Honeycomb Sandwich Material Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $760.1 million by the year 2022, registering a CAGR of 10.0% during the period 2016 - 2022. The global demand for honeycomb sandwich materials has gained traction owing to its superior mechanical performance and lightweight property. Among the type of materials used for honeycomb structures, aluminum segment accounted for over one-third of the overall market in 2015, owing to its low cost and high tensile strength.
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Honeycomb sandwich is used specifically in applications that involve high strength-to-weight ratio, high stiffness-to-weight ratio, and corrosion resistance. These materials are applicable in aerospace & aircraft, automotive, satellites, trains, and others including clean room industry and marine sectors. In the year 2015, the honeycomb sandwich materials market witnessed significant growth and is expected to maintain this trend during the forecast period due to its growing demand in the aforementioned industries. The key factors that drive the honeycomb market are increase in production of aircrafts and heavy investments in satellite manufacturing globally. However, honeycomb sandwich materials market is capital-intensive, which limits its consumption in end use applications, namely consumer electronics and automotive industries.
Expansion technique accounted for the majority share in 2015 and is expected to maintain its dominance from 2016 to 2022. However, extrusion technique is expected to grow with the highest CAGR of 10.5% from 2016 to 2022.
Key Findings of Honeycomb Sandwich Materials Market
- North America is expected to continue dominating honeycomb sandwich materials market, accounting for more than two-fifths of the market size by 2022.
- Aluminum honeycomb sandwich material segment accounted for the largest share in 2015.
- Rail application segment is expected to grow at the highest CAGR of 13.8% during the forecast period.
- Expansion technique, among the honeycomb panel manufacturing technologies, accounted for the highest share in 2015.
- LAMEA is expected to be the fastest growing region during the forecast period.
North America and Europe collectively accounted for about 70% share of the globalhoneycomb sandwich materials market in 2015, and is expected to maintain its dominance throughout the forecast period. This is attributed to the rise in the applications of satellites, commercial and defense aircrafts, automobiles, and trains in these regions, thereby increasing the demand for honeycomb sandwich. However, LAMEA is projected to be the fastest growing segment due to growing investments in the aircraft and satellite manufacturing industry.
The key players profiled in this 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.
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