PORTLAND, Oregon, May 18, 2016 /PRNewswire/ --
According to a new report by Allied Market Research, titled, World Honeycomb Sandwich Materials Market -Opportunities and Forecasts, 2015 -2022, the honeycomb sandwich materials market is expected to reach $760.1 million by 2022, registering a CAGR of 10.0% during 2016 and 2022. The global demand for honeycomb sandwich materials has gained traction owing to its superior mechanical performance and lightweight property. Among the type of materials used for honeycomb structures, aluminum segment accounted for over one-third of the overall market in 2015, owing to its low cost and high tensile strength.
To know more about the report, visit the website at https://www.alliedmarketresearch.com/honeycomb-sandwich-material-market
Honeycomb sandwich is used specifically in applications that involve high strength-to-weight ratio, high stiffness-to-weight ratio, and corrosion resistance. These materials are applicable in aerospace & aircraft, automotive, satellites, trains, and others including clean room industry and marine sectors. In the year 2015, the honeycomb sandwich materials market witnessed significant growth and is expected to maintain this trend during the forecast period due to its growing demand in the aforementioned industries. The key factors that drive the honeycomb market are increase in production of aircrafts and heavy investments in satellite manufacturing worldwide. However, honeycomb sandwich materials market is capital-intensive, which limits its consumption in end use applications, namely consumer electronics and automotive industries.
Aerospace & aircraft application accounted for two-thirds of the market in 2015 and is expected to maintain its lead throughout the forecast period. North America led with more than half of the market in 2015, due to the increase in production of aircraft as compared to other regions. Rail application is expected to be the fastest growing segment because of increase in urbanization and extensive use of honeycomb in rail car interiors globally.
Expansion technique accounted for the majority share in 2015 and is expected to maintain its dominance from 2016 to 2022. However, extrusion technique is expected to grow with the highest CAGR of 10.5% from 2016 to 2022.
Key findings of the study
- North America is expected to continue dominating honeycomb sandwich materials market, accounting for more than two-fifths of the market size by 2022.
- Aluminum honeycomb sandwich material segment accounted for the largest share in 2015.
- Rail application segment is expected to grow at the highest CAGR of 13.8% during the forecast period.
- Expansion technique, among the honeycomb panel manufacturing technologies, accounted for the highest share in 2015.
- LAMEA is expected to be the fastest growing region during the forecast period.
North America and Europe collectively accounted for about 70% share of the world honeycomb sandwich materials market in 2015, and is expected to maintain its dominance throughout the forecast period. This is attributed to the rise in the applications of satellites, commercial and defence aircrafts, automobiles, and trains in these regions, thereby increasing the demand for honeycomb sandwich. However, LAMEA is projected to be the fastest growing segment due to growing investments in the aircraft and satellite manufacturing industry.
The key players profiled in this report are Hexcel Corporation, Pacific Panels, Inc., COREX-Honeycomb, The Gill Corporation, 3A Composites Holding AG, EconCore, Samia Canada, Inc., Liming Honeycomb Composites Co., Ltd., Guangzhou Aloya Renoxbell Aluminum Co., Ltd, Benecor, Inc., and 3M Company.
See all reports related to composites at https://www.alliedmarketresearch.com/materials-&-chemicals/composites-market-report
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research