New York, USA, July 19, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global superalloy honeycomb materials market is anticipated to generate a revenue of $26,38,497.50 thousand and rise at a noteworthy CAGR of 8.0% during the forecast period from 2021 to 2028.
Factors Impacting the Superalloy Honeycomb Materials Market
As per our analysts, with the increasing aerospace and defense activities such as the growing demand for larger commercial and advanced military aircraft all across the globe, the superalloy honeycomb materials market growth is expected to fortify during the estimated timeframe. Moreover, the growing investments in the electric vertical take-off and landing (eVTOL) aircraft is expected to foster the growth of the market over the analysis period. However, the high cost of base materials used for developing superalloys may impede the growth of the market during the forecast period.
Segments of the Superalloy Honeycomb Materials Market
The report has divided the market into segments based on material type, application, and region.
Material Type: Nickel Sub-Segment to be Most Productive
The nickel sub-segment is predicted to generate a revenue of $20,09,151.00 thousand during the analysis period. This is mainly because nickel materials possess superior mechanical properties such as high thermal resistance, corona resistance, and many more. Moreover, nickel superalloys are cost-effective and resistant to many chemical solvents, which is the factor expected to uplift the growth of the market sub-segment over the estimated period.
Application: Aerospace & Defense Sub-Segment to be Most Profitable
The aerospace and defense sub-segment is expected to garner a revenue of $13,30,465.70 thousand over the analysis period. This is mainly due to the increasing investment by governments in space exploration. Furthermore, the growing emphasis on satellite broadband, high-speed product delivery, and increasing interest in human travel to space are the factors predicted to fuel the growth of the market sub-segment during the forecast period.
Region: North America Region to Hold the Maximum Share of the Market
The North America region of the superalloy honeycomb materials market is expected to generate a revenue of $9,34,028.10 thousand and rise at a CAGR of 7.4% during the analysis timeframe. This is majorly due to the growing investments in the aerospace and defense industry in this region. Moreover, the increasing investments in the development of electric vehicles and the growing use of superalloys in manufacturing turbochargers in this region is predicted to drive the regional growth of the market throughout the forecast period.
Covid-19 Impact on the Superalloy Honeycomb Materials Market
The outbreak of the novel coronavirus has badly impacted the growth of the superalloy honeycomb materials market. The necessary actions taken by the government of many nations to control the spread of the virus have limited the workforce and disrupted the production and supply chain of aircraft products. Moreover, the restrictions on travel have resulted in the postponement of the delivery of new products. This has further plummeted the demand for spare parts and maintenance of aircraft. All these factors have declined the growth of the market during the pandemic period.
Key Players of the Superalloy Honeycomb Materials Market
The major players of the superalloy honeycomb materials market include
- Hi Tech Honeycomb
- AMETEK Inc.
- Indy Honeycomb
- HAYNES INTERNATIONAL
- Quality Honeycomb
- OC Oerlikon Management AG
- JSC ROTEC
- Chromalloy Gas Turbine LLC
- Howmet Aerospace
- Allegheny Technologies Incorporated (ATI)
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to obtain a leading position in the global industry.
In addition, the report also summarizes other crucial aspects including product portfolio, the financial performance of the key players, SWOT analysis, and the latest strategic developments.
Region: North America Region has a lucrative growth rate (Avail Customization)
More about Superalloy Honeycomb Materials Market:
- What are Superalloy Honeycombs and Why are They in the News?
- Growing Aerospace & Defense Activities to Propel the Growth of the Global Superalloy Honeycomb Materials Market by 2028
