Newark, Feb. 14, 2023 (GLOBE NEWSWIRE) -- The honeycomb sandwich material market was estimated at around USD 1.38 billion in 2021, growing at a CAGR of nearly 6.6% during 2022-2030. The market is projected to reach approximately USD 2.46 billion by 2030.
Natural or artificial structures with a honeycomb-like form allow for the minimization of the quantity of material utilized to achieve minimal weight and minimal material cost. Although the geometry of honeycomb structures can vary greatly, all such structures share the feature of an array of hollow cells produced between thin vertical walls. The cells frequently have columnar and hexagonal shapes. A material having a honeycomb-shaped structure has low density, strong out-of-plane compression properties, and low out-of-plane shear properties. A honeycomb material is typically layered between two thin layers that offer tension strength to create artificial honeycomb structural elements. This results in an assemblage that resembles a plate. Due to their high Specific strength, honeycomb materials are frequently utilized to create flat or slightly curved surfaces. Because of this, honeycomb materials in fiberglass, aluminum, and advanced composite materials are widely used in the aerospace sector and have been present in rockets and aircraft since the 1950s. They can also be found in a wide range of other industries, including packaging products like paper-based honeycomb cardboard and recreational items like skis and snowboards.
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Growth Factors
One of the major reasons positively affecting the demand for honeycomb sandwich materials globally is the rise in investments in satellite manufacturing, combined with the expansion of aircraft production. Additionally, the market is developing due to their growing use in the automotive and other end-use industries due to their lightweight quality, which further aids in fuel efficiency. In addition, the rising need for long-lasting and environmentally friendly packaging solutions is propelling the market's expansion.
The main market for sandwich material made of honeycomb is the aerospace industry. It is becoming standard practice to use honeycomb sandwich material for crucial substructures in rockets, aero planes, jet engines, and propellers, as well as in structures similar to those found in non-aerospace applications. In the near future, the honeycomb sandwich material market will be driven by the aerospace sector. As a result of its high stiffness and minimal weight requirements, honeycomb sandwich materials are utilized to make satellite paneling. Commercial applications now have a higher demand for satellite networks and services. Growth prospects are also being created by the expanding dual-use of commercial satellite platforms for military and civic reasons. The market for honeycomb sandwiches is expected to expand as a result of such improvements.
A three-layer construction called a honeycomb sandwich has a low-density core sandwiched between two relatively thin layers. This arrangement improves the structure's mechanical qualities while also lightening the sandwich's weight. High-temperature honeycomb structures provide a number of advantages, including high stiffness, corrosion resistance, strength, and minimal raw material requirements for manufacturing. A rise in aircraft production across the board and expansion of the space sector globally are two major factors influencing the honeycomb sandwich material market. As they have exceptional mechanical qualities and are lightweight, honeycomb sandwich materials are frequently employed in the aerospace and aircraft industries. This helps vehicles burn less fuel and weigh less overall.
Segmental Overview
The market for honeycomb sandwich materials is split into types and applications. The type predicts that aluminum segment will grow at the fastest rate. This is brought on by a variety of factors, including as the growth of the auto industry, the manufacture of aircraft, and the increasing acceptance of lightweight and fuel-efficient cars. Weight also plays a big part in how effective an aircraft is in general. Due to its high mechanical qualities, aluminum honeycomb sandwich material offers significant potential in a variety of applications.
Throughout the projected period, aerospace segment is expected to increase at the quickest rate. This is brought on by its high strength-to-weight ratio and high stiffness-to-weight ratio. Due to driving factors such expenditures in satellite manufacturing along with rising aircraft production, the market for honeycomb sandwich materials is expected to expand globally over the forecast period.
Regional Overview
In the honeycomb sandwich material market, North America represented the largest market share of the whole market. This is explained by the increase in the use of satellites, commercial and military aero planes, cars, and trains in these areas, which has led to an increase in the demand for honeycomb sandwiches. The presence of major companies like Encocam Ltd. and Honeylite will accelerate market expansion by incorporating technical improvements into the product line-up. Market expansion would be expanded throughout the region if businesses invested more money in R&D.
It is projected that Asia Pacific would become the region of the global market with the fastest rate of growth. The rise in auto production is too accountable for the expansion of honeycomb sandwich materials. One of the main factors driving the growth of this material's volume in this area is the rise in vehicle manufacture.
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Report Scope
| Base Year | 2021 |
| Forecast period | 2022-2030 |
| Report Coverage | Revenue estimation and forecast, company profile, competitive landscape, growth factors, and recent trends |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
| Market Size(unit) | USD Billion |
| Honeycomb Sandwich Material Market CAGR | 6.6% |
| Segments Covered | By Type By Application |
List of the prominent players in the Global Honeycomb Sandwich Material market:
• Benecor Inc.
• Encore N.V.
• Samia
• Gill Corporation
• Schweiter Technologies
• Honeylite
• Foshan Liming
• Pacific Panels
• Encocam Ltd.
• Hexcel Corporation
The global Honeycomb Sandwich Material market is segmented as follows:
By Type
• Aluminum
• Steel
• Composites
• Titanium
• Inconel
• Others
By Application
• Aerospace
• Automotive
• Marine
• Locomotive
• Construction
• Others
By Region/Geography
• North America
o The U.S.
o Canada
o Mexico
• Europe
o France
o The UK
o Spain
o Germany
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Australia
o South Korea
o Rest of Asia Pacific
• The Middle East & Africa
o Saudi Arabia
o UAE
o Egypt
o Kuwait
o South Africa
o Rest of the Middle East & Africa
• Latin America
o Brazil
o Argentina
o Rest of Latin America
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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