In 2019, the global nomex honeycomb market size was valued at >500 million. High strength to weight ratio, good thermal insulation, formable, flame retardant, corrosion resistant, and over expanded cell structure is expected to increase nomex honeycomb market concentration in aerospace & defense and smart transportation application. The lightweight properties of these materials have increased its adoption in the manufacturing of interior walls, tail booms, aero engine nacelles, flooring panels, helicopter blades, storage bins, and exterior control surfaces.
Increasing demand for lightweight materials in different end user industries, rising adoption of composites in aerospace & defense and rail transportation, high compatibility with composite materials, and increasing production of composite materials over the past few years is expected to increase its market concentration over the projected period.
The value of the Nomex Honeycomb market is projected to grow to USD 2.4 billion with an estimated CAGR of 6.1% by 2030
.jpg "The Global Nomex Honeycomb Market 2020-2030 (USD Billion)")
However, high raw material cost, moisture and water absorbent properties, followed by increasing industry need for low cost products are expected to be the key market challenges over the coming years.
Nomex Honeycomb Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2030 |
| Study Period | 2018-2030 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2030 | USD 2.4 billion |
| Growth Rate | CAGR of 6.1% during 2020-2030 |
| Segment Covered | By Type, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Hexcel Corporation, Euro-Composites, The Gill Corporation, Plascore, TenCate Advanced Composites, Rock West Composites, Advanced Honeycomb Technologies, Avic Composite Corporation, Advanced Composite Technology, Taili |
Key Segment Of The Nomex Honeycomb Market
By Type, (USD Billion)
• By Type Aerospace Grade
• Commercial Grade
• Aerospace Grade
By Application, (USD Billion)
• Aerospace & Defence
• Transportation
Regional Overview, (USD Billion)
North America
• US
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
North America dominated the market for nomex honeycomb market and accounted for the largest revenue share.
The base year for the report is 2023 in nomex honeycomb market.
The nomex honeycomb market is growing at a CAGR of 6.1% over the forecast period
Increasing industrial development in developed as well developing economies are expected to open new avenues for nomex honeycomb manufacturers to increase their production capacities in order to increase their customer base and cater growing end user requirement in coming years. In addition, nomex honeycomb has widespread uses in the construction of rail structures, including bulkheads, ceilings, doors and rail car floors. Excellent mechanical resistance, lighter weight, and reduced environmental effect has increased its adoption in rail transportation over the past few years. Moreover, increasing global population coupled with rising need for improved rail transportation infrastructure will add market growth over the coming years.
Grade Segment
In terms of the grade, the market is segmented into aerospace grade, commercial grade, and others. In 2019, aerospace grade accumulated the major market share and it is expected to do so over the forecast years. Increasing defense spending over the past few years coupled with rising need for composites in aerospace industry to reduce the weight of the product is expected to increase its market concentration over the coming years. For instance, global military expenditure in 2019 was valued at nearly USD 2 Trillion and it has increased by more than 3.5% as compared to 2018.
End User Segment
In terms of the end user, the market is segmented into Aerospace & Defense, Transportation, Marine, Medical, Sporting Goods, and Others. Aerospace & Defense accounted for more than 40% of the overall market share in 2019 and is expected to continue its dominancy over the coming years. Nomex honeycomb has various other applications including manufacturing protective equipment including protective safety helmet, suits, jackets, and gloves. Additionally, increasing government regulations towards safety of workers engaged in construction, mining industry, transportation, firefighting industry, racing cars, and defense industry are further expected to increase market concentration over the coming years.
The North America region dominated the overall market in 2019 and it is projected to keep its position during the forecast years 2018-2028. The market growth in this region is mostly ascribed to well-developed aerospace & defense and transportation industry. Technological advancement in aerospace & defense industry coupled with increasing investment in research & development is expected to drive the market in North America over the forecast period.
.png "North America Nomex Honeycomb Market, 2018-2028 (USD Million)")
The global nomex honeycomb industry is highly competitive in nature as large number of small & medium enterprises and well-established manufacturers are operating in this industry. Prominent players operating in this industry are Advanced Honeycomb Technologies Inc., Avic Composite Corporation, DuPont, Euro-Composites, Hexcel Corporation, Honylite, Plascore Inc., Royal Ten Cate N.V., The Gill Corporation, and TRB Lightweight Structures Limited. Manufacturers operating in this industry are adopting different actions such as new product development, technological enhancement, partnerships, merger & acquisition, and research & development in order to form strategies to cater growing industry requirement.