Honeycomb Core Materials Market Expected to Reach $5.2 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Honeycomb Core Materials Market," The honeycomb core materials market was valued at $2.5 billion in 2022, and is estimated to reach $5.2 billion by 2032, growing at a CAGR of 7.8% from 2023 to 2032.

Honeycomb core materials have composite skins, which create a sandwich structure-based laminate with properties such as high stiffness and low weight. They are obtained from various raw materials such as aluminum, meta-aramid, thermoplastic, and paper. They find application in aerospace, automotive, building & construction, marine industry, commercial sectors.

Increase in investments in building infrastructure in countries such as the U.S., China, Japan, Mexico, and India, have led the building & construction sector to witness significant growth where aramid cores are used for acoustic insulation purposes. In addition, sustainable economic growth coupled with increase in demand for consumer goods has propelled the growth of the automotive & electronics sector, which, in turn, has boosted the demand for honey core materials for use in auto racing bodies, train car and ship panels, and ground transportation structures.

The growth of the global honeycomb core materials market is majorly driven by increase in demand for high-strength and lightweight materials from the automotive, construction & infrastructure, and aerospace & defense industries.

However, the absorbance of water and moisture by open cell structures of honeycomb and the structural limitations of honeycomb core materials are expected to hamper the growth of the market.

Conversely, increase in the use of recyclable products is expected to provide remunerative opportunities for the expansion of the honeycomb core materials market during the forecast period.

It is anticipated that the general economic growth of emerging economies will have a beneficial effect on the commercial aircraft manufacturing sector. Furthermore, demand for air travel in emerging countries increased due to rising disposable income caused by economic expansion. For instance, according to the International Monetary Fund (IMF) in June 2020, the global GDP increased by 5.4% in 2021.

Furthermore, the booming aerospace industry is expected to boost the demand for honeycomb core materials. In addition, technological advancements, rise in international trade promotional activities, and heavy investments by government in the growing aerospace industry are expected to fuel the sales of honeycomb core materials. This is attributed to the fact that honeycomb core materials are widely used to make aircraft flight control surfaces that include the rudder, aileron, spoiler, and flap.

The global honeycomb core materials market is segmented into type, end-use industry, and region. Depending on type, the market is segregated into aluminum core, aramid core, paper, thermoplastic, and others. Depending on end-use industry, it is segregated into packaging, aerospace & defense, construction and infrastructure, automotive, and others. Region wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.

By type, aluminum segment dominated in the global market, in terms of revenue in 2022. This is due to the fact that, increase in transport and logistics activities has led to growth of the automotive sector, wherein aluminum-based honeycomb core materials are widely used for manufacturing various inner and outer automotive parts of vehicles, which, in turn, is projected to drive the growth of the honeycomb core materials market for aluminum. This is further anticipated to increase the potential sales of aluminum spacers, thus creating remunerative opportunities for market growth.

By end-use industry, the market is divided into aerospace and defense, construction, and infrastructure, automotive, and others. The aerospace & defense segment dominated the global market, in terms of revenue in 2022 with 42% share in the global market. Government investment in the defense industry along with modernization in the defense equipment has enhanced the overall performance of the defense industry.

For instance, according to an article published by Economics Times in February 2023, India’s defense sector has allotted $72 billion budget in 2023. Honeycomb panels are lightweight, transportable, absorb strong shockwaves, and retain fragments owing to which it is used for ballistic purposes in the defense industry.

Region wise, the honeycomb core materials market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region accounted for a major market share in 2022 and is projected to grow at the highest CAGR during the forecast period. The booming construction industry across China and India, owing to government-initiated housing projects, such as “Housing for All” people living in urban and rural areas as well as the “Smart City Project” to provide smart homes with modern amenities, is expected to create high demand for aluminum honeycomb core material.

Furthermore, India and Australia are witnessing rapid expansion of the automotive sector where honeycomb core materials are used for making interior and exterior body panels.

Key players operating in the global honeycomb core materials market include Plascore, MC Gill (The Gill Corporation), Schutz Composites, Hexcel Corporation, Toray Advanced Composites, Corex Honeycomb, Argosy International, Euro-Composites, Showa Aircraft Industry Co., Ltd, Honylite, RelCore Composites Inc., REYNOARCH, and Fabrinox.

Key Findings:

• On the basis of type, the aluminum segment is expected to grow at a CAGR of 8.0%, in terms of revenue, during the forecast period.
• Depending on end-use industry, the aerospace &defense segment is expected to grow at a CAGR of 8.1%, in terms of revenue, during the forecast period.
• Region wise, Asia-Pacific garnered a share of around 40% in 2022.