The global high temperature honeycomb sandwich materials market was valued at $0.4 billion in 2020 and is projected to reach $1.0 billion by 2030, growing at a CAGR of 10.5% from 2021 to 2030.
A honeycomb sandwich is a structure made of three layers in which a low-density core is injected in between two thin layers, giving it superior mechanical properties at minimal weight. A honeycomb sandwich can be used in high temperature applications if suitable material is used in the manufacturing of honeycomb sandwich panels. High strength, minimum raw material requirement in manufacturing, stiffness, and corrosive resistance are some of the advantages of high temperature honeycomb structures.
According to the report published by the space foundation in 2021, the global space economy grew by 4.4% in 2020 as compared to 2019 and reached a total of $447 billion in 2020. High temperature honeycomb sandwich materials are used in various applications of space industry. The growth in space economy is beneficial for growth of high temperature honeycomb sandwich materials market during the forecast period.
The radiators used in the space vehicles are generally made up of honeycomb panels with integrated heat tubes. The use of the honeycomb panels reduces radiator weight by minimum 3%. In addition, honeycomb panels offer large surface area. Hence, the total area for heat dissipation is greater in honeycomb radiator panels compared to others. In addition, a vented aluminum honeycomb is used for high temperature space applications for radiators. Increase in space exploration by the developing countries, such as India, drives the market growth. However, high production cost and large initial investment are the major factors that hinder the growth of the market during the forecast period.
The high temperature honeycomb sandwich materials market is segmented on the basis of type, application, technology, and region. On the basis of type, it is segmented into stainless steel, titanium, Inconel, and others. Depending on application, it is classified into aerospace & aircraft, satellites, automobiles, and others. By technology, it is classified into expansion and corrugation. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. High temperature honeycomb sandwich materials market share is analyzed across all significant regions and countries.
The key players operating in the global high temperature honeycomb sandwich materials market include Corex Honeycomb, Eco Earth Solutions, EconCore N.V., Hexcel Corporation, Honylite Private Limited, Pacific Panels, Plascore Inc., Schutz GmbH & co., KGaA, The Gill Corporation, and Ulbrich Stainless Steels and Special Metals Inc.
A honeycomb sandwich is a structure made of three layers in which a low-density core is injected in between two thin layers, giving it superior mechanical properties at minimal weight. A honeycomb sandwich can be used in high temperature applications if suitable material is used in the manufacturing of honeycomb sandwich panels. High strength, minimum raw material requirement in manufacturing, stiffness, and corrosive resistance are some of the advantages of high temperature honeycomb structures.
According to the report published by the space foundation in 2021, the global space economy grew by 4.4% in 2020 as compared to 2019 and reached a total of $447 billion in 2020. High temperature honeycomb sandwich materials are used in various applications of space industry. The growth in space economy is beneficial for growth of high temperature honeycomb sandwich materials market during the forecast period.
The radiators used in the space vehicles are generally made up of honeycomb panels with integrated heat tubes. The use of the honeycomb panels reduces radiator weight by minimum 3%. In addition, honeycomb panels offer large surface area. Hence, the total area for heat dissipation is greater in honeycomb radiator panels compared to others. In addition, a vented aluminum honeycomb is used for high temperature space applications for radiators. Increase in space exploration by the developing countries, such as India, drives the market growth. However, high production cost and large initial investment are the major factors that hinder the growth of the market during the forecast period.
The high temperature honeycomb sandwich materials market is segmented on the basis of type, application, technology, and region. On the basis of type, it is segmented into stainless steel, titanium, Inconel, and others. Depending on application, it is classified into aerospace & aircraft, satellites, automobiles, and others. By technology, it is classified into expansion and corrugation. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. High temperature honeycomb sandwich materials market share is analyzed across all significant regions and countries.
The key players operating in the global high temperature honeycomb sandwich materials market include Corex Honeycomb, Eco Earth Solutions, EconCore N.V., Hexcel Corporation, Honylite Private Limited, Pacific Panels, Plascore Inc., Schutz GmbH & co., KGaA, The Gill Corporation, and Ulbrich Stainless Steels and Special Metals Inc.
COVID-19 Impact on Market
- COVID-19 spread to almost 213 countries across the globe, with the World Health Organization declaring it a pandemic on March 11, 2020.
- High temperature honeycomb sandwich materials are primarily used in the aerospace & aircraft and automobile industries, which were severely affected by the COVID-19 pandemic, owing to the lockdown imposed by various governments.
- Disruptions in raw material procurement and price volatility hampered the growth of the high temperature honeycomb sandwich materials market during the pandemic.
- The aerospace & aircraft and automobile industries started their operations normally as the vaccination rollouts increased, due to which the demand for high temperature honeycomb sandwich materials increased in the automobile industry from the start of 2021.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the high-temperature honeycomb sandwich materials market analysis from 2020 to 2030 to identify the prevailing high-temperature honeycomb sandwich materials market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the high-temperature honeycomb sandwich materials market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global high-temperature honeycomb sandwich materials market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Stainless Steel
- Titanium Inc.nel
- Others
By Application
- Aerospace aircraft
- Automotive
- Satellites
- Others
By Technology
- Expansion
- Corrugation
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- U.K.
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Corex Honeycomb
- Eco Earth Solutions
- EconCore N.V.
- Hexcel Corporation
- Honylite Private Limited
- Pacific Panels
- Plascore Inc.
- Schutz GmbH & co., KGaA
- The Gill Corporation
- Ulbrich Stainless Steels and Special Metals Inc
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: HIGH-TEMPERATURE HONEYCOMB SANDWICH MATERIALS MARKET, BY TYPE
CHAPTER 5: HIGH-TEMPERATURE HONEYCOMB SANDWICH MATERIALS MARKET, BY APPLICATION
CHAPTER 6: HIGH-TEMPERATURE HONEYCOMB SANDWICH MATERIALS MARKET, BY TECHNOLOGY
CHAPTER 7: HIGH-TEMPERATURE HONEYCOMB SANDWICH MATERIALS MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'High-Temperature Honeycomb Sandwich Materials Market,' the high-temperature honeycomb sandwich materials market was valued at $0.4 billion in 2020, and is estimated to reach $1.0 billion by 2030, growing at a CAGR of 10.5% from 2021 to 2030.Honeycomb sandwich structure combines bending strength with low weight and high flexural rigidity. High temperature honeycomb sandwich material is a special type of composite. This lightweight structural material has the characteristics of optimal specific strength, maximum fatigue resistance, smooth surface, and specific stiffness. It is widely used in the aerospace, aircraft, and satellite industry.
Metallic honeycomb is used in aircraft gas turbine engine high temperature seals. Presently, nickel-based superalloys such as Hastelloy X, Haynes 214, and Nimonic alloys are used as honeycomb seals in high temperature gas turbines. Hastelloy X operates till 950°C in a gas turbine seal and Haynes 214 has an operating capacity till 1200°C. A gas turbine is an expensive machine and hence, the use of honeycomb seals efficiently uses it at low cost. The factor that is helping the growth of the gas turbine market is the demand for electricity and power. As metallic honeycomb is used in temperature seals in gas turbine engines, the growth of high-temperature honeycomb is directly related to the growth of gas turbine engines. High capital investment is expected to limit the growth of the market during the forecast period. High temperature honeycomb is expected to provide lucrative opportunities to grow along with the growth of aerospace industry. Moreover, the honeycomb market is directly related to the growth of defense aircraft due to the fact that many countries expand their military strength.
The high temperature honeycomb sandwich materials market is segmented on the basis of type, application, technology, and region. By type, the stainless steel segment is expected to have a market share of 40.9% in 2020 and is projected to grow at a CAGR of 11.4% over the forecast period. Factors that drive the market for stainless steel segment are the diverse use of stainless steel in car engines, exhaust systems, and electronic devices. In airplanes, turbofan engines are used along with a fan mounted in the compressor end. High pressure air from the fan is ducted, and pressure is collapsed at an operating temperature of 1000 °F. A stainless steel honeycomb is used for this purpose which results in substantial savings in weight and no loss in performance.
By application, the aerospace & aircraft segment dominated the global market with a share of 73.4% in 2020, and is expected to provide lucrative growth opportunities during the forecast period and is expected to grow with a CAGR of 10.0%. Honeycomb cores are used in aircraft since the 1940s to reduce weight and increase payload and flight distance. Since 2000, every aircraft, whether commercial or military used honeycomb cores.
By technology, the expansion segment is expected to have a market share of 58.7% in 2020 and is projected to grow at a CAGR of 9.7% over the forecast period. Expansion is the technology for manufacturing high temperature honeycomb sandwich materials in the low-density range.
Region wise, North America dominated the global market with a market share of 42.5% in 2020. In the U.S., high temperature honeycomb sandwich structures are widely used in the applications of aerospace & aircraft, satellites, and gas turbines.
The key players operating in the global high temperature honeycomb sandwich materials market include Corex Honeycomb, Eco Earth Solutions, EconCore N.V., Hexcel Corporation, Honylite Private Limited, Pacific Panels, Plascore Inc., Schutz GmbH & co., KGaA, The Gill Corporation, and Ulbrich Stainless Steels and Special Metals Inc.
KEY FINDINGS OF STUDY
- By type, stainless steel is anticipated to be the fastest-growing type segment in terms of value, growing at a CAGR of 11.4%, throughout 2021-2030.
- By application, the aerospace & aircraft segment emerged as the global leader by acquiring around 73.4% market share in 2020 in terms of revenue and is anticipated to show a significant growth rate over the forecast period.
- Region-wise, North America is the major consumer of high temperature honeycomb sandwich materials among other regions. It accounted for around 42.5% of the global market share in 2020, and Asia-Pacific is expected to show a lucrative growth rate over the forecast period.
COVID-19 Impact on Market
During the COVID-19 pandemic, the high temperature honeycomb sandwich materials market was impacted in terms of distribution and logistics, due to lockdown across the globe. High temperature honeycomb sandwich materials production and distribution came to a halt because of the economic downturn due to the pandemic.The COVID-19 pandemic disrupted the aerospace & aircraft and automobile industries, resulting in reduced usage of high temperature honeycomb sandwich materials in these industries.
The global COVID-19 pandemic hindered inter-country activity and import & export of high temperature honeycomb sandwich materials, due to varied economic and legal limitations globally. As a result, the high temperature honeycomb sandwich materials market was impacted moderately in 2020. However, by the beginning of 2021, all the industries started their operation, due to which the demand for high temperature honeycomb sandwich materials improved in the aerospace & aircraft and automobile industries.
Companies Mentioned
- Corex Honeycomb
- Eco Earth Solutions
- EconCore N.V.
- Hexcel Corporation
- Honylite Private Limited
- Pacific Panels
- Plascore Inc.
- Schutz GmbH & co., KGaA
- The Gill Corporation
- Ulbrich Stainless Steels and Special Metals Inc
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 332 |
| Published | April 2022 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 0.4 billion |
| Forecasted Market Value ( USD | $ 1 billion |
| Compound Annual Growth Rate | 9.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
