Honeycomb Core Materials Market By Type (Aluminum Core, Aramid Core, Paper, Thermoplastic, Others), By End Use Industry (Packaging, Aerospace and Defense, Construction and Infrastructure, Automotive, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
The honeycomb core materials market was valued at $2.5 billion in 2022, and is estimated to reach $5.2 billion by 2032, growing at a CAGR of 7.8% from 2023 to 2032.
Honeycomb core materials are a type of lightweight and high-strength material used in various industries for structural applications. They consist of a series of hollow, hexagonal cells, similar to a honeycomb structure, which are sandwiched between two thin outer layers, typically referred to as face sheets or skins.
Exponential growth in population has led to rapid urbanization in both developed and developing countries, such as the U.S., China, and India. This has increased the government spending on the building & construction sector to develop various upcoming infrastructure projects. For instance, according to a report published by the National Investment Promotion and Facilitation Agency in My 2021, infrastructure activities accounted for 13% share of the total foreign direct investment (FDI) inflows in 2021. Furthermore, the rapid development of water supply, sanitation, urban transport, schools, and healthcare is aiding the growth of the building & construction sector, which, in turn, is expected to boost the demand for honeycomb core materials. This is attributed to the fact that these materials serve as a suitable insulating material. In addition, it is resistant to corrosion and has an exceptional strength-to-weight ratio, high toughness, and fire and fungus resistance, which have made consumers more linear toward using honeycomb core materials for the acoustic and rot-proof base layer of walls and roofs. Thus, the expansion of the building & construction sector notably fuels the demand for honeycomb core materials.
The absorbance of water and moisture by open cell structures and the structural limitations of honeycomb core materials are expected to hamper the growth of the honeycomb core materials market. In addition, aluminum-based honeycomb core materials are expensive and have poor plasticity due to which several key players are using substitutes for honeycomb core materials. For instance, Sing high-pressure laminate sandwich core is used as alternative to aluminum-based honeycomb as it is ecofriendly, insulated, exhibits high strength to weight ratio, and is wrap free. Furthermore, honeycomb core shapes are difficult to mold and difficult to manufacture, which are computationally expensive. Therefore, the core material may be replaced by a simple equivalent volume having elastic orthotropic properties. These factors are expected to restrain the market growth.
The aerospace industry is the fastest growing sector globally owing to rise in demand for air tourism, advancement in technology, and international trade promotion. Moreover, emerging economies have enhanced the overall performance of the aerospace industry in both developed and developing countries such as the US, China, and India. Aluminum-based honeycomb core materials are an ideal source of strength and have the ability to work under high wind pressure atmosphere. Thus, aluminum-based honeycomb sandwich structures are used on aircraft flight control surfaces that include aileron, rudder, spoiler, and flap. These factors are responsible for the growing demand for honeycomb core materials in the aerospace sector. In addition, the aerospace industry helps in escalating the economy of developed and developing countries. For instance, according to an article published by the International Air Transport Association (IATA) in December 2022, in 2023, the airline industry is expected to tip into profitability. Airlines are anticipated to earn a global net profit of $4.7 billion on revenues of $779 billion. These factors will boost the demand for honeycomb core materials in the aerospace industry, which is likely to create lucrative opportunities for the expansion of the global market during the forecast period.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the honeycomb core materials market analysis from 2022 to 2032 to identify the prevailing honeycomb core materials market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the honeycomb core materials market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global honeycomb core materials market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy TypeAluminum Core
Type
3000 Series Aluminum core
5000 Series Aluminum core
5000 Series Aluminum PAA core
Aramid Core
Type
Meta aramid core
Para aramid core
Paper
Thermoplastic
Others
By End Use IndustryPackaging
Aerospace and Defense
Construction and Infrastructure
Automotive
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
France
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
Argosy International
Corex Honeycomb
Euro-Composites
fabrinox
Hexcel Corporation
Honylite
Plascore
RelCore Composites Inc.
Schtz GmbH & Co. KGaA
Showa Aircraft Industry Co., Ltd
TCCORE APPLIED HONEYCOMB TECHNOLOGY CO., LTD.
The Gill Corporation
Toray Advanced Composites
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