Aramid Honeycomb Market Size

Aramid Honeycomb Market Size

style="text-align:justify">Aramid Honeycomb Market size was USD 214.5 million in 2019 and will grow at a CAGR of 9.4% from 2020 to 2026. Growing trend of aramid composite material usage in automotive and aerospace industries will propel product demand.

The aramid honeycomb market is anticipated to witness a rapid growth due to the increasing number of end users of aramid composite materials in the aerospace industry. Aramid honeycomb core material demand has grown rapidly since its inception owing to the product’s extraordinary properties. The industry is also witnessing a weight reduction trend due to the material’s cost benefits, driving product demand.

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Aramid honeycomb core materials are increasingly gaining popularity among automotive and marine vehicle manufacturers. This is mainly attributed to its low cost compared to other composite materials. Its exceptional properties make it ideal for sandwich end users in the marine, automotive, rail, transport, and sports industries. Increasing demand for new-generation marine vehicles for commercial & personal uses will fuel the aramid honeycomb market share.
 

Currently, aramid honeycomb core materials are largely used in the aviation industry. The industry is expected to witness a moderate growth owing to a large number of retiring aircraft in the next 20 years. The reduction in air travel demand due to the Covid-19 pandemic has further forced airline companies to move up the aircraft retirement date. The introduction of new-generation aircraft will sideline older aircraft. Thus, in the next 10 years, most of the established airlines will order new aircraft, driving the aramid honeycomb market demand.
 

A similar trend can be witnessed in the marine industry as most cruise ships are facing the problem of early retirement. This is also attributed to lowered marine tourism due to the Covid-19 pandemic. However, the governments have acknowledged the impacts of the economic crisis on aviation & marine industries. They are offering stimulus packages to ensure industries’ survival and secure jobs for thousands of workers. The packages will increase production of aircraft and marine vessels around the world, propelling the aramid honeycomb market.
 

Growth in the defense expenditure in major economies is due to rising geopolitical conflicts and increasing conservatism. However, a large number of fighter aircraft in major military power countries are outdated and on the verge of retirement. These countries are procuring new generation aircraft, thus raising market opportunities for product manufacturers. Increasing conflicts between countries are boosting the demand for military shelters, that incorporate aramid honeycomb, further increasing the aramid honeycomb market demand in the coming years.
 

The automotive industry is also witnessing an increasing adoption of lightweight and strong composite materials. Materials such as fiberglass, carbon fiber, and aramid composites are witnessing a rising demand. This is mainly attributed to the high demand for fuel-efficient automotive. Aramid honeycombs are lightweight with higher tensile strength. It has witnessed a strong demand in the luxury automobiles segment and formula one race cars. However, in the past couple of years, the automotive industry growth has slowed down owing to the economic slowdown in major consumer markets.
 

Furthermore, the Covid-19 pandemic has forced manufacturers to suspend production in factories in the first half of 2020. Even after the opening of factories in the second half, the market was still affected by lower consumer confidence and decreased automotive demand, impacting aramid honeycomb market sales in 2020.
 

The Covid-19 pandemic has had a significant impact on product demand in 2020. Aviation and marine industries are highly affected due to the Covid-19 pandemic. Suspension of international & domestic flights has decreased air & marine travel demand and lockdowns have further affected product demand from the aforementioned industries. The economic slowdown has decreased the production of automobiles, aircraft, and marine vehicles, impacting product demand. Furthermore, aramid honeycomb industry stakeholders are also expected to face challenges from raw material price fluctuations.