Nomex Honeycomb Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1597
Global Nomex Honeycomb Market size is escalating and is projected to attain healthy CAGR during the forecast period. Nomex honeycomb structures are light weight and provide additional strength to components used across various end-user industries such as aerospace, defence, electrical, transportation, sporting goods, etc. The product helps in designing components which can withstand extreme operating conditions including shock, high stress and impact load. Furthermore, it is cost efficient as they possess negligible maintenance cost owing to its superior corrosion resistant which results in reducing overall cost and increasing average life span.
The product is extensively used in composites which are used in manufacturing components such as flooring panels, exterior control surfaces, interior walls, engine nacelles, helicopter blades, storage bins and tail booms owing to its corrosion & heat resistant properties, lighter weight, etc., which makes it desirable in the aerospace & defence industry. Aerospace industry is booming and is expected to grow at a CAGR of over 4% during the forecast period. Improving lifestyle resulted in increasing air traffic over the past years which is driving the demand for aircrafts across the globe which will subsequently have positive impact on the nomex honeycomb market size by 2024.
The product has excellent flame and electrical insulation properties including high inherent dielectric strength, thermal stability, flexibility and mechanical toughness and is widely used across the fire fighting and vehicle racing industry. Moreover, race car drivers, military pilots wear suits made of the product to protect themselves against fire and extreme cold. Increasing safety concerns for people involved in risky professions will eventually have positive influence on the nomex honeycomb market size over the projected timespan.
High raw material cost and product tendency to absorb moisture due to its open cell structures is likely to hamper the growth of nomex honeycomb market size over the projected timespan. Nevertheless, the key industry players are engaged in developing low cost products to attain promising growth opportunities in the near future. Furthermore, extended application base will help attain promising gains by 2024.
The nomex honeycomb market size is segmented based on application into aerospace, defense, marine, railway & automobile transportation and others (sporting goods, flame & electrical insulation, etc.). In transportation, the product is used in manufacturing marine composites as it helps in providing superlative balance for stiffness, strength and light weight, which will subsequently help in attaining exceptional quality and performance of ships, boats and marine structures. Marine industry is thriving and is expected to grow at a CAGR of over 5% in the coming years which will have positive impact on the nomex honeycomb market size by 2024.
Furthermore, the product has widespread applications in building rail structures including rail car floors, doors, ceilings and bulkheads which helps in achieving high speed with reduced environmental impact, lighter weight and excellent mechanical strength. Increasing global population has resulted in growing need for effective railway infrastructure which will boost the nomex honeycomb market size by 2024. The product has various other applications including manufacturing protective equipment including jacket, suits, gloves, helmet, etc. for people engaged in risky professions. Increasing government initiatives to ensure safety of working personnel in firefighting industry, military pilots, racing car drivers is likely to drive the nomex honeycomb market size over the projected timespan.
North America accounted for a major chunk of nomex honeycomb market share in 2016. The growth in this region is attributed to strict OHSE policies concerning the safety of industrial workers. Moreover, the mounting defense budget in the region is another reason which will contribute significantly towards nomex honeycomb market size during the forecast period. Furthermore, strong aerospace industry in the U.S. will complement product demand by 2024. Europe is expected to contribute significantly owing to its rising focus on R&D and consistently developing defense sector which will help nomex honeycomb market size to attain higher gains by 2024. In addition, Asia Pacific shall observe maximum gains over the forecast timeframe on account of positive growth indicators in the end-user segments including automotive, aerospace, etc.
Key global nomex honeycomb market share contributors are Advanced Honeycomb Technologies Corp, The Gill Corporation, Honylite, TRB Lightweight Structures Limited, Hexcel Corporation, Plascore Inc., Royal TenCate N. V., DuPont, Professional Plastics, CEL Components, Tasuns Composite Technology Co., Ltd, Technical Composite Corporation, Kineco Private Limited, Fibermax Composites and Euro-Composites S.A. The aforementioned key players are seeking to extend their product portfolio to attain competitive advantage in the global market.
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