As per the report published by
Allied Market Research, the global honeycomb sandwich material market garnered $1.3 billion in 2019, and is estimated to hit $2.1
billion by 2027, registering a CAGR of 6.2% from 2020 to 2027.
Increase in demand from the aerospace
industry coupled with rise in application in the automotive industry drives the
growth of the global honeycomb sandwich material market. However, the
capital-intensive nature of market hinders the market growth. On the contrary,
emerging 3D printing technology would open new opportunities for the market
players.
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Covid-19
Scenario: The emergence of Covid-19 has
drastically impacted the global honeycomb sandwich material industry.
- As per the United Nations Conference on Trade
and Development (UNCTAD), the outbreak of Covid-19 has impacted the global
FDI by 5–15%. This negative impact on FDI investment hampered the
manufacturers due to the dearth of raw materials and lockdown across
various countries.
- As the manufacturing sector is a major part of
a country’s economy, the governments are focused on encouraging the
manufacturing sector. This would help regain growth rate of honeycomb
sandwich material market post this pandemic.
Get Detailed COVID-19 Impact Analysis on the Honeycomb Sandwich Material Market
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The global honeycomb sandwich
material market is divided on the basis of material type, application,
technology, and geography. Based on material type, the market is segmented into
aluminum, steel, composites, titanium, Inconel, and others. The composite
segment is expected to register the highest CAGR of 6.7% during the forecast
period. However, the aluminum segment held the largest share in 2019,
accounting for nearly one-third of the market.
On the basis of vehicle type, the
market is classified into aerospace, automotive, marine, locomotive,
construction, and others. Based on application, the market is divided into
expansion, corrugation, molding, extrusion, and others. The expansion segment
is anticipated to manifest the fastest CAGR of
6.5% from 2020 to 2027. Moreover, the same segment dominated in 2019,
accounting for nearly two-fifths of the market.
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The global honeycomb sandwich
material market is analyzed across several regions such as North America,
Asia-Pacific, Europe, and LAMEA. The market across Asia-Pacific is estimated to
register the fastest CAGR of 7.1% during the study period. However, the market
across North America contributed the largest share in 2019, holding nearly
two-fifths of the market.
The global honeycomb sandwich
material market report includes an in-depth analysis of the major market
players such as Encocam Ltd., Benecor Inc., Honeylite, Encore N.V., Pacific
Panels, Hexcel Corporation, Gill Corporation, Foshan Liming, Schweiter
Technologies, and Samia.
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