The global honeycomb sandwich material market size reached US$ 1.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.1 Billion by 2028, exhibiting a growth rate (CAGR) of 4% during 2023-2028.
Honeycomb sandwich is a structure used in automobile, space structures and aircraft flight control surfaces, such as aileron, spoiler, rudder, and flap. It is made using three layers wherein a low-density core is inserted between two relatively thin layers for reducing its weight and improving its mechanical properties. As it offers high strength, stiffness, and corrosive resistance, there is a rise in the adoption of these materials across the globe.
Honeycomb Sandwich Material Market Trends:
Increasing investments in satellite manufacturing, along with the growing production of aircraft, represents one of the key factors positively influencing the demand for honeycomb sandwich materials around the world. Moreover, their expanding application in the automotive and other end-use industries due to the lightweight attribute, which further helps in improving fuel efficiency, is strengthening the growth of the market. Apart from this, the escalating demand for durable and environment-friendly packaging solutions is also impelling the market growth. Furthermore, due to the coronavirus disease (COVID-19) outbreak and consequent implementation of lockdown restrictions, the manufacturing sector experienced a negative impact. This can be accredited to the complete shutdown of the manufacturing units of different industry verticals and hindrances caused in the distribution channel worldwide. As the sector plays a pivotal role in the economy of a country, governments of numerous countries are coming up to provide support. This, coupled with the rising development of new products, increasing supply agreements with other companies and acquisition of smaller companies by several players, is creating a positive outlook for the market. In addition, the rising usage of 3D printing to manufacture honeycomb panels is anticipated to fuel the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global honeycomb sandwich material market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on material type, technology and application.
Breakup by Material Type:
Breakup by Technology:
Breakup by Application:
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being 3M Company, B.S. Innovation, Corex Honeycomb (Encocam Ltd), EconCore N.V., General Veneer Manufacturing Co., Hexcel Corporation, Honylite Private Limited, Pacific Panels Inc., Samia Canada Inc., Schütz GmbH & Co. KGaA and The Gill Corporation.
Base Year of the Analysis
Material Type, Technology, Application, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
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Key Questions Answered in This Report
The global honeycomb sandwich material market was valued at US$ 1.7 Billion in 2022.
We expect the global honeycomb sandwich material market to exhibit a CAGR of 4% during 2023-2028.
The rising demand for honeycomb sandwich materials, such as aluminum, titanium, steel, etc., as they are lightweight and offer high strength, stiffness, corrosive resistance, and strong energy absorption properties that improves fuel efficiency, is primarily driving the global honeycomb sandwich material market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary halt in numerous production activities for honeycomb sandwich materials.
Based on the material type, the global honeycomb sandwich material market can be segmented into aluminum, steel, composites, titanium, inconel, and others. Currently, aluminum accounts for the majority of the total market share.
Based on the technology, the global honeycomb sandwich material market has been divided into expansion, corrugation, molding, extrusion, and others. Among these, expansion currently holds the largest market share.
Based on the application, the global honeycomb sandwich material market can be bifurcated into aerospace, automotive, marine, locomotive, construction, and others. Currently, aerospace exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global honeycomb sandwich material market include 3M Company, B.S. Innovation, Corex Honeycomb (Encocam Ltd), EconCore N.V., General Veneer Manufacturing Co., Hexcel Corporation, Honylite Private Limited, Pacific Panels Inc., Samia Canada Inc., Schütz GmbH & Co. KGaA, and The Gill Corporation.
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