High-Temperature Honeycomb Sandwich Materials Market Expected to Reach $1.0 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “High-Temperature Honeycomb Sandwich Materials Market," The high-temperature honeycomb sandwich materials market was valued at $0.4 billion in 2020, and is estimated to reach $1.0 billion by 2030, growing at a CAGR of 10.5% from 2021 to 2030.

Honeycomb sandwich structure combines bending strength with low weight and high flexural rigidity. High temperature honeycomb sandwich material is a special type of composite. This lightweight structural material has the characteristics of optimal specific strength, maximum fatigue resistance, smooth surface, and specific stiffness. It is widely used in the aerospace, aircraft, and satellite industry.

Metallic honeycomb is used in aircraft gas turbine engine high temperature seals. Presently, nickel-based superalloys such as Hastelloy X, Haynes 214, and Nimonic alloys are used as honeycomb seals in high temperature gas turbines. Hastelloy X operates till 950°C in a gas turbine seal and Haynes 214 has an operating capacity till 1200°C. A gas turbine is an expensive machine and hence, the use of honeycomb seals efficiently uses it at low cost. The factor that is helping the growth of the gas turbine market is the demand for electricity and power. As metallic honeycomb is used in temperature seals in gas turbine engines, the growth of high-temperature honeycomb is directly related to the growth of gas turbine engines. High capital investment is expected to limit the growth of the market during the forecast period. High temperature honeycomb is expected to provide lucrative opportunities to grow along with the growth of aerospace industry. Moreover, the honeycomb market is directly related to the growth of defense aircraft due to the fact that many countries expand their military strength .

The high temperature honeycomb sandwich materials market is segmented on the basis of type, application, technology, and region. By type, the stainless steel segment is expected to have a market share of 40.9% in 2020 and is projected to grow at a CAGR of 11.4% over the forecast period. Factors that drive the market for stainless steel  segment are the diverse use of stainless steel in car engines, exhaust systems, and electronic devices. In airplanes, turbofan engines are used along with a fan mounted in the compressor end. High pressure air from the fan is ducted, and pressure is collapsed at an operating temperature of 1000 °F. A stainless steel honeycomb is used for this purpose which results in substantial savings in weight and no loss in performance.

By application, the aerospace & aircraft segment dominated the global market with a share of 73.4% in 2020, and is expected to provide lucrative growth opportunities during the forecast period and is expected to grow with a CAGR of 10.0%. Honeycomb cores are used in aircraft since the 1940s to reduce weight and increase payload and flight distance. Since 2000, every aircraft, whether commercial or military used honeycomb cores.

By technology, the expansion segment is expected to have a market share of 58.7% in 2020 and is projected to grow at a CAGR of 9.7% over the forecast period. Expansion is the technology for manufacturing high temperature honeycomb sandwich materials in the low-density range.

Region wise, North America dominated the global market with a market share of 42.5% in 2020. In the U.S., high temperature honeycomb sandwich structures are widely used in the applications of aerospace & aircraft, satellites, and gas turbines.

The key players operating in the global high temperature honeycomb sandwich materials market include Corex Honeycomb, Eco Earth Solutions, EconCore N.V., Hexcel Corporation, Honylite Private Limited, Pacific Panels, Plascore Inc., Schutz GmbH & co., KGaA, The Gill Corporation, and Ulbrich Stainless Steels and Special Metals Inc.

KEY FINDINGS OF STUDY

• By type, stainless steel is anticipated to be the fastest-growing type segment in terms of value, growing at a CAGR of 11.4%, throughout 2021–2030.
• By application, the aerospace & aircraft segment emerged as the global leader by acquiring around 73.4% market share in 2020 in terms of revenue and is anticipated to show a significant growth rate over the forecast period.
• Region-wise, North America is the major consumer of high temperature honeycomb sandwich materials among other regions. It accounted for around 42.5% of the global market share in 2020, and Asia-Pacific is expected to show a lucrative growth rate over the forecast period.

COVID-19 Impact on Market

• During the COVID-19 pandemic, the high temperature honeycomb sandwich materials market was impacted in terms of distribution and logistics, due to lockdown across the globe. High temperature honeycomb sandwich materials production and distribution came to a halt because of the economic downturn due to the pandemic.
• The COVID-19 pandemic disrupted the aerospace & aircraft  and automobile industries, resulting in reduced usage of high temperature honeycomb sandwich materials in these industries.
• The global COVID-19 pandemic hindered inter-country activity and import & export of high temperature honeycomb sandwich materials, due to varied economic and legal limitations globally. As a result, the high temperature honeycomb sandwich materials market was impacted moderately in 2020. However, by the beginning of 2021, all the industries started their operation, due to which the demand for high temperature honeycomb sandwich materials improved in the aerospace & aircraft and automobile industries.