Honeycomb Sandwich Material Market Outlook - 2027
The global honeycomb sandwich material market size was valued at $1.3 billion in 2019 and is anticipated to generate $2.1 billion by 2027. The market is projected to experience growth at a CAGR of 6.2% from 2020 to 2027.
Honeycomb sandwich is a structure with three layers, in which a low-density core is inserted between two relatively thin layers for enhancing its mechanical properties and reducing its weight. High strength, stiffness, corrosive resistance, and minimum raw material requirement in manufacturing are some of the characteristics of high temperature honeycomb structures.
The key factors driving the growth of the honeycomb sandwich material market include increase in production of various aircrafts and growth in the space industry across the world. Honeycomb sandwich materials are widely used in the aircraft & space industries, as these provide remarkable mechanical properties and are lightweight, thus conserving fuel and reducing the weight of the vehicle. However, capital-intensive nature of market characterized by high cost of production and raw materials is expected to hamper the growth of the market. Meanwhile, 3D printing of honeycomb panels is anticipated to provide lucrative opportunities to the honeycomb material manufacturers.
The honeycomb sandwich material market is segmented into material type, application, technology, and region. By material type, the market is divided into aluminum, steel, composites, titanium, Inconel, and others. Depending on application, the market is categorized into aerospace, automotive, marine, locomotive, construction, and others. By technology, it is classified into expansion, corrugation, molding, extrusion, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa).
The key players operating in the honeycomb sandwich material market are Benecor Inc., Encore N.V., Encocam Ltd., Hexcel Corporation, Honeylite, Foshan Liming, Pacific Panels, Samia, Gill Corporation, and Schweiter Technologies. The players in the market have adopted several strategies to sustain the market competition.
Honeycomb Sandwich Material Market, by Material Type
By material type, the aluminum segment dominated the market share as it is abundantly available and has low cost. Meanwhile, the composite segment is the fastest growing segment owing to its enhanced properties such as high strength, low cost, and easy to mold.
By Material Type
Composite segment is projected as the most lucrative segment.
Honeycomb Sandwich Material Market, by Application
On basis of application, the aerospace segment holds the largest market share due to high stiffness to weight and high strength-to-weight ratio. The automotive segment is anticipated to grow at the fastest pace during the forecast period owing to its superior performance in driving dynamics, vehicle agility, reduced carbon dioxide emission, and efficient fuel consumption.
By Application
Automotive is projected as the most lucrative segment.
Honeycomb Sandwich Material Market, by Technology
By technology, the expansion segment dominates the market and is projected to remain dominant throughout the forecast period owing to ease in cutting and stacking of honeycomb sandwich material.
By Technology
Expansion is projected as the most lucrative segment.
Honeycomb Sandwich Material Market, by Region
Region wise, North America dominated the market share owing to huge market for applications in aerospace & aircraft, satellites, and gas turbines. However, Asia-Pacific is expected to be fastest growing during the forecast period owing to growth in the aerospace & defense industry especially from emerging economies such as China and India.
By Region
Asia-Pacific is projected as the most lucrative market.
Key Benefits For Stakeholders
- The report provides an in-depth analysis and honeycomb sandwich material market forecast along with the current and future market trends
- This report highlights the key drivers, opportunities, and restraints of the honeycomb sandwich material market along with the impact analyses during the forecast period
- Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the honeycomb sandwich material industry for strategy building
- A comprehensive analysis of the factors that drive and restrain the honeycomb sandwich material market growth is provided
- The qualitative data in this report aims on honeycomb sandwich material market trends, dynamics, and developments
- The honeycomb sandwich material market size is provided in terms of revenue
- The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable honeycomb sandwich material market share
Honeycomb Sandwich Material Market Report Highlights
| Aspects | Details |
 By Material |
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 By Application |
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 By Technology |
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 By Region |
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 Key Market Players | Hexcel Corporation, The Gill Corporation, Schweiter Technologies, Pacific Panels Inc., Encocam Ltd., EconCore N.V., HONYLITE PVT.LTD., Foshan Liming Honeycomb Composite Material Co. Ltd., Benecor Inc., Samia Canada Inc. |
Analyst Review
The honeycomb sandwich material market is consolidated in nature and has presence of big corporations like Benecor Inc., Encore N.V., Encocam Ltd., Hexcel Corporation, Honeylite, Foshan Liming, Pacific Panels, Samia, Gill Corporation, and Schweiter Technologies operating in the industry. The market growth is attributed to the economic growth of Asia-Pacific region which fosters the growth of the manufacturing sector leading to immense growth of automotive, locomotive, and aerospace industries, which are the major consumers of honeycomb sandwich material. Moreover, increase in investment in the marine industry in Asia-Pacific especially in India and China boosts the consumption of honeycomb sandwich material. Furthermore, aerospace and automotive segments accounted for the major market share, and are expected to continue their dominance. In-addition, the increase in investment by the global space agencies for development of satellites further drives the market growth. Ease of honeycomb sandwich manufacturing using 3D printing technology offers lucrative opportunities for industry growth.However, high production cost may hamper the growth for honeycomb sandwich material industry.
The total market value of Honeycomb Sandwich Materials Market in 2019 was $1.3 billion which expected to reach $2.1 billion by 2027.
The CAGR of Honeycomb Sandwich Materials Market is 6.2%
Increase in production of various aircrafts and growth in the space industry across the world. Applications in the aircraft and space industries, as these provide remarkable mechanical properties and are lightweight, thus conserving fuel and reducing the weight of the vehicle. 3D printing of honeycomb panels also offers growth opportunities.
The applications of honeycomb sandwich material are in defense, commercial aerospace, general aviation, helicopter, regional jet,floors, sunroof shades, truck caps, headliners, and catalytic converters, and others.
Automotive manufacturers, aircraft part manufacturers, space vehicle parts and satellite manufacturers, gas turbine manufacturer, builders and constructors, and others.
U.S., China, and India will provide more business opportunities for Honeycomb Sandwich Materials Market in coming years.
Benecor Inc., Encore N.V., Encocam Ltd., Hexcel Corporation, Honeylite, Foshan Liming, Pacific Panels, Samia, Gill Corporation, and Schweiter Technologiesare the leading players in Honeycomb Sandwich Materials Market.
Aerospace segments holds the maximum market share by application, whereas aluminum segment dominates the market by material type.
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