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.
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.
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In 2015 and early 2016, a lot of capacity expansions in the Nomex honeycomb market were undertaken by key players to strengthen their market position. Also, in the 2014, a substantial number of agreements between Nomex honeycomb manufacturers and distributors were announced and signed. Expansions were the key strategies adopted by the manufacturers for maintaining growth in the Nomex honeycomb market.
Nomex honeycomb manufacturers worldwide are making strategic involvements with other key players to broaden their market and explore new opportunities in the Nomex honeycomb market. North America has the largest market share in the global Nomex honeycomb market and also offers growth opportunities in new areas such as aerospace & defense and transportation applications.
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. The development will enhance the honeycomb market and help accommodate the increasing demand for Nomex honeycomb. This capacity expansion will provide a competitive edge to the company and improve its market position.
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.