high-temperature honeycomb sandwich materials market size is projected to reach $1.0 billion by 2030, growing at a CAGR of 10.5% from 2021 to 2030
WILMINGTON, DELAWARE , UNITED STATES, January 26, 2024 /EINPresswire.com/ — As per the report published by Allied Market Research, the global high-temperature honeycomb sandwich materials market generated $0.4 billion in 2020, and is projected to reach $1.0 billion by 2030, registering a CAGR of 10.5% from 2021 to 2030.
Increase in production of various aircraft models, the growth in the space industry, and surge in use of high-temperature honeycomb sandwich in the space and aircraft industry have boosted the growth of the global high-temperature honeycomb sandwich materials market. However, high production cost and high raw material cost hinder the market growth. On the contrary, rise in commercial aircraft delivery and increase in popularity of LED honeycomb and 3D printing would open new opportunities in the future.
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The global high-temperature honeycomb sandwich materials market includes an in-depth analysis of the prime market players such as 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.
The Covid-19 pandemic has disrupted the aerospace & aircraft, which resulted into reduced usage of high temperature honeycomb sandwich materials.
Moreover, the prolonged lockdown and disruption of supply chain hampered the market growth.
Fluctuations in prices of raw materials and huge gap between supply and demand negatively affected the market.
The report segments the global high-temperature honeycomb sandwich materials market on the basis of type, application, technology, and region.
Based on type, the stainless steel segment is expected to portray the highest CAGR of 11.4% during the forecast period. Moreover, the segment held the largest share in 2020, contributing to around two-fifths of the market.
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On the basis of application, the satellites segment is projected to manifest the highest CAGR of 14.9% during the forecast period. However, the aerospace & aircraft segment held the lion’s share in 2020, accounting for nearly three-fourths of the market.
The global high-temperature honeycomb sandwich materials market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America dominated in 2020, holding more than two-fifths of the market. However, the market across Asia-Pacific is projected to showcase the highest CAGR of 12.3% during the forecast period.
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