Aramid Honeycomb Market size will exceed $314.8 million by 2026
Published Date: November 27, 2020 Authors: Kiran Pulidindi, Hemant Pandey
According to a new research report by Global Market Insights, Inc., the Aramid honeycomb Market size will exceed USD 314.8 million by 2026. The growing aviation industry around the world along with weight reduction trend in the automotive industry will drive market growth.
Growth in the aviation industry will propel product demand
Aramid honeycomb is a strong lightweight material used in sandwich panels. Aramid honeycomb material is largely used in the aerospace and defense industries due to its excellent properties such as high tensile strength, impact resistance, and fire resistance. In the aviation industry, reduction of mass has always presented challenges to engineers. Reduction of aircraft mass by one kg can save thousands of dollars in fuel consumption. Thus, lightweight materials, such as aramid honeycomb, will likely witness a very strong demand from the aviation industry.
The aviation industry will also witness a surge in aircraft products due to aging aircraft around the world. The introduction of new-generation aircraft and a decrease in air travel demand will force airlines to retire airplanes much earlier than expected. This will drive the aramid honeycomb market demand as production of new aircraft will surge in the next 10 years.
The product is also heavily used in marine vessels such as boat hulls, cargo ships, shells, exterior structure panels, and hatches, among others. Until 2030, the global population will be more than eight billion, proportionally increasing maritime trade. The above factor will increase the demand for cargo & commercial marine vessels, which, in turn, will propel the aramid honeycomb market demand. The Covid-19 crisis has decreased marine travel, forcing many cruise ships to retire early. However, production in the marine sector will increase in the coming years.
Growth in lightweight automobile components will create new market opportunities for industry participants. The expanding automobile industry along with increasing defense expenditure in major countries will drive the aramid honeycomb market growth. However, raw material price fluctuation is a major challenge for product manufacturers. Additionally, raw material supply is also consolidated with two manufacturers controlling more than 85% of the total raw materials. This can lower product manufacturers’ buying power in the market, thus losing control of the supply chain.
Browse key industry insights spread across 250 pages with 255 market data tables & 21 figures & charts from the report, “Aramid Honeycomb Market By Aramid Honeycomb (Para-aramid, Meta-aramid), By Aramid Type (Aerospace, Commercial), By Type (Nomex), By End-user (Aviation, Defense, Transportation), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
The covid-19 has severely impacted the industry as demand for air travel and automobiles declined since the pandemic started. The economic crisis caused by the pandemic will further decline the aramid honeycomb market trends from the end-user industries. However, in 2021, major markets will open and economies will start to recover, thus increasing product demand.
Meta-aramid honeycomb will hold the largest share
Meta-aramid honeycomb will witness a strong growth owing to rising demand from the aerospace industry. Meta-aramid honeycomb held more than 70% demand share in 2019. The large market share is mainly attributed to its widespread usage in the transportation and aviation industries. Meta-aramid honeycomb exhibits high flame and heat resistance properties while maintaining high tensile strength. Thus, it is heavily used in aerospace interiors. Nomex honeycomb, a meta-aramid honeycomb, has also witnessed a substantial demand from the aerospace industry. Additionally, the increasing demand for new aircraft will further drive the aramid honeycomb market growth.
Rising demand for lightweight high-strength materials will propel the commercial grade market growth
Commercial-grade products can be used in widespread applications such as auto racing bodies, boat hulls, ship panels, train car panels, military shelters, ground transportation structures, ground antennas, and special purpose panels. All aforementioned applications require high strength materials with lower mass compared to traditional materials. The others segment will grow at a CAGR of more than 10.5% by 2026.
Increasing demand for Kevlar honeycomb will drive the others segment
Kevlar honeycomb has witnessed a very rapid growth since its inception due to its rising applications in the aviation sector. Kevlar exhibits high tensile strength and modulus behavior, which is ideal for luxury & race cars. A rise in the production of high-end automobiles will drive product demand. Aramid honeycomb market revenue from the others segment will be more than USD 105 million by 2026.
Rising military aircraft demand will propel product demand from the defense industry
The defense segment revenue will reach USD 30 million in 2026. Major military powers around the world are upgrading their outdated military aircraft due to rising conflicts. The product is used in military aircraft structural components. The increasing production of new-generation military aircraft along with high research & development in the sector will drive the aramid honeycomb market demand.
Asia Pacific is the fastest-growing regional market
Asia Pacific is the fastest-growing market and is expected to grow with more than 10.5% CAGR. This is mainly attributed to shifting manufacturing bases from western countries to Asian countries. Furthermore, strong growth of the end-user industries in the region will drive product demand.
Investment in capital and assets will be a key strategy
In June 2019, Euro-Composites, a composite materials specialist, invested around USD 179 million in its Luxembourg site in Mechernich. The investment was supported by the regional government and is likely to strengthen the company’s position & increase production potential.