As per the recent report by Global Market Insights, Inc., aramid honeycomb market size is estimated to exceed USD 314.8 million by 2026.
Aramid honeycomb, which is a strong yet lightweight material, is extensively being used in aerospace and defense industries. Thanks to its superior tensile strength, fire resistance and impact resistance. It is a known fact that aviation industry has always been presented with the challenges pertaining to mass reduction. Apparently, reduction of aircraft mass even by one kg can save a substantial cost incurred in fuel consumption. In this regard, lightweight material like aramid honeycomb is gaining a wide prominence in aviation industry. The high product usability is providing lucrative growth prospects to aramid honeycomb market.
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Application of honeycomb panels can also be observed in marine vessels like cargo ships, boat hulls, shells, exterior structure panels, hatches, etc. Reportedly, the global population is estimated to reach over eight billion by 2030 which will subsequently increase the maritime trade. This in turn will impel the demand for cargo and commercial marine vessels leading to elevating product demand and enhanced business space.
Growing aerospace sector in Asia Pacific
The robust growth of aramid honeycomb market in Asia Pacific can be ascribed to the elevating product demand from the end-user industries in the region. Shifting of manufacturing bases from the western countries to Asia Pacific is further favoring the industry growth. In addition, various countries in the region have increased their investment in aerospace and military which is opening ample opportunities for the product adoption. Citing an instance, South Korea’s Ministry of National Defense announced allocating USD 48 billion as a part of the country’s defense budget for 2021 which represents a 5.4% rise as compared to that in 2020. Considering these factors, Asia Pacific aramid honeycomb market is expected to observe a notable CAGR of over 10.5% through 2026.
Heightened demand for meta-aramid honeycomb
The ongoing expansion of the global aerospace industry is a major factor fueling the demand of meta-aramid honeycomb. In 2020, meta-aramid honeycomb segment had accounted for over 70% demand share. The immense popularity of the product can largely be attributed to its high heat and flame resistance properties as well as high tensile strength. As a result, it is heavily used in the aerospace interiors. The increasing demand for new aircrafts due to growing preference for air travel will propel the segmental growth over the coming years.
Rising adoption of Kevlar honeycomb
Kevlar honeycomb is known to have witnessed a high demand since its inception owing to its increasing applications in the aviation sector. This is majorly due to the high tensile strength and modulus behavior of Kevlar. These characteristics also makes it ideal for manufacturing luxury and race cars. As a result of the heightened product application in these sectors, Kevlar honeycomb segment is estimated to record a considerable valuation of over USD 105 million by 2026.
Increasing application in military aircraft production
Several major military powers across the globe are largely focusing on the development of new military aircrafts as well on upgrading the ageing ones amid the rising geopolitical tensions. For instance, in 2021, the Israeli Defense Ministry announced that the country’s Air Force had received an intelligent spy aircraft named Oron that has been claimed to offer unmatched reconnaissance capabilities. Such developments are significantly increasing the product demand as it finds extensive application in the structural components of military aircraft. On account of the rising product demand, defense segment is expected to register a substantial revenue of over USD 30 million by 2026.
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How has the COVID-19 pandemic affected aramid honeycomb industry space?
The covid-19 is known to have affected the industry due to a considerable decline in air travel and automobile production during the pandemic due to travel and lockdown restrictions. This has resulted in the reduced product demand from the end-user industries. However, various major markets are now resuming operations in 2021 with gradual lifting of restrictions which will support the market growth over the coming years.
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