Rockville, Aug. 23, 2023 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, in its newly published study, reveals that the worldwide demand for aluminum honeycomb panels is predicted to increase at a CAGR of 6.4% from 2023 to 2033. The global Aluminum Honeycomb Market is thus set to reach a valuation of US$ 6.16 billion by 2033-end.
Growing demand for high-performance and lightweight materials in defense, aerospace, automotive, marine, and construction applications is boosting sales of aluminum honeycomb across geographies. Higher stiffness, strength, corrosion resistance, and requirement for minimal raw materials in the manufacturing process are some characteristics of aluminum honeycombs.
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Rising production of different types of aircraft along with the expansion of the space industry is boosting opportunities for industry players. Aluminum honeycombs are strong yet lightweight panels used extensively in the automotive and aerospace industries. They are manufactured by creating a bond of thin aluminum sheets to form a honeycomb pattern.
The same pattern is generally used to create small packets that are filled with air or some other materials to produce a lightweight structure. Moreover, aluminum honeycombs are generally used for fuselages, airplane wings, and various other parts that must be lightweight as well as strong.
Key Takeaways from Market Study
- The size of the aluminum honeycomb market is estimated at US$ 3.31 billion in 2023.
- Global demand for aluminum honeycombs is projected to rise at a CAGR of 6.4% from 2023 to 2033.
- The industry is anticipated to reach US$ 6.16 billion by the end of 2033.
- Germany and the United Kingdom are two prominent markets in Europe for aluminum honeycombs.
- Aluminum honeycombs are extensively used in the creation of architectural and building panels.
“Rapid innovations in the material science sector to reduce the consumption of energy are leading to increased sales of aluminum honeycombs. In addition, aluminum panels offer enhanced crashworthiness and safety with the absorption of impact energy during collisions,” says a Fact.MR analyst.
Widespread Use of Aluminum Honeycombs for Producing Architectural and Building Panels
Aluminum honeycomb panels are used widely in the production of floor structures & stairways and architectural & building panels. Architectural & building panels account for high utilization of aluminum honeycombs. The panels offer excellent properties of durability, high strength-to-weight ratio, and thermal insulation.
Honeycomb panels are used extensively in construction projects for curtain walls, partitions, cladding, ceilings, and some other architectural applications. Further, the lightweight feature of aluminum honeycomb panels ensures easy transportation and installation while offering structural stability. They also offer energy efficiency and contribute to sustainable construction practices.
High Demand for Aluminum Honeycomb Panels from Construction & Infrastructure Sector
Rapid infrastructure development is leading to increased production of iron and steel in developed as well as developing economies. It is further leading to the rising need for honeycomb core materials for application in thermal insulation, window panels, floors, and acoustic ceilings. The expanding construction and infrastructure sector based on modern themes is fueling demand for aluminum honeycomb panels.
Competitive Landscape:
Players in the market are making significant R&D investments in order to diversify their product portfolios and increase their market share. With important developments like mergers and acquisitions, contractual agreements, and the introduction of new products, participants are engaging in a variety of strategic actions.
For instance:
- In September 2020, Bostik, Toray Advanced Composites, and EconCore worked together to develop FST (flame, smoke, toxicity) standards-compliant thermoplastic honeycomb panels.
- EconCore and Covestro, in January 2019, developed honeycomb panels and cores that are lightweight, FST standards-compliant, and durable. The newly developed product finds applications in equipment used in rail and aeronautical public transport systems.
Key Market Players
Argosy International Inc., Coach Line Industries, Plascore, Alucoil, Universal Metaltek, Corex Honeycomb, Benecor, Inc., and Motonity Private Limited are some prominent suppliers of aluminum honeycombs that are operating across geographies.
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What Sets the United States Apart as a Leading Revenue Contributor to the Global Market?
The United States stands out as a significant contributor to the global market, primarily due to its consistently expanding aerospace and defense sectors. Within the country's aerospace and defense industries, constant technological advancements and innovative practices take center stage. Moreover, the presence of numerous renowned industry players in the United States further propels growth opportunities.
Aluminum honeycombs, distinguished by their exceptional strength-to-weight ratio and resistance to corrosion, have become indispensable in the aerospace sector. Their versatile applications span from aircraft flooring to panels and structural components, solidifying their pivotal role in this dynamic industry.
Segmentation of Aluminum Honeycomb Industry Research
- By Type:
- High Quality Grade
- Regular Grade
- By Application:
- Architectural & Building Panels
- Floor Structures & Stairways
- Energy Absorption
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the aluminum honeycomb market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the market based on type (high quality grade, regular grade) and application (architectural & building panels, floor structures & stairways, energy absorption), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the MEA).
Checkout More Related Studies Published by Fact.MR Research:
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Aluminum Trays Market: The global aluminum trays market is estimated to register strong growth over the forecast period on the backdrop of the rising food & beverage industry and growing demand of hygienic packaging solutions around the globe.
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