Honeycomb Core Materials Market Size Worth USD 5.41 Billion in 2032 | Emergen Research

Rapid expansion of the building and construction sector, growing need for fuel-efficient lightweight materials are some of the major factors driving the honeycomb core materials market revenue growth.

Vancouver, Jan. 16, 2024 (GLOBE NEWSWIRE) — The global honeycomb core materials market size was USD 2.60 billion in 2022 and is expected to register a revenue CAGR of 7.7 % during the forecast period. Rapid expansion of the building and construction sector, growing need for fuel-efficient lightweight materials are some of the major factors driving the honeycomb core materials market revenue growth.
Demand for honeycomb core materials for use in acoustic ceilings, thermal insulation, floors, and window panels is rising as a result of rapid development of infrastructure and growth of the automotive industry in both developed and developing economies, including the United States, China, and India. In addition, the modern theme-based architecture and construction industries are expanding, due to which adoption of honeycomb core materials is increasing.

The automobile industry is expanding due to rise in logistics and transportation activities, and honeycomb core materials are widely employed in the construction of external and interior body panels. These materials are highly favored in the automobile industry because of their exceptional strength, durability, and resistance to corrosion. Honeycomb core materials can also help to improve the performance and efficiency of associated equipment, which is important due to the growing need for renewable energy such as solar and wind energy. These offer robust and lightweight solutions for energy storage systems, solar panel supports, and wind turbine blades. This factor is expected to further drive market revenue growth to a significant extent.

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Limited design and flexibility of these materials could result in lower adoption in some industries for use in various applications. Honeycomb structures are often manufactured in regular sizes and configurations. These have limitations when it comes to intricate or bespoke patterns, even if they can be cut or sculpted to some extent. Their limited design flexibility could prevent them from being used in manufacturing some products.

Segment Insights

Type Insights:

On the basis of type, the global honeycomb core materials market is segmented into aluminum, Nomex, thermoplastic, paper and others. Other segment includes fiberglass, carbon, and stainless steel.
Paper segment accounted for largest revenue share in 2022. Paper honeycomb has the best stiffness-to-weight ratio, homogeneous crushing strength under compression, lowest environmental impact, and long-term cost savings. It is utilized in furniture such as kitchen cabinets and bedroom wardrobes, void fillers & buffers, weight spreaders & spacers, impact & edge guards, inner doors, separation walls, pallets & pallet boxes, and other fundamental structural and packaging applications.  
Application Insights

On the basis of application, the honeycomb core materials market is segmented into non-composites and composites.

Composites segment is expected to account for largest revenue share in the global honeycomb core materials market over the forecast period. The honeycomb panel uses either Polyvinylidene Fluoride (PVDF) or Fluoroethylene Vinyl Ether (FEVE). Fluorocarbon’s rippling-free and self-cleaning properties make it suitable for outdoor panels, even if the polyester coating is more evident on interior wall panels. In marine composites, composites contribute to an optimum blend of strength, stiffness, and lightweight qualities for many maritime applications. Increasing engine power can help patrol and service boats reach greater speeds.  

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Regional Insights:

Asia Pacific market accounted for the largest revenue share in 2022 and is expected to register a steady revenue CAGR over the forecast period. This is because major automakers such as Honda, Toyota, TATA, Suzuki, Ashok Leyland, and Mitsubishi are present in Japan and India, making these countries potential hubs for vehicle manufacturing in Asia Pacific.

North America accounted for second-largest revenue share in 2022 and is expected to register a rapid revenue CAGR over the forecast period. This is because of the factors such as North America’s construction sector has been expanding rapidly as a result of increasing disposable income in countries such as the U.S. and Canada, and Mexico’s fast population growth and expansion in housing services. The construction industry uses honeycomb core materials for forging, pipe-in-pipe, doors, roof boards, and slabs because of their low heat conduction coefficient, low density, low water absorption, high mechanical strength, and superior insulating qualities., and this is increasing demand for these materials. In addition, the aviation sector in the region is expanding quickly due to many causes such as rising disposable income, rising living standards, and increased international commerce.

Scope of Research

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Major Companies and Competitive Landscape

The global honeycomb core materials market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective products.
Some of the major companies included in the global honeycomb core materials market report are:

• Hexcel Corporation
• Honicel
• Packaging Corporation of America
• Argosy International
• Euro-Composites
• Grigeo
• Dufaylite Developments
• Cartoflex
• Corinth Group
• Axxion Group
• Toray Advanced Composites
• Schütz GmbH & Co. KGaA.
• Argosy International Inc.
• Plascore, Inc.
• The Gill Corporation
• RelCore Composites Inc.

Strategic Development

• On November 18, 2022, EconCore, a global pioneer in the development of cost-effective honeycomb sandwich materials, constructed a new production line for lightweight honeycombs made from recycled PET (rPET). The EconCore Group consists of ThermHex Waben GmbH in Germany and EconCore NV in Belgium, which produce polypropylene (PP) honeycomb cores. The recycled post-consumer and post-industrial waste comprises up to 100% of the rPET honeycomb cores.
• On May 06, 2020, Hexcel Corporation announced that DNV GL had certified the type of approval of its HexPly M79 Prepreg materials. All DNV GL classed boats can employ HexPly M79 materials thanks to this crucial third-party certification.

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Segments Covered in Report

For the purpose of this report, Emergen Research has segmented the global honeycomb core materials market on the basis of type, application, end-use, and region:

• Type Outlook (Revenue, USD Billion; 2019-2032)
  • Aluminum
  • Nomex
  • Thermoplastic
  • Paper
  • Other
    1. Fiberglass
    2. Carbon
    3. Stainless Steel
• Application Outlook (Revenue, USD Billion; 2019-2032)
  • Non-Composites
  • Composites
• End-Use Outlook (Revenue, USD Billion; 2019-2032)
  • Packaging
  • Aerospace
  • Transportation
  • Construction and Infrastructure
  • Others
    1. Sporting Goods
    2. Marine
    3. Industrial
• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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