Thermoplastic Honeycomb Market – Overview
The thermoplastic honeycomb industry has developed due to the materials great strength and low density. Market Research Future, a firm which specializes in market reports related to the Chemicals and Materials sector among others, recently published a report on this market. The sector is expected to develop rapidly at an increasing CAGR rate while achieving outstanding revenue in the forecast period.
The benefits of using thermoplastic honeycombs has increased due to its property of being environment friendly. Its diverse applications in sectors like automotive, construction, and sports to name a few has led to rapid growth in the segment. Due to significant developments in the sports industry, there has been an increased level of demand for the sector. Its insulating properties have also been one of the major drivers for this segment.
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Global Competitive Analysis
The industry players in the segment are effectively utilizing their primary resources to initiate long lasting growth changes. A trend of volume-driven growth has been observed in the market of late with the development of different varieties of product types. The sector is undergoing considerable transformation which has accelerated the growth pace of the sector. The best long-term growth opportunities for this sector can be harnessed by ensuring ongoing process improvements and maintaining financial flexibility to invest in the optimal strategies. Conversely, with companies aiming to capture a considerable share of the market segment as early as possible, experimentation with various advantage points is being seriously considered and implemented.
Sep 2017 Toyota has implemented an interior part utilizing honeycomb material solution for its new hybrid model Prius PHV. The solution which is based on ThermHex thermoplastic honeycomb core technology developed by EconCore, has been applied in the trunk cover of the car. This was achieved due to expansions of Gifu Plastic Industry Co. from Japan using technology licensed from EconCore.
Nov 2017 EconCore, Belgium which is a thermoplastic honeycomb technology specialist has joined forces with Diehl Aircabin, Germany to develop next- generation solutions for aircraft interior modules following a concluded European Commission-funded project. The two companies foresee a new highly cost-effective process for making modules by thermoforming and functionalizing mono-material sandwich panels in a single step.
The market has been segmented into type, end use industry, and region. On the basis of type, the market is distributed into Polypropylene Honeycomb, and Polycarbonate Honeycomb, wherein the use of Polypropylene Honeycomb for making core is the leading segment. On the classification of end use industry, the thermoplastic honeycomb market is segmented into aerospace, automotive, construction, sports, wind energy and others. Between these industries, aerospace is holding main share of total demand of thermoplastic honeycomb sector. On the basis of geography, the market includes Asia Pacific, North America, Europe, Middle East & Africa, and Latin America.
Detailed Regional Analysis
In the Thermoplastic Honeycomb Market, Asia Pacific is the fastest growing market in the industry due to the growth in the aerospace industry in this region. India and China are also developing at the highest CAGR on account of ongoing developments in aerospace and automotive sector in these countries. North America is the second most significant region in the market. U.S. is the major shareholder of this regional market owing to the growth of established end use industries such as aerospace and sports industry for instance. The U.S. aerospace companies are likely to continue leading the global aerospace market over the forecast period. Europe is one of important regions in industry.
Germany, U.K, and France are the important markets in this region, which is credited to the presence of renowned automotive industries. European automotive industry is evolving with the advent of light weight, energy efficient, and electric vehicles. Middle East & African regions are estimated grow at significant CAGR owing to forthcoming FIFA world cup in 2022, which is going to be held at Qatar. This may increase the demand of Thermoplastic Honeycomb due to the growth of the sports industry in this region.
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