Expansion is the key development strategy adopted by the leading players for the growth of the Aramid Honeycomb Core Materials Market in the transportation industry
Aramid honeycomb core materials are used in interior and exterior applications of aircraft, automobiles, ships, and rails. The demand for these materials is increasing at a rapid pace, owing to their lightweight and increase in fuel efficiency of vehicles facilitated by their use. However, amidst the global COVID-19 pandemic, the demand from the aforementioned vehicle types is expected to show a sharp decline until 2021. The global aramid honeycomb core materials market in the transportation industry size is projected to grow from USD 210 million in 2020 to USD 338 million by 2025, at a CAGR of 10.0% during the forecast period.
Companies have strengthened their position in the global aramid honeycomb core materials market in the transportation industry by adopting expansions as the major strategy. From 2015 to 2020, expansion was the key strategy adopted by the market players to maintain growth in the global aramid honeycomb core materials market in the transportation industry. For instance, Plascore Inc. (US) invested USD 6 million to expand its aerospace business unit in Zeeland, Michigan, US. The company built a 73,500-square-feet addition onto its current plant, doubling the size of its facility. This expansion has helped the company to increase its production capacity at a competitive cost to meet the demand for the aramid honeycomb core materials from the aerospace customers. However, due to the outbreak of the COVID-19 pandemic, the demand for aramid honeycomb core materials from two of the major commercial aircraft manufacturers has decreased. The factors such as lockdown situation across national and international borders, closure of manufacturing facilities, disruption in the supply chain, and zero orders for new aircraft for Boeing and Airbus in January and February, respectively have resulted in a decline in the demand for aramid honeycomb core materials in the transportation industry.
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The major manufacturers profiled in this report include Hexcel Corporation (US), Euro-Composites S.A. (Luxembourg), The Gill Corporation (US), Plascore, Inc. (US), Argosy International, Inc. (US), Showa Aircraft Company Ltd. (Japan), Tasuns Composites Co. Ltd. (China), and Schutz Composite GmbH (Germany). The aramid honeycomb core materials business in the transportation industry of these companies is severely affected due to the outbreak of COVID-19 pandemic. Reduced demand from several OEMs and disruption in the supply chain have compelled the manufacturing companies to operate at partial capacities.
Related Reports:
Aramid Honeycomb Core Materials Market in the Transportation Industry by Type (Nomex, Others), Aramid Type (Meta, Para), Application (Interior, Exterior), Transportation Type (Airways, Railways, Waterways, Roadways) and Region - Global Forecast to 2025
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