Market Overview:
Honeycombs are man-made structures consisting of hollow hexagonal cells arranged in a complex manner to provide the material with high strength and low density. This helps to reduce wastage of constituent materials and maximize the structure’s ability to withstand any external force. In addition to this, hexagonal structure exhibits properties such as higher out-of-plane compression and resistant to shear, which makes it applicable in key end use industries namely, aerospace, automotive, and construction. Thermoplastic material can be easily and completely recycled, which not only reduces the production cost but also mitigates the environmental concerns. Aerospace Industry in the world is set to grow at the highest CAGR on account of growing competition in space exploration sector. In addition to this, with the increasing standards of living and fast track lifestyle, people are taking up aerial modes of travel, which is anticipated to fetch maximum demand of Thermoplastic Honeycomb in aircraft manufacturing.
Competitive Analysis:
Key players in the Global Thermoplastic Honeycomb Market are Plascore (Germany), Corex Honeycomb (U.K.), EconCore (Belgium), Universal Metaltek (India), Design Composite GmbH (Austria), Nidaplast (France), Tubus Bauer GmbH (Germany) and others.
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Market Segmentation:
The Global Thermoplastic Honeycomb Market is segmented on the basis of type, end use industries, and region. On the basis of type, the market is divided into Polypropylene Honeycomb and polycarbonate honeycomb. Polypropylene Honeycomb is the most used type of thermoplastic honeycomb. It is majorly used in aerospace industry since this material offers greater resistance to kinetic energy. The low price of this material increases its compatibility in the Global Thermoplastic Market. Polycarbonate Thermoplastic Honeycomb is also holding significant share of market in terms of the demand. This is primarily used in laminar-flow ventilation or air diffuser, as a part of commercial ventilation systems to reduce impurity and moisture. It also finds application in refrigeration systems, and noise & vibration reduction in commercial buildings.
Based on end use industries the Global Thermoplastic Honeycomb Market is segmented into aerospace, automotive, construction, sports, wind energy and others. Among them, aerospace industry is holding major share of overall demand of Thermoplastic Honeycomb. During the forecast period aerospace industry is estimated to grow at the highest CAGR among all of its end use industries. The major factor favoring growth of the global aerospace market is increased curiosity among researchers to find possibility of life on other earth like planets. Automotive industry is steadily growing around the world with ~78 million vehicles produced so far in 2017. This trend is anticipated to grow even further during the forecast period, which attributed to increasing demand of automobile in developing countries. Apart from aerospace and automobile, construction industry is tangibly growing around the world. The housing developments in developing countries is the major demand driver within this industry. In addition to this, the developed countries are taking up the reconstruction activities by adopting use of the modern materials, which is projected to fuel the demand of Thermoplastic Honeycomb. Other substantial end user industries of Thermoplastic Honeycomb include sports and electronics. Global sports market sized more than USD 150 billion in 2016 and estimated to grow at 7% CAGR during the forecast period. This, in turn, is expected propel growth of the Global Thermoplastic Honeycomb Market.
Regional Analysis:
Asia Pacific, North America, Europe are the major regions in the global thermoplastic honeycomb market. Other regions include the Middle East & Africa, and Latin America. Asia Pacific is the fastest growing region among them owing to the rapidly growing aerospace industry. India and China are the major contributors to the regional market due to the higher demand of Thermoplastic Honeycomb from aerospace and automotive industry. North America is a significant market in the global thermoplastic honeycomb market. U.S. is leading the regional market owing to the presence of well-established end use industries such as aerospace and sports. The U.S. aerospace industry is the world’s largest and it is estimated grow at higher CAGR during the forecast period. This is projected to drive the growth of the regional Thermoplastic Honeycomb Market. Europe is another substantial region in the Global Thermoplastic Honeycomb, wherein U.K., Germany, and France are the leading markets. Automobile and aerospace industries in Europe are on the rise due to an advent of light use energy efficient vehicles. It has been estimated that this trend would increase the demand of Thermoplastic Honeycomb in this region. The Middle East & Africa is going to witness significant growth in sports and construction industries in this region. This is attributed to the upcoming FIFA world cup in 2022 which is to be held in Qatar. Latin America is presently holding smaller share in the Global Thermoplastic Honeycomb Market.
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