The market for honeycomb sandwich panels is expected to grow at a CAGR of less than 10% during the forecast period. Major factors driving the market studied are increasing demand for lightweight materials in aircraft manufacturing, growing demand for reducing weight in rail vehicles.
- The higher cost of the products is expected to hinder the market.
- Asia-Pacific dominated the market across the globe with the largest consumption in country such as China, India, etc.
Key Market Trends
Healthy Demand from Aerospace and Defense
- Aerospace & defense is expected to be the largest market for the honeycomb sandwich panels during to forecast period, owing to the high demand for lightweight materials.
- Honeycomb sandwich panels played a major role in the reduction of in both structural applications and components in aircraft.
- The global aerospace industry is growing at a higher rate. Additionally, many countries have increased their investments in new technologies.
- The aerospace industry is growing at a steady rate, with the global aircraft fleet expected to grow by 3.4% (as shown in the following graph) and the air traffic to grow by around 4.6% between 2019 and 2038, according to the estimates provided by Boeing. Asia-Pacific and Middle East & Africa are expected to witness rapid expansion in the aviation sector, owing to the rising consumer incomes and investments in transportation infrastructure, in the near future.
- As the sector is growing, the demand for honeycomb sandwich panels is expected to grow during the forecast period.
North America to Dominate the Market
- North America holds the highest market share for honeycomb sandwich panels in 2017. The demand is mainly due to the growing end-user industries in the region, such as aerospace & defense, and construction.
- The United States aerospace sector is the largest in the world and according to the Federal Aviation Administration (FAA), the total commercial aircraft fleet is expected to reach more than 8,000 in 2038, owing to the growth in air cargo.
- Furthermore, the huge sized construction industry is also instrumental in creating a significant demand for silicate coatings in the United States. The U.S. construction industry is among the world’s largest, with annual expenditures of over USD 1,294 billion in 2018.The construction industry has shown steady growth over 2019 and this is projected to continue at a rate of 4.5% through 2020.
- The booming manufacturing of commercial and passenger aircraft along with the consistently growing exports of aircraft, construction industry, among others is expected to boost the demand for honeycomb sandwich panels during the forecast period.
The honeycomb sandwich panels market is fragmented. Some of the major players include Hexcel Corporation, The Gill Corporation, Corex Honeycomb, EconCore, and Liming Honeycomb Composites Co., Ltd., among others.
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