Honeycomb Sandwich Material Market Overview
The Honeycomb Sandwich Material Market is expected to garner $760.1 million and register a CAGR of 10.0% during the forecast period, 2014‐2022. The honeycomb sandwich is a structure with three layers, in which a low density core is inserted between two relatively thin layers. This is done to enhance its mechanical properties and reduce weight of honeycomb sandwich materials. High strength, stiffness, corrosive resistance, and minimum raw material requirement in manufacturing are some of the characteristics of high temperature honeycomb structures.
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The key factors driving the honeycomb sandwich material market include increase in production of various aircrafts and growth in the space industry across the world. These materials are widely used in the aerospace & aircraft industry, as these provide remarkable mechanical properties. In addition, these are lightweight, thus conserving fuel and reducing the weight of the vehicle. According to the Boeing Company and Airbus Group, it is expected that 1,686 units of aircraft would be delivered worldwide by 2025. However, the market growth would be hampered in future, as it is a capital-intensive market due to its high cost of production and raw materials.
The LED displays use honeycomb panels, which makes it lighter and gives better pixel effects. There is ongoing research on manufacturing honeycomb sandwich panels using 3D printers, which is expected to boost the market upon commercialization.
This report segments the honeycomb material market on the basis of type, application, technology, and geography. On the basis of type, the industry is segmented into aluminum, stainless steel, titanium, Inconel, and others. The aluminum segment is expected to grow at a prominent CAGR of 10.2% due to its low cost as compared to other honeycomb sandwich materials, during the period, 20162022. On the basis of application, the market is classified into aerospace & aircraft, satellites, automobiles, trains, and others. The others market segment, which includes the clean room industry and marine, is expected to grow at a CAGR of 9.2% for the aforementioned period.
By technology, honeycomb sandwich material market is segmented into expansion, corrugation, molding, extrusion, and others. However, the extrusion segment is expected to grow at a CAGR of 10.5% during the forecast period. Based on geography, the market can be segmented into North America, Europe, Asia-Pacific, and LAMEA. Among the regions, LAMEA will show the highest growth rate of 12.7% during the aforementioned period.
The key market players profiled in the report are Hexcel Corporation, Pacific Panels, Inc., COREX-Honeycomb, The Gill Corporation, 3A Composites Holding AG, EconCore, Samia Canada, Inc., Liming Honeycomb Composites Co., Ltd., Guangzhou Aloya Renoxbell Aluminum Co., Ltd., Benecor, Inc., and 3M Company.
The market of aluminum honeycomb sandwich material market is driven by few factors, such as growth in automobile industry and production of aircrafts. There is a rise in demand for light weight and fuel efficient vehicles. In addition, weight plays a crucial role in the overall efficiency of aircrafts. The aluminum honeycomb sandwich material offers significant opportunities in diverse applications due to its excellent mechanical properties. As per the International Aluminum Institute, a total of 2,115 thousand metric tons of aluminum is produced worldwide in February 2016. North America was the largest producer with 344 thousand metric tons. The key market players for aluminum market include Vedanta Resources plc, Dubai Aluminum Co. Ltd., Aluminum Corp. of China Ltd., Norsk Hydro ASA, BHP Billiton Ltd., and United Co. RUSAL among others.
Top winning strategies
The leading players in the honeycomb sandwich material market have adopted two strategies to garner additional market share. The key strategies presented in this section are gathered from the press releases and annual reports of market players.
The key strategies adopted by leading players include:
Currently, the honeycomb sandwich material market is at a growing stage due to the increase in awareness of advantages with honeycomb structures, like greater strength to weight ratio, and greater corrosion resistance among others. Expansion and innovation are the key strategies adopted by large companies to acquire the emerging markets. This could be more evident from the recent expansion of Hexcel Corporation by building new engineering plant in Morocco.
Among the analyzed strategies, innovation accounted for 66.7% of all strategies. Subsequently, innovation is the second top most strategy accounted for 33.3% of overall strategies.
Key Benefits of Honeycomb Sandwich Material Market Report:
- It includes extensive analysis of the factors driving as well as restraining the market
- It provides a detailed analysis of the current market trends and future estimations to assists in identifying the prevailing market opportunities for the period, 2015‐2022.
- It offers quantitative as well as qualitative market trends to help stakeholders in understanding the market scenario.
- It includes an in-depth analysis of various segments to provide a detailed understanding of the current trends to formulate effective development strategies.
- It includes SWOT analysis which enables the study of the internal environment of the leading companies for effective strategy formulation.
Honeycomb Sandwich Material Market Segment
The market for honeycomb sandwich materials is segmented:
- Stainless Steel
- Aerospace & Aircraft
- North America