According to a new report published by Allied Market Research titled, “Superalloy Honeycomb Materials Market by Material Type and Application: Opportunity Analysis and Industry Forecast, 2020–2027,” the Global Superalloy honeycomb materials market size was valued at $1.4 billion in 2019 and is anticipated to generate $2.4 billion by 2027. The market is projected to experience growth at a CAGR of 7.6% from 2020 to 2027.
Honeycomb sandwich is a structure with three layers, which offers high strength, stiffness, corrosive resistance, and 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 they 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 global superalloy honeycomb materials market is segmented based on type of coatings, type of material type, application, and region. Based on material type, the market is bifurcated into nickel, stainless steel, and others. Stainless steel segment is expected to grow at higher CAGR during the forecast period stability when exposed to harsh thermal, chemical. Based on application, the market is divided into aerospace & defense, automotive, power, and others. Aerospace & defense segment dominates the market share followed by power and automotive. Region-wise, superalloy honeycomb materials market analysis is done across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa). The superalloys honeycomb material market was dominated by North America in 2019, while Asia-Pacific is expected to grow at a higher CAGR, owing to high demand from emerging economies. Asia-Pacific is an emerging region in the superalloys honeycomb material market, owing to the demand from economies in the region such as China, India, Australia, and South Korea.
The key players operating in the superalloy honeycomb materials market are Oerlikon Metco, Haynes International, Rotec, Hamilton Precision Metals (Ametek), Hi Tech Honeycomb, Quality Honeycomb, Allegheny Technologies, Inc., Chromalloy Gas Turbine, LLC, Forged Solutions Group, Indy Honeycomb, Ander Beijing, and Howmet Aerospace, Inc. The players in the market have adopted several strategies to sustain the market competition. The market players are also investing largely into R&D activities for the same owing to COVID-19 outbreak that has driven the demand for such coatings.
Since the outbreak, there has been disruptions in value chains of all sectors. The nationwide lockdowns halted further production operations. Many automotive giants as well as aerospace giants halted operations to adhere to lockdown guidelines. Although the operations have resumed with limited workforce and stricter guidelines, the disruption in demand and supply chain impacts the market growth.
Key findings of the study
- Global superalloy honeycomb materials market size is provided in terms of revenue
- Stainless steel is projected to grow at the highest CAGR of approximately 9.4%, in terms of revenue, during the forecast period
- By Application, the automotive segment is anticipated to grow with CAGR 8.9%, in terms of revenue, during the forecast period
- The U.S. and China dominated the market with a revenue share of over 24.8% and 8.1% in 2019
- A comprehensive analysis of the factors that drive and restrain the superalloy honeycomb materials market growth is provided
- The qualitative data in this report aims at the superalloy honeycomb materials market trends, dynamics, and developments in the superalloy honeycomb materials industry
- The superalloy honeycomb materials market forecast and estimations are based on factors impacting the market growth