Nomex honeycomb market in the Aerospace & Defense application is expected to witness the highest CAGR by 2021

The global 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. The increase in the demand for Nomex honeycomb from aerospace & defense applications is driving the market.

Nomex honeycomb have high demand in the aerospace & defense application because of their properties such as mechanical strength, light weight, and favorable thermal performance. The global 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.

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The aerospace & defense application has the largest market share in the Nomex honeycomb market globally and this is expected to continue so during the forecast period. As aircrafts, missiles, and helicopter components requires thermally stable, high strength, and corrosion resistant products, Nomex honeycomb are utilized in large volume in the aerospace & defense sector. Increasing need for fuel efficiency in vehicles and rails is further expected to drive the growth of the Nomex honeycomb market.

The Nomex honeycomb market in the aerospace & defense application is expected to witness the highest CAGR between 2016 and 2021. The second-largest application segment, transportation sector, uses Nomex honeycomb to manufacture automotive parts and components. It is used in rail panels, doors, floors, partitions, and so on.

These components require Nomex honeycomb that are lightweight, creep and heat resistant, and has dimensional stability. Demand for components with all these properties has led to the rise in demand for Nomex honeycomb in the transportation sector. Sporting goods is also an emerging application segment in the Nomex honeycomb market.

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The key players in the Nomex honeycomb market are Hexcel Corporation (U.S), Royal Ten Cate N.V (Netherlands), Euro-Composites (Luxembourg), Plascore Inc. (U.S), the Gill Corporation (U.S), and so on. These players have adopted various strategies to expand their global presence and increase their market shares. Capacity expansions and agreements are some of the major strategies adopted by market players to achieve growth in the Nomex honeycomb market.

Hexcel Corporation (U.S.) established a new manufacturing facility in Casablanca, Morocco in January 2016. This new facility is established to cater to the increasing demand for core structure, which involves the production of honeycomb materials, especially, for the aerospace structures.

Euro-Composites. (Luxembourg) expanded its machining capacity in December 2015, at its Culpeper (U.S.) manufacturing facility by installing four new CNC machines. This will make the milling of Nomex and Kevlar honeycomb more precise. The approach is intended to target new applications for the Nomex honeycomb.

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Reference:

https://www.marketsandmarkets.com/Market-Reports/nomex-honeycomb-market-197303057.html?utm_source=Blog%2FML

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