Portland, OR, July 18, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Honeycomb core materials Market by Type (Aluminum Core, Aramid Core, Paper, Thermoplastic, and Others), By End Use Industry (Packaging, Aerospace and Defense, Construction and Infrastructure, Automotive, And Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the honeycomb core materials market valued for $2.5 billion in 2022, and is projected to reach $5.2 billion by 2032, growing at a CAGR of 7.8% from 2023 to 2032.
Get Sample PDF Brochure @ https://www.alliedmarketresearch.com/request-sample/13994
Prime determinants of growth
Rapid advancements in technology, rapid infrastructure development, expansion of the automotive sector, and rise in iron & steel production in both developed and developing economies such as the U.S., China, and India drive the growth of honeycomb core materials. However, honeycomb core shapes are difficult to mold and difficult to manufacture, which are computationally expensive. This factor restrains the market. Robust demand from transportation and logistics sector is expected to offer new avenues for the market.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $2.5 billion |
| Market Size in 2032 | $5.2 billion |
| CAGR | 7.8% |
| No. of Pages in Report | 671 |
| Segments covered | Type, End-use Industry, and Region |
| Drivers | Robust growth of building and construction industry Increase in demand from the automotive industry |
| Opportunities | Surge in the demand for honeycomb core materials from aerospace industry |
| Restraints | Disadvantages associated with honeycomb core materials |
Covid-19 Scenario
- The COVID-19 pandemic negatively impacted the global honeycomb core materials market. The building and construction industry was adversely impacted in 2020 due to rise in cases of COVID-19 and the imposition of lockdown and disruption in the supply chain in the second quarter of 2020, which, in turn, had hampered the honeycomb core materials market.
- In addition, the falling income of customers and international travel restrictions led to decline in the demand for honeycomb core materials in the automotive, aerospace, commercial, industrial sectors. Also, COVID-19 temporarily halted various infrastructure projects, which, in turn, reduced the demand for honeycomb core materials.
- However, the building & construction, aerospace, and automotive industries are projected to get back on track and start functioning at full capacity post the COVID-19 period, which in turn is expected to enhance the performance of the honeycomb core material market in 2023. This factor will increase potential sales of the honeycomb core material market in the upcoming years.
The aluminum core and segment to maintain its lead position during the forecast period
Based on type, the aluminum core segment accounted for the largest share in 2022, contributing to more than one-third of the global honeycomb core materials market revenue. Key factors such as a rise in population and increase in building & infrastructure activities have surged the demand for aluminum honeycomb core materials. High strength to weight ratio, resistance to corrosion, and high strength make it an ideal component in the building & construction sector. The aramid core materials is projected to register the highest CAGR of 8.2% during the forecast period. Factors such as surge in consumer demand for housing, rise in building & construction activities, and increase in disposable income have boosted the demand for aramid core fibers where they are used for acoustic insulation.
Procure Complete Report (671 Pages PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/46VGZ8q
The others segment to maintain its lead position during the forecast period
Based on the end use industry, the others segment accounted for the largest share in 2022, contributing to nearly one-third of the global honeycomb core materials market revenue. The demand for yachts has gradually increased over the last few years, owing to an increase in disposable income of individuals and their inclination toward leisure activities. Thus, the rise in preference of travelers for luxury tourism, personalized service, and exclusive traveling is the primary factor propelling the sales of honeycomb core materials. Packaging segment held the major CAGR of 8.6% in 2032.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global honeycomb core materials market and is projected to register the highest CAGR of 8.1% during the forecast period. China, Japan, and India are a manufacturing hub of automobile in Asia-Pacific with presence of major automotive giants such as Honda, Toyota, TATA, Suzuki, Ashok Leyland, and Mitsubishi. The growing demand and production of commercial and passenger vehicles across the developing economies, such China and India, has led to surge in the demand for honeycomb core materials as they are widely used in interior and body panels, spoilers, floors, chassis components, diffusers, and energy absorbers of automobiles.
Leading Market Players: -
- PLASCORE
- THE GILL CORPORATION
- SCHTZ GMBH AND CO. KGAA
- HEXCEL CORPORATION
- TORAY ADVANCED COMPOSITES
- COREX HONEYCOMB
- ARGOSY INTERNATIONAL
- EURO-COMPOSITES
- SHOWA AIRCRAFT INDUSTRY CO., LTD
- HONYLITE
- RELCORE COMPOSITES INC.
- FABRINOX
- TCCORE APPLIED HONEYCOMB TECHNOLOGY CO., LTD.
The report provides a detailed analysis of these key players in the global honeycomb core materials market. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://www.alliedmarketresearch.com/honeycomb-core-materials-market/purchase-options
About Us
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. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. 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.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
Web: www.alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com
