The global honeycomb core materials market revenue was around US$ 2.6 billion in 2023 and is estimated to reach US$ 5.2 billion by 2032, growing at a compound annual growth rate (CAGR) of 7.8% during the forecast period from 2024 to 2032.
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Honeycomb core materials are made from composite materials such as paper, aluminum, glass-reinforced plastic, and meta-aramid by applying corrugation and expansion techniques. A honeycomb structure is created by assembling a large number of hexagon-shaped cells into honeycomb cores. Since they give composite structures stiffness while requiring the least amount of weight, they have been used to create composite sandwich structures for several decades. As a result, the aerospace and defense, building and infrastructure, automotive, marine, railway, and industrial sectors all use honeycomb core materials.
Factors Influencing Market Growth
– The growing modern theme-based building and construction sector has increased the demand for honeycomb core materials, ultimately expanding the market.
– The automobile industry has expanded as a result of a rise in logistics and transportation activities, and honeycomb core materials are widely used to create both exterior and interior body panels. This will increase the demand for honeycomb core materials in the automobile industry, ultimately expanding the market.
– Honeycomb core materials play a role in enhancing the efficiency and performance of related equipment like wind turbine blades, solar panel supports, and energy storage systems. Thus, a surge in demand for renewable energy sources, such as wind and solar power will propel the global market growth.
– The high cost and limited design of honeycomb core materials may hamper market growth.
Impact of COVID-19
COVID-19 negatively impacted the market. The increase in COVID-19 cases, lockdowns, and supply chain disruptions all harmed the building and construction sectors. Additionally, the need for honeycomb core materials in the automotive, aerospace, commercial, and industrial sectors decreased as a result of declining customer income and restrictions on international travel. COVID-19 caused a temporary suspension of several infrastructure projects, which decreased the honeycomb core materials market.
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Regional Insights
Asia-Pacific dominated the market in 2023. This is because major automakers like Honda, Toyota, TATA, Suzuki, Ashok Leyland, and Mitsubishi are present in China, Japan, and India, making them potential hubs for automobile manufacturing in the Asia-Pacific region. Furthermore, because honeycomb core materials are widely used in automotive interior and body panels, spoilers, floors, chassis components, diffusers, and energy absorbers, the demand for them has increased due to the surge in production and demand for commercial and passenger vehicles throughout developing economies like China and India.
Leading Competitors
– RelCore Composites Inc.
– Hexcel Corporation
– Toray Advanced Composites
– TCCORE APPLIED HONEYCOMB TECHNOLOGY CO., LTD.
– Honylite
– Argosy International
– Schtz GmbH & Co. KGaA
– The Gill Corporation
– fabrinox
– Showa Aircraft Industry Co., Ltd
– Euro-Composites
– Plascore
– Corex Honeycomb
– Other Prominent Players
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Segmentation Analysis
The global honeycomb core materials market segmentation focuses on type, end industry use, and region.
Segmentation based on Type
– Aluminum Core
– 3000 Series Aluminum core
– 5000 Series Aluminum core
– 5000 Series Aluminum PAA core
– Aramid Core
– Meta aramid core
– Para aramid core
– Paper
– Thermoplastic
– Others
Segmentation based on End Industry Use
– Packaging
– Aerospace and Defense
– Construction and Infrastructure
– Automotive
– Others
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Segmentation based on Region
– North America
– The U.S.
– Canada
– Europe
– UK
– Germany
– France
– Italy
– Spain
– Netherlands
– Rest of Europe
– Asia-Pacific
– China
– Japan
– India
– Australia
– South Korea
– Singapore
– Rest Of Asia-Pacific
– LAMEA
– Latin America
– Middle East
– Africa
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- Representative and a price chain probability breakdown
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