Aluminum Honeycomb Market Growth
MRFR observed that the unique hexagonal design of aluminum honeycomb holds major significance across various sectors is a robust dynamic that is expected to drive its market growth. Although, the quantity of aluminum required for the production of its aluminum sheet is less, the strength offered by aluminum honeycomb is high. The aluminum honeycomb market is anticipated to set pace as the production efficacy of the product is high. There are numerous utilities of aluminum honeycomb across several sectors, predominantly in the aerospace sector. To ensure optimal safety, strength, and longevity, the aerospace products should be lightweight for smooth flight and be able to deal with temperature and pressure fluctuations at different altitudes.
Market Players
Coach Line Industries (India), Motonity Private Limited (India), Universal Metaltek (India), Plascore (Germany), Corex Honeycomb (U.K.), Argosy International Inc. (U.S.), Hexcel Corporation (U.S.), EURO-COMPOSITES (U.S), Benecor, Inc. (U.S.), Alucoil (Spain), and others.
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The aluminum honeycomb market is expected to register a CAGR of around 6.20% during the assessment period, 2020–2030.
The increase in the use of aluminum honeycomb as core material for numerous aerospace products, due to its ability to meet aforementioned requirements is expected to surge its market. Due to the high durability and flexibility offered by aluminum honeycomb, it finds several applications in the construction, automobile, and defense sectors. This is considered as another factor that is expected to impel the global Aluminum Honeycomb Market Growth. However, the high manufacturing cost of aluminum honeycomb can hinder the market expansion.
Segmental Overview
The global aluminum honeycomb market has been segmented on the basis of application and end-use.
Based on the application, the aluminum honeycomb market has been segmented into core, working surfaces, sandwich panel, lighting, aerodynamics, and others. Owing to the increase in core applications of aluminum honeycomb, the core segment is expected to register a substantial CAGR over the assessment period.
Based on the end-use, the aluminum market has been segmented into aerospace, defense, construction, automotive, marine, and others. The extensive applications of aluminum honeycomb in the aerospace industry, is likely to propel the global aluminum honeycomb market growth.
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Regional Analysis
The global aluminum honeycomb market has been studied across five key regions; North America, Latin America, Asia Pacific, Europe, and the Middle East Africa.
The aluminum honeycomb market in Asia Pacific is set to exhibit the highest growth during the evaluation period. MRFR observed that the flourishing aerospace industry in Asia Pacific is likely to be responsible to augment the market growth. The emerging economies like India, China, and Japan hold a considerable share of the market due to the hike in public investment in the defense, aerospace, and marine sectors.
The market in North America is likely to secure the second position in the global market. The U.S. is to establish its supremacy in the regional market owing to the existence of well-established end-use industries like defense and aerospace. The increase in military force, in the U.S. to strengthen the North American military power is anticipated to spur the aluminum honeycomb market.
Europe, after North America, is expected to register a substantial aluminum honeycomb market over the assessment period. The U.K, France, Germany and Switzerland are identified to contribute significantly to the regional market growth.
The burgeoning aluminum honeycomb market’s end-use industries in countries namely Brazil and Argentina, in Latin America is expected to prompt the market growth in the review period. The expansion of the marine industry in Brazil is predicted to push the growth of aluminum honeycomb market in Latin America.
Industry Update
June 2019 SpaceX’s third Falcon Heavy rocket was lifted off from NASA’s Kennedy Space Center in Florida, used aluminum honeycomb in its design.
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