Aluminum Honeycomb Market Detailed Analysis of Future Trends & Growth opportunities forecast to 2023
Added: (Thu Mar 28 2019)
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Aluminum honeycomb structure finds application in number of industries such as aerospace, marine, defense, automotive, and construction. It can be used as a core, sandwich panel, in aerodynamics, and as a vast number of working surfaces. Honeycomb structures composed of small hollow cells of hexagonal or honeycomb shaped geometry to reduce the amount of material used. This helps to minimize weight, lower the cost, and maximize strength of the structure.
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The global aerospace industry is estimated to reach ~40 billion USD, in terms of operating earnings, by 2023, which is expected to fuel the demand of aluminum composites. Increasing demand of light-weight materials in modern aircrafts and automobiles is projected to propel growth of the global aluminum honeycomb market. The major military powers countries namely, U.S., Russia, China, and India are investing major share of their GDP in defense sector, and rapidly acquiring modern warfare equipment.
Global aerospace market is estimated to reach ~40 billion USD at CAGR of 6% during 2016 to 2023. This in turn is expected to fuel the demand of aluminum honeycomb. In addition to aerospace industry, global marine industry is anticipated to grow at significantly higher CAGR, to boost demand of the product.
The global aluminum honeycomb market has been segmented into applications, end use industry, and region.
Based on application, the market is divided into core, sandwich panel, working surfaces, aerodynamics, lighting, and others, wherein the use of aluminum honeycomb for making core is the leading segment.
Based on end use industry the global aluminum honeycomb market is segmented into aerospace, marine, defense, automotive, construction, and others. Among these, aerospace is holding major share of overall demand of aluminum honeycomb.
Geographically, the market is divided into five key regions, including Asia Pacific, North America, Europe, Latin America, and Middle East & Africa.
The global aluminum honeycomb market is geographically divided into five key regions which are Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific is the leading region among them owing to the increasing demand from aerospace industry in this region. The Middle East & Africa is currently holding least share in the global aluminum market, which may witness growth in coming years on account of growth opportunities in composites and core material market.
The marine industry in Brazil is estimated to gain substantial momentum during the forecast period to push growth of the regional aluminum honeycomb market. In coming years the opportunities for composite and core material are growing in the Middle East & Africa, which would help propel the growth of the regional market.
Countries namely India, China, and Japan are the major markets in this region owing to the growth in demand from aerospace and marine industries. North America is the second most significant region in the global aluminum honeycomb market.
Major contributors to the regional market are U.K, France, Germany and Switzerland. Aerospace and automotive industries in Europe are fetching maximum demand of aluminum honeycomb in this region, which is driving the growth regional market. Latin America is witnessing a steady growth of end use industries in countries namely Brazil and Argentina.
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Key players in the global aluminum honeycomb market are Hexcel Corporation (U.S.), Argosy International Inc. (U.S.), EURO-COMPOSITES (U.S), Benecor, Inc. (U.S.), Alucoil (Spain), Plascore (Germany), Corex Honeycomb (U.K.), Coach Line Industries (India), Motonity Private Limited (India), Universal Metaltek (India), and others.
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