Increasing Demand in Aerospace Industry to Drive Aluminum Honeycomb Market to Grow at 8% CAGR

Market Research Future published a half cooked research report on Aluminum Honeycomb Market that contains the information from 2017 to 2023.

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. Aluminum is the most preferred metal for making a honeycomb structure due to its light weight and greater strength. It exhibits many desired properties such as greater strength-to-weight ratio, stiffness, and resistance to compression. The most important characteristic feature of aluminum is that it exhibits higher recyclability. Almost 90% of all the aluminum materials produced annually are derived from the recycled aluminum. This mitigates the environmental as well as cost concerns regarding aluminum.  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.

Market Research Future (MRFR) recognizes the following companies as the key players in Global Aluminum Honeycomb Market: 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

The Aluminum Honeycomb Market has been segmented on the basis of application, end use industry, and region. On the basis of application, the market is divided into core, sandwich panel, working surfaces, aerodynamics, lighting, and others. The use of aluminum honeycomb as core is vastly spread in industries such as aerospace, marine and defense for making main body of aircrafts, fighter jets, and vessels. Core is essentially strong, stiff and light weight at the same time for such heavy duty equipment. Apart from core, the aluminum honeycomb is used as sandwich panels in attachments to the main body of automobile and ships. In addition to this, the aluminum honeycomb is used in aerodynamics applications to reduce the turbulence of air and making its flow laminar in order to prevent main body from damage. Moreover, in electronic equipment the aluminum honeycomb is fitted after exhaust fan to withstand the radiant heat that comes out of such devices. Other significant applications where aluminum honeycomb find its uses include, sports and furniture making among the others.

Based on end use industry, the global aluminum honeycomb market is segmented into aerospace, marine, defense, automotive, construction, and others. Aerospace industry is gaining momentum around the world owing to the competition among the leading space faring economies namely U.S, India, Russia, China, and European countries. The global aerospace market which includes designing and manufacturing of aircrafts as well as spacecraft is set to witness the highest growth among all the end use industries of aluminum honeycomb. This is posing as a great opportunity for the global aluminum market which find its major use in aerospace industry. Following aerospace industry, marine industry is growing at substantial CAGR of 7.5% on account of an increasing ship building activities in the coastal countries. In addition to this, defense sector of major military power countries namely, U.S., Russia, China, and India is flourishing with the growing aspirations of these countries to enhance their deterrence abilities. This, in turn is projected to boost the demand of aluminum honeycomb in making warfare grade military vessels, fighter jets, and aircraft carriers. Moreover, there is an increasing demand of light weight automobiles to enhance fuel efficiency which is anticipated to help push the growth of global aluminum honeycomb market.

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. 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. U.S. is the leading market in this region due to the presence of well-established end use industries such as aerospace and defense. Europe is another substantial region in the global aluminum honeycomb market. The major markets in this region are U.K., Germany, France and Switzerland, where there is a growing demand of aluminum by automobile and aerospace industry. Industrialization in Latin America is on the rise with pacifying political and economic scenario in Brazil. During the forecast period the region anticipated to hold considerable share in the global aluminum honeycomb market. 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.

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