High-Temperature Honeycomb Sandwich Materials Market Value to Grow $418.5 Million by 2022
The high-temperature honeycomb sandwich materials market for the aerospace & aircraft application segment accounted for the highest share of about three-fourths in 2015, and is expected to maintain its lead throughout the forecast period. North America led the market with over half of the share in 2015, owing to its high aircraft production. Further, the other applications segment that includes F1 racing cars and electronics is expected to grow at a fast pace during the forecast period.
High-Temperature Honeycomb Sandwich Materials Market Outlook 2014-2022:
The global demand for high-temperature honeycomb sandwich materials has gained traction owing to its superior mechanical performance and lightweight nature. The stainless steel segment held more than one-third share of the total market in 2015, due to its low cost and high strength.
What is the Market Size of High-Temperature Honeycomb Sandwich Materials Market?
High-Temperature Honeycomb Sandwich Materials Market , published by Allied Market Research, forecasts that the global market is expected to garner $418.5 million by 2022, registering a CAGR of 9.6% during the period 2016-2022.
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Increase in popularity of high-temperature honeycomb sandwich is caused due to properties such as high strength-to-weight ratio, high stiffness-to-weight ratio, and corrosion resistance at high temperatures conditions. The key applications of high-temperature honeycomb sandwich include, aerospace & aircraft, automotive, satellites, and others for instance F1 race cars and electronics. This market has witnessed significant growth caused by its diverse use in the aforementioned applications, growing at a fast pace, and is expected to remain constant. Furthermore, aerospace & aircraft application segment is expected to surpass the other segments considering increasing production of aircrafts and large amount of investments in satellite manufacturing globally. However, high cost of honeycomb structure metals is liable to restrict the market growth.
Major technologies used to manufacture high temperature honeycomb sandwich panels are expansion and corrugation. Expansion segment accounted for the highest share of about 60% in 2015, due to its high usage in stainless steel honeycomb manufacturing, whereas corrugation is expected to grow at the highest CAGR of 10.0% from 2016 and 2022.
Which are the Key Benefits of High-Temperature Honeycomb Sandwich Materials Market?
- Stainless steel segment occupied highest share in the global high temperature honeycomb sandwich market in 2015.
- Expansion technology occupied the highest share in 2015 and this trend is expected to continue during analysis period.
- Corrugation technology is estimated to be fastest growing segment with a CAGR of 10% from 2016 to 2022.
- LAMEA would be the fastest growing region during the forecast period.
- North America is the leading consumer of high-temperature honeycomb sandwich and is projected to continue this position throughout forecast period.
North America and Europe collectively held dominating position in thehigh-temperature honeycomb sandwich materials market in 2015, and are expected to maintain this dominance throughout the forecast period. This is due to the growth in applications such as satellites, commercial & defence aircrafts, and automobiles in these regions. LAMEA is projected to be the fastest growing region due to growing investments in aircraft and satellite manufacturing industry.
Which are the Key Players in the High-Temperature Honeycomb Sandwich Materials Market?
Indy Honeycomb, Benecor, Inc., EconCore N.V., Ulbrich Stainless Steels & Special Metals, Inc. including others.
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