Aramid Honeycomb Market share set to gain lucrative proceeds through 2026
However, with the lifting of these restrictions for economic revival, several industry players have started adopting product launch and collaborative strategies for gaining a competitive edge over other participants. For instance, in September 2020, Toray Advanced Composites, Bostik, and EconCore announced that they had developed a thermoplastic honeycomb core sandwich panel that will be deployed across applications in mass transportation, comprising aircraft interiors.
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The purpose of the partnership was the provision of a sustainable offering to more labor-intensive and expensive fabrication of parts on the basis of a traditional sandwich layup. This layup is presently utilized in the aerospace sector, similar to that of phenolic prepreg skins.
Therefore, the coming years are set to foresee considerable demand for aramid honeycomb panels, owing to such advancements. On this note, the aramid honeycomb market size is anticipated to surpass USD 314.8 million by 2026, cites the latest research by Global Market Insights, Inc.
This rise is attributed to the growing deployment of lightweight high-strength composite materials across numerous end-user industries. Various aramid honeycomb properties have also been instrumental in the escalating product demand in aerospace composite panels. The market is expected to gain remarkable traction as the retirement of old fleet aircraft will force airlines for the procurement of new-generation aircraft.
To consider a few latest trends, the aramid honeycomb market is witnessing a high demand for Nomex honeycomb, which recorded a share of over 70% in 2019. This contribution is attributed to its large application across the commercial and aerospace sectors. As compared to other aramid and composite types, Nomex honeycomb is available at a low cost. This, along with its high performance will impel the demand for aramid honeycomb material through the forthcoming years.
Another prominent trend driving industry growth is the extensive usage of the product in numerous aircraft sandwich panels. The product adoption is propelled by a rise in the demand for fighter and commercial aircraft. The aerospace segment recorded a dominating market share in 2019 and is poised to expand at an appreciable CAGR of 9% between 2020 and 2026.
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Citing the growth prospects through the ensuing years, the aramid honeycomb market has witnessed an increased demand for para-aramid honeycomb products over the past ten years. This is on account of their processing applications across the aerospace industry. The para-aramid honeycomb products are anticipated to reach a valuation of USD 85 million by 2026. The market is expected to be driven by the surging adoption of these products across the aviation sector.
However, the market is expected to face challenges from fluctuations in the prices of raw materials. In addition, higher product prices are also likely to hinder industry growth through 2026.
In a nutshell, escalating defense expenditure across major economies and high demand for new generation fighter aircraft will augment aramid honeycomb market size through the forecasted span.
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