December 17, 2020
According to the latest research report on ‘Aramid Honeycomb Market Size By Aramid, By Aramid Type, By Type, By End-user, Industry Analysis Report, Regional Outlook, End-user Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, worldwide aramid honeycomb market is projected to amass huge returns by the year 2026.
Inclination towards lightweight materials for manufacturing in aerospace sector, flourishing aviation sector, as well as surging demand for military aircrafts are propelling the growth of global aramid honeycomb market. The product is widely used in aircraft leading & trailing edges, antennas, fuel tanks, aircraft galleys, missile wings, and helicopter blades.
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It is to be noted that aramid honeycomb is corrosion resistant and offer thermal insulation while providing superior mechanical properties. It has low-density, yet ensures long-term stability. Increasing product penetration in an array of sectors like automobile, defense, marine, and sports is augmenting the global aramid honeycomb industry size.
Based on aramid terrain, para-aramid segment held over 25% volume share of worldwide aramid honeycomb market in 2019 and will continue to grow owing to flourishing aviation vertical. While as per grade, aerospace aramid honeycomb market segment share is estimated to accrue USD 240 million by the year 2026, on account of surging military aircraft production.
Moving on to type, nomex segment of worldwide aramid honeycomb market accounted for 65% revenue share in 2019 and is touted to showcase similar trend over the forecast period, attributable to extensive usage of the product in aerospace applications like cabinets, lockers, and bulkheads. Nomex aramid is also employed in high-performance motorsports including Formula1 and WRC.
Referring to end-use spectrum, global aramid honeycomb market revenues from others segment accounted for 4% share in 2019 and is poised to grow further over the coming years, cites the report. The expansion trend is creditable to amplifying sports industry which is boosting product demand.
Considering regional outlook, Middle East & Africa contributed 3% revenue share to the overall market in the recent past. MEA market is reckoned to expand modestly over 2020-2026, pertaining to soaring aerospace manufacturing in the region.
Key vendors influencing global aramid honeycomb market trends are ACP Composites Inc., Advanced Honeycomb Technologies, Toray Industries Inc., Honylite Pvt. Ltd., Aramicore Composite Co. Ltd., Corex Honeycomb, Schütz GmbH & Co. KGaA, Tasuns Composite Technology Co. Ltd., Showa Aircraft Industry Co. Ltd., Argosy International Inc., The Gill Corporation, Euro-Composites S.A., Hexcel Corporation, and Plascore Inc.