The new report by Expert Market Research titled, ‘Global Honeycomb Core Materials Market Report, Size, Share, Trends and Forecast 2023-2028’, gives an in-depth analysis of the global honeycomb core materials market, assessing the market based on its segments like product, application, end use, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 2.69 Billion
- Forecast CAGR (2023-2028): 22%
- Forecast Market Size (2026): USD 5.05 Billion
The global honeycomb core materials industry is expected to expand at a rapid rate in the coming years, driven by increased demand for lightweight, high-strength materials across a variety of end-use industries, including aerospace and defence, automotive, and building and construction. Growing product utilisation in the manufacturing of ‘honeycomb sandwich structured panels’ is further expected to boost the market growth over the forecast period. The building and construction sector is generating a healthy demand for honeycomb core materials. The product is finding growing acceptance as a backing material to provide a flat, stiff, stable structure metal, glass, stone, and other such decorative surfaces. Furthermore, the product is being used as a component in a variety of applications such as wall cladding, ceilings, and canopies, and other interior materials to reduce the weight of the overall structure. The increasing use of honeycomb core materials owing to their mechanical strength and dimensional accuracy in the aerospace industry is invigorating the market growth.
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Industry Definition and Major Segments
The honeycomb core material is a man-made structure that has a honeycomb-like geometry. Honeycomb core materials have a layer of hexagonal hollow cells sandwiched between thin vertical walls composed of cardboard, paper, or metal sheets as a basic structure. It provides for a reduction in the amount of material needed and makes the building lighter. It is also cost effective. The honeycomb core material gives the construction outstanding strength and rigidity. Honeycomb core materials are in high demand in a variety of industries due to its high strength, stiffness, and low weight.
The major products of honeycomb core materials are:
The market can be broadly categorised on the basis of its applications into:
- Composites
- Non-Composites
- Aluminium
- Thermoplastic
- Others
Based on the end use, the market is divided into:
- Aerospace and Defence
- Automotive
- Packaging
- Construction and Infrastructure
- Others
On the basis of region, the industry is divided into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
Honeycomb core materials are in high demand in a variety of industries due to its high strength, stiffness, and low weight, which is expected to boost the demand for honeycomb core materials. Honeycomb panels are being used in the sector as a result of a growing focus on fuel efficiency, which is expected to boost the honeycomb core materials industry’s growth in the forecast term. Honeycomb core materials are becoming more popular as the demand for ecological and biodegradable packaging materials grows. Honeycombs are a good material for use in protective packaging, pallets, and package filler because of their low cost and high strength. Honeycomb packaging is utilised in a variety of industries, including transportation and furniture, to provide increased product protection while increasing energy efficiency, boosting the honeycomb core materials industry’s growth.
Key Market Players
The major players in the market are Hexcel Corporation, Argosy International Inc., Honicel Nederland B.V., Euro-Composites Group, and Schütz GmbH & Co. KGaA, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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