical strength, and lightweight properties is augmenting the market growth.
  • The market is being aided by the growing demand for honeycomb core materials in the aerospace industry to enhance operational efficacy and fuel efficiency.
  • The growing demand for sustainable materials in various end use industries such as packaging is surging the deployment of honeycomb core materials, hence propelling the industry growth.
  • The rising demand for honeycomb packaging to boost the protection of packaged materials in the transportation and furniture industry is driving the growth of the honeycomb core materials industry.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for honeycomb core materials for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the products, applications, end uses, and major regions of honeycomb core materials.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

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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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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