Selbyville, Delaware, According to the research report titled ‘Global Aramid Honeycomb Core Materials Market Size study with COVID-19 impact, by Type, by Aramid Type, Application, Transportation Type and Regional Forecasts 2020-2027‘, available with Market Study Report LLC, Global Aramid Honeycomb Core Materials Market to reach USD 409.23 Million by 2027 and was valued at USD 190.91 million in 2019 and is projected to register a CAGR of 10% through 2027.
Global aramid honeycomb core materials market is witnessing significant gains owing to rising product demand from aerospace sector for its lightweight which helps in both structural application and components in aircrafts. Also, increasing demand from transportation sector will create opportunities for the market growth over the forecast years.
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Honeycomb core materials include paper and card from low electricity and stiffness, less load packages to high electricity and stiffness, and light-weight components for plane structures. They have high strength, lightweight, hexangular cell shape, and is crafted from aramid fiber paper.
According to the Statista, expenditure on aerospace & defense industries accounted for USD 29.8 billion in 2017 and rose to USD 32 billion in 2019, hence positively impacting the global aramid honeycomb core materials industry growth. However, disruptions in supply chain, and restrained utilization of the production capacity due to coronavirus pandemic are hampering the market growth.
Major players operating in global aramid honeycomb core materials industry sphere include The Gill Corporation, Aramicore Composites Co. Ltd., ACP Composites, Inc., Argosy International Inc., Advanced Honeycomb Technologies, Euro-Composites Corp., Hexcel Corporation, Plascore, Inc., Toray Industries, Inc., and Showa Aircraft Industry Co. Ltd.
In terms of transportation type, global aramid honeycomb core materials industry is bifurcated into waterways, airways, roadways, and railways. Considering application gamut, the market is divided into exterior, and interior. Based on aramid type, the market is fragmented into para-aramid, and meta-aramid. Speaking of type, the report emphasizes on nomex and others.
From a regional frame of reference, worldwide aramid honeycomb core materials market size is segmented into Europe, Asia Pacific, North America, Latin America, and rest of the world. North America market is projected to record significant growth during the study period, mainly due to flourishing aerospace industries in the region. Whereas, Asia-Pacific market is slated to accrue modest revenues over 2020-2027, owing to rise in transportation industries, and cognizance about superior performance properties of honeycomb core materials.
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