The Nomex honeycomb market is estimated to grow from USD 237.1 Million in 2015 to USD 383.3 Million by 2021, at a compound annual growth rate (CAGR) of 8.51% between 2016 and 2021.
Browse 70 market data Tables and 31 Figures spread through 107 Pages and in-depth TOC on "Nomex Honeycomb Market”.
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Rising use of composites in aerospace & defense industry to drive the Nomex honeycomb market
The use of composite materials and related core materials, including Nomex honeycomb, in the aerospace & defense industry has gained momentum in the past few decades. The latest Airbus now boasts a 53% usage of composite material among its long lists of new features. This shows the increase in the use of composites, which was hardly 2-5% in the past few years. One of the main reasons for the rising use of composites in aircraft is the advantages offered by honeycombs such as reduction in weight and corrosion resistance. These properties of Nomex honeycomb results in low emissions and maintenance costs in comparison to traditional materials used for manufacturing aircraft. This increasing use drives the Nomex honeycomb market.
The major applications of Nomex honeycomb are in aerospace & defense, transportation, sporting goods, and other sectors. The aerospace & defense application is the fastest-growing application in the Nomex honeycomb market during the forecast period. The properties offered by Nomex honeycomb such as good thermal stability, dielectric properties, and high toughness encourage its use in high performance applications. The second-largest market share is occupied by the transportation application segment. Nomex honeycomb provide great advantages as it enable components to maintain low weight, thus providing fuel efficiency. They are used in applications areas such as car panels, rails, and so on.
North America is the largest market for Nomex honeycomb
North American is the biggest and the fastest-growing market for Nomex. The growing aerospace industry, industrial development, and transportation industry in the region, which are the major applications of Nomex honeycomb, is the major factor driving the Nomex honeycomb market in North America.
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The value chain for the Nomex honeycomb market begins with raw material suppliers that include BASF SE (Germany), Kukdo Chemicals (South Korea), Cytec Solvay Group (U.S), and so on. The Nomex honeycomb market comprises of manufacturers such as Hexcel Corporation (U.S), Royal Ten Cate N.V (Netherlands), Euro-Composites (Luxembourg), Plascore Inc. (U.S), and so on.
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