Agreements & Partnerships, Expansions, Acquisitions, and New Product Launches were the Key Growth Strategies Adopted by the Leading Players in the Honeycomb Core Materials Market
A honeycomb core material comprises a sandwich structure that is covered with facings or skins. The function of the core is to provide strength without adding weight to the final components. In terms of value, the honeycomb core materials market is projected to reach USD 3.21 Billion by 2022, at a CAGR of 9.5% from 2017 to 2022.
The key players operating in the honeycomb core materials market have been increasingly adopting inorganic and organic growth strategies to strengthen their position in the honeycomb core materials market. Agreements & partnerships, expansions, acquisitions, and new product developments were among the key growth strategies adopted by the market players between January 2012 and November 2017.
For instance, Hexcel Corporation (US), one of the world’s leading manufacturers of Nomex-based honeycomb core materials, focuses on expansions and new product launches, to enhance its position in the honeycomb core materials market. In September 2017, the company launched its Acousti-Cap honeycomb at the CAMX 2017 Composites and Advanced Materials Expo in Orlando, US. This honeycomb reduces 40% acceptable noise contour of the 737 MAX engine over the legacy 737 NG, without any weight penalty. This development helped the company to broaden its product portfolio for the honeycomb core materials market. Earlier, in April 2016, Hexcel Corporation established a new manufacturing facility in Casablanca, Morocco. The new facility was established to cater to the increasing demand for honeycomb core structures. This expansion was also aimed at the aerospace industry for the manufacturing of aircraft, nacelles, and helicopter blades.
Honicel (Netherlands) is a leading company in the development, production, supply, and application of premium quality paper honeycomb and related products. With its honeycomb products, the company serves applications such as interior doors, partitions, furniture, and automotive. 60 percent of the company’s paper honeycomb production caters to the packaging industry. In 2012, Honicel and Ethiraj Timber Pvt. Ltd. (India) entered into a joint venture to set up a manufacturing unit in Chennai. The 60:40 venture had a total investment of USD 9.2 Million. This development has helped Honicel increase its production capacity of paper honeycombs in India.
The major players operating in the honeycomb core materials market include Euro-Composites (Luxembourg), Argosy International (US), Grigeo (Lithuania), Plascore (US), Tubus Baer GmbH (Germany), Corinth (Netherlands), Axxion (Netherlands), Ten Cate (Netherlands), The Gill Corporation (US), Samia Canada (US), and Corex Honeycomb (UK), among others. These companies have an established presence in the honeycomb core materials market and are continuously making efforts to improve their business strategies and product portfolios. The various key parameters, such as geographic footprints, inorganic and organic growth strategies, business revenues, and product offerings, among others, are taken into consideration by these players to remain competitive in the honeycomb core materials market.
Related Reports:
Honeycomb Core Materials Market by Type (Paper, Aluminum, Thermoplastic, Nomex), Application (Composites, Non-composites), End-use Industry (Aerospace & Defense, Packaging, Transportation, Construction & Infrastructure), Region - Global Forecast to 2022
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