ID: MRFR/CnM/2848-HCR | February 2021 | Region: Global | 140 pages
The aluminum honeycomb market is expected to register a CAGR of around 6.20% during the assessment period, 2020–2030.
Aluminum honeycombs are structural core material, inspired by natural hexagonal honeycomb. These aluminum hexagonal-shaped structures offer excellent strength and weigh lighter than other materials in the same volume. The market for aluminum honeycomb is driven by the properties of these structures such as low density, good rigidity, good impact resistance, vibration damping, sound insulation, recyclability, moisture resistance, and heat insulation aluminum honeycomb panels, due to which they have found applications in multiple end-use industries, such as aerospace & defense, marine, automotive, transportation, electronics, building & construction, and energy.
The major factors driving the growth of the market are the growing aerospace & defense industry, increasing building & construction activities across the globe, and expanding marine industry. These industries use these structures for applications in ailerons and flaps, architectural and building panels, and floor structures and stairways. Moreover, the growing automotive & transportation industry uses aluminum honeycomb panels as energy absorbers in car skins and doors and train bulkheads, which is further expected to boost the market growth during the forecast period.
Furthermore, the aluminum honeycomb structures can be completely recycled and reused, thus saving resources, energy, and minimizing environmental pollution.
Some of the prominent players operating in the global aluminum honeycomb market are
Global Aluminum Honeycomb Market Share, by End-Use Industry, 2018 (%) Source: MRFR Analysis
The global aluminum honeycomb market has been cataloged into five regions, namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Asia-Pacific held the largest share in the global honeycomb market in 2018 and is expected to follow the same trend during the review period. The growth in the region is attributed to the surging aerospace & defense industry, increasing construction activities, and the growing automotive industry. China is leading the regional market, followed by India, Japan, and Indonesia. According to the International Air Transport Association (IATA), the fleet count in Asia-Pacific was 8,449 units in 2017, which is expected to reach 17,481 units by 2037.
North America held the second-largest share of the aluminum honeycomb market in 2018 and is expected to witness healthy growth during the forecast period. The growth of the aluminum honeycomb market in the region is driven by the rapidly growing aerospace & defense industry in the region. Moreover, the increasing reconstruction activities in the region is further expected to boost the market growth during the forecast period. The investments in aerospace and defense in the US was valued at USD 865 million in 2018.
The market for aluminum honeycombs in Europe is driven by the region’s automotive manufacturing hub and well-established transportation sector. Moreover, the increasing investments in the energy sector is another factor that is expected to boost market growth in the region during the forecast period. According to windenergy, Europe added 4.9 GW of new wind energy capacity in the first half of 2019. Such factors are expected to drive the growth of the regional market during the forecast period.
The market for aluminum honeycombs in the Middle East & Africa is expected to register a moderate growth rate during the forecast period owing to the increasing use of aluminum honeycombs in infrastructure construction. For instance, Dubai has invested approximately USD 7 billion for infrastructure development and construction for the World Expo 2020. Such factors are expected to drive the growth of the market in the Middle East & Africa during the forecast period.
Latin America is expected to witness slow growth in the aluminum honeycomb market during the forecast period, owing to a relatively small increase in the use of aluminum honeycomb in the automotive and marine industry in the region. For instance, leading automakers such as Ford, Toyota, and Volkswagen have set up their assembling plants in Brazil, thus boosting the automobile production in 2018 by 5.2%.
The global aluminum honeycomb market has been segmented based on application, end-use industry, and region. By application, the global aluminum honeycomb market has been categorized into architectural and building panels, floor structures and stairways, energy absorption, and others. Based on end-use industry, the global aluminum honeycomb market has been segregated into aerospace & defense, marine, automotive, transportation, building & construction, energy, and others.
|Market Size||2030: Significant Value|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application and End-Use Industry|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Hexcel Corporation (U.S.), Argosy International Inc. (U.S.), Plascore (Germany), Corex Honeycomb (U.K.), Coach Line Industries (India), EURO-COMPOSITES (U.S) and Benecor, Inc. (U.S)|
|Key Market Opportunities||The growing automotive & transportation industry uses aluminum honeycomb panels as energy absorbers in car skins and doors and train bulkheads|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Aluminum honeycomb is a hexagonal-shaped material that offers excellent strength to the structural core. These structures are primarily used in architectural and building panels.
The global aluminum honeycomb market is projected to grow at 6.20% CAGR during the forecast period (2020-2030).
Asia Pacific accounts for the largest share in the global aluminum honeycomb market. The region is anticipated to retain its dominance throughout the assessment period (2020-2030).
Rising investments in the construction of commercial buildings.
Argosy International Inc. (US), Hexcel Corporation (US), EURO-COMPOSITES (US), Alucoil (Spain), Benecor, Inc. (US), Plascore (Germany), Coach Line Industries (India), Corex Honeycomb (UK), Motonity Private Limited (India), and Universal Metaltek (India), are some of the players leading the global aluminum honeycomb market.