According to a new report published by Allied Market Research titled,“Honeycomb sandwich material Market by Type, and End-Use Industry: Opportunity Analysis and Industry Forecast, 2019–2026,” the Global Honeycomb sandwich material market was valued at $1.3 billion in 2019 and is anticipated to generate $2.1 billion by 2027. The market is projected to experience growth at a CAGR of 6.2% from 2020 to 2027.
Honeycomb sandwich is a structure with three layers, which offers high strength, stiffness, corrosive resistance, minimum raw material requirement.
Increase in space and aviation activities across the world drives the market growth. These materials are widely used in the construction, automotive, and marine industries, as these provide remarkable mechanical properties and are lightweight, thus conserving fuel and reducing the weight of the marine vehicle. However, capital-intensive nature due to high cost of production and raw materials hampers the growth of the honeycomb sandwich material market. Meanwhile, 3D printing of honeycomb panels is expected to provide lucrative opportunities to the honeycomb material manufacturers.
The honeycomb sandwich material market is segmented into material type, application, technology, and region. By material type, the aluminum segment dominated the market share amongst aluminum, steel, composite, titanium, Inconel, and others. The composite segment is the fastest growing segment. On basis of application, the aerospace segment holds the largest market share amongst aerospace, automotive, marine, locomotive, construction, and others. The automotive segment is anticipated to grow at the fastest pace during the forecast period. By technology, the expansion segment dominates the market and is projected to remain dominant throughout the forecast period. Region wise, North America dominated the market share. However, Asia-Pacific is expected to be fastest growing during the forecast period.
The key players operating in the honeycomb sandwich material market are Benecor Inc., Encore N.V., Encocam Ltd., Hexcel Corporation, Honeylite, Foshan Liming, Pacific Panels, Samia, Gill Corporation, and Schweiter Technologies. The players in the market have adopted several strategies to sustain the market competition such as collaboration, joint venture, partnership, and new product launch.
Key findings of the study
- Global honeycomb sandwich material market size is provided in terms of revenue
- By region, India is projected to grow at the highest CAGR of approximately 7.8%, in terms of revenue, during the forecast period.
- By application, the automotive segment is anticipated to grow with CAGR 6.8%, in terms of revenue, during the forecast period.
- By region, the U.S. and Germany dominated the market with a revenue share of over 26.5% and 6.8% respectivelyin 2019.
- A comprehensive analysis of the factors that drive and restrain the honeycomb sandwich material market growth is provided
- The qualitative data in this report aims at the honeycomb sandwich material market trends, dynamics, and developments in the honeycomb sandwich material industry
- The honeycomb sandwich material market forecast and estimations are based on factors impacting the market growth