Thermoplastic Honeycomb Market 2017: Analysis, Size, Share, Growth and Trends by Forecast to 2023

Thermoplastic Honeycomb Market
Global Thermoplastic Honeycomb Market by Type (Polypropylene Honeycomb and Polycarbonate Honeycomb), by End Use Industries (Aerospace, Automotive, Construction, Sports, Wind Energy and Others), and by Region-Forecast till 2023

Honeycomb Structures are synthesized by integration of small hexagonal hollow cells. These structures provide a material of great strength and low density. The main advantage of hexagonal structure is that it reduces the wastage of material which in turn lowers the cost of production. Depending upon the type thermoplastic material, its honeycomb structure is classified into Polycarbonate Honeycomb and Polypropylene Honeycomb. Thermoplastic Honeycomb Structure exhibits some additional properties such as moisture resistance, easy application and customization of sheets into desired shapes. The clarity and transparency of Thermoplastic Honeycomb is useful in lamps and lighting applications. Applications of thermoplastic honeycomb can be found in many industries such as aerospace, automotive, construction, and sports. Apart from this, Thermoplastic Honeycomb are also used in electronic devices due to its insulating property. The LED lighting technology used for decorative and entertainment purpose also makes use of Thermoplastic Honeycomb.

Thermoplastic Honeycomb is environment friendly owing to its 100 % recyclability. The aerospace industry is witnessing constantly growing demand of light weight material for manufacturing. The global market for aerospace composites and core materials is growing at the highest CAGR among all its end use industries, which is expected to propel growth of the Global Thermoplastic Honeycomb Market. Thermoplastic Honeycomb is anticipated to witness growth in demand during the forecast period owing to the sluggish demand of metal honeycomb structure. In addition to this the cost intensive nature of metal honeycomb make Thermoplastic Honeycomb more competitive in numerous applications. The global sports industry is set to grow at higher CAGR of ~7% on account of forthcoming Olympic Games in 2020. Moreover, the constant growth of construction segment around the world is projected to help push the growth of the Global Thermoplastic Honeycomb Market. However, the complex interaction between various damage mechanisms such as shock, abrasion, and low velocity impacts that causes deformation in the structure due to non-elastic behavior of some constituent material. This is expected to negatively impact the growth trajectory of Thermoplastic Honeycomb Market. Nevertheless, endearing researches in a bid to find new advanced elastic constituent materials to overcome this concern may help the market to retain momentum.

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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.

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.

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Regional Analysis:
The Global Thermoplastic Honeycomb Market is spanned across five key regions including, Asia Pacific, North America, Europe, Middle East & Africa, and Latin America. Asia Pacific is the fastest growing market among them due to the growing aerospace industry in this region. India and China are growing 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 Global Thermoplastic Honeycomb 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. The U.S. aerospace companies are expected to continue leading the global aerospace market over the forecast period. Europe is one of important regions in the Global Thermoplastic Honeycomb Market. Germany, U.K, and France are the leading markets in this region, which is attributed 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 & Africa is estimated grow at significant CAGR due to upcoming FIFA world cup in 2022, which is to be held at Qatar. This in turn would drive the growth of sports industry in this region which may increase the demand of Thermoplastic Honeycomb. Latin America is currently holding smaller share of the Global Thermoplastic Honeycomb Market. During the forecast period the region is projected to witness moderate growth.

Segmentation:
The Global Thermoplastic Honeycomb Market has been segmented into type, end use industry, and region. On the basis of type, the market is divided into Polypropylene Honeycomb, and Polycarbonate Honeycomb, wherein the use of Polypropylene Honeycomb for making core is the leading segment. Based on end use industry the Global Thermoplastic Honeycomb Market is segmented into aerospace, automotive, construction, sports, wind energy and others. Among these industries, aerospace is holding major share of overall demand of thermoplastic honeycomb. Geographically, the market is divided into five key regions, including Asia Pacific, North America, Europe, Middle East & Africa, and Latin America.

Key Players:
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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