Selbyville, Delaware, Dec. 01, 2020 (GLOBE NEWSWIRE) -- According to the report published by Global Market Insights Inc., the global aramid honeycomb market size was estimated at $5214.5 million in 2019 and is estimated to hit $314.8 million by 2026, registering a CAGR of 9.4% from 2020 to 2026. The report provides a comprehensive analysis of the market size & estimations, drivers & opportunities, major investment pockets, competitive scenario, wavering market trends, and top winning strategies.
Aramid honeycomb is widely used in aerospace and transportation sectors owing to the increasing demand for lightweight and high-strength composite materials. The growing expansion of these end-use sectors is expected to fuel the aramid honeycomb market demand in the coming years. With an exponential rise in air travel over the past few years, the need for energy-efficient and lightweight aircraft is rising. These trends will certainly boost product consumption in the future.
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The para-aramid honeycomb segment is projected to surpass an annual valuation of US$85 million by 2026. The product demand is slated to grow substantially in the forthcoming years on account of their widespread application in the aerospace industry. This demand will be largely driven by the increasing military and defense expenditure along with the need for new generation fighter aircrafts.
Key reasons for aramid honeycomb market growth:
- The demand for lightweight and high strength materials in the aerospace sector
- Increasing demand for para-aramid honeycomb
- Shifting aramid honeycomb production from North America to West Europe
2026 forecasts show the ‘aerospace’ segment retaining its dominance:
Based on the aramid type, the aerospace segment is likely to record a robust 9% CAGR through 2026. This can be attributed to the extensive application of aramid honeycomb in numerous aircraft sandwich panels. The rising demand for commercial as well as military aircraft will fuel the aramid honeycomb market sales.
Europe to continue its top status in terms of revenue:
In terms of the regional outlook, Europe, which captured more than 30% of the global aramid honeycomb industry in 2019, is expected to account for a significant share of the market by 2026. The regional aramid honeycomb market growth can be linked with shifting production of the material from North America to Western European countries.
The recent COVID-19 pandemic has had a devastating impact on the global aramid honeycomb market. The government imposed social and travel restrictions in order to curb the spread of the virus had severely affected the aviation, transportation, and logistics sectors. In addition, the lockdown restriction imposed by many countries had forced manufacturers to halt manufacturing activities temporarily. These trends along with the overall economic impact caused by the pandemic have affected the industry trends.
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Leading market players:
The key market players analyzed in the global aramid honeycomb industry report include Plascore Inc., Hexcel Corporation, Euro-Composites S.A., The Gill Corporation, Argosy International, Inc., Showa Aircraft Company Ltd., Tasuns Composites Co. Ltd., Schutz Composite GmbH, Corex Honeycomb, Aramicore Composites Co. LTD, HONEYLITE, TORAY INDUSTRIES, INC., ADVANCED HONEYCOMB TECHNOLOGIES, ACP COMPOSITES, INC.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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