Honeycomb Sandwich Panels Market size is expected to reach a value of US$1.2 billion by the end of the year 2026 after growing at a CAGR of 9.6% during the forecast period from 2021-2026. The increase in demand for honeycomb sandwich panels is widely used in automobile, aerospace, and space structures due to unique characteristics such as high strength to weight ratio, superior insulation quality, and high stiffness which is one of the major factors driving the honeycomb sandwich panels industry growth. Sandwich structured composite consists of two thin laminate outer skins and a lightweight such as a honeycomb thick core structure. Honeycomb sandwich panel includes thermoplastic core panels which are used in mass transportation applications such as aircraft interiors, rail, and shipbuilding. Carbon fiber reinforced plastic sandwich panels offers high strength, fire resistance, low flammability, low smoke emission, less toxicity, and resistance to environmental factors such as humidity, vibration, sand, and liquids which makes them ideal for various end-use industries such as automotive and aerospace which, in turn, is driving the honeycomb sandwich panels market.
Amid the Covid-19 pandemic, the noticeable impact on the honeycomb sandwich panels market was experienced. The various regulations on trading activities restricted the honeycomb sandwich panels industry. In the tragedy of COVID-19, most of the countries have gone under lockdown, due to which the projects and operations of various industries such as automotive are disruptively stopped, which is hampering the honeycomb sandwich panels industry growth. According to Asian Automobile Analysis (AAA), Toyota’s automobile sales in China fell 70.2% to 24,000 units in February 2020. In March 2021 according to the International Organization of Motor Vehicle Manufacturers (OICA), vehicle production in Europe, North America, and South America fell by 21%, 20%, and 30%, respectively. However, the global honeycomb sandwich panels market size was hugely affected in terms of consumption from the automotive industry which is limiting the market growth.
Honeycomb Sandwich Panels Market Analysis – By Material
Aluminum held the largest share in the global honeycomb sandwich panels market. Aluminum is cost-effective, easy to mold, and consists of high strength which makes them ideal for the automobile industry and production of aircraft. According to the International Organization of Motor Vehicles Manufacturers (OICA), the global automobile production reached 40.3 million in Jan-June 2021 from 31.2 million in Jan-June 2020. Aluminum honeycomb sandwich panels posses various physical properties such as melting points (660.37 0C), boiling points (2467 0C), and thermal conductivity (298.2 K). Thus, due to these physical properties and their cost effectiveness, this material is widely used to manufacture honeycomb sandwich panels.
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Honeycomb Sandwich Panels Market Analysis – By End-Use Industry
Aerospace and aviation held the largest share of more than 35% in the honeycomb sandwich panels market in the year 2020. Sandwich structured composites consist of a layer of lightweights such as a honeycomb that includes thermoplastic core panels which are used for aircraft interiors. Thus, the growing aerospace and aviation sector is estimated to fuel the demand for honeycomb sandwich panels. According to the General Aviation Manufacturers Association (GAMA), the total value of airplanes shipped through the second quarter of 2021 was US$8.6 billion, an increase of approximately 9.4% over the second quarter of 2020 Hence, the growing aerospace & aviation sector is expected to propel the honeycomb sandwich panels industry growth.
Honeycomb Sandwich Panels Market Analysis – By Geography
North America held the largest share of more than 30% in the honeycomb sandwich panels market size in the year 2020, due to the increasing demand from various end-use industries such as automotive and building & construction in North American countries such as United State and Mexico that are estimated to grow the demand for honeycomb sandwich panels. According to the US Census Bureau, building permits in the United States increased 0.3 percent to an adjusted annual rate of 1.76 million in April 2021 from 1.75 million in March 2021. According to the Canadian Mortgage and Housing Corporation (CMHC), Canadian housing starts rose by the growth rate of 21.6% in March as compared with February 2021. Furthermore, the increasing automotive market in Mexico is also boosting the consumption of sandwich structured composites and carbon fiber reinforced plastic sandwich panels. According to the Mexican Automotive Industry Association (AMIA) & the United States Department of Commerce, vehicle production in Mexico is expected to reach 3,383 thousand in 2021, an increase of 11.28% from 3,040 thousand in 2020. Hence, these are hugely creating an opportunity for market growth in the region
Honeycomb Sandwich Panels Market Drivers
Increasing Demand from the Construction Industry
Honeycomb sandwich panels are used in facades, floors, bulkheads, floors, ramps, and shelters. Honeycomb sandwich panels offer lightweight and high strength which increases the demand for this sheet with thermoplastic core panels in the building and construction sector. According to the National Development and Reform Commission (NDRC), 14 construction investment projects were approved worth CNY177.8 billion (US$25.2 billion), following approvals of CNY68.9 billion (US$10.1 billion) in August 2020. According to Central Sanctioning and Monitoring Committee (CSMC), in India, 1,68,606 new homes were approved to construct in urban areas under Pradhan Mantri Awas Yojana in 2021. According to the US Census Bureau, new housing unit construction was 11,471 thousand units in 2019 in the United States, which reached 3,642 units in 2020. This will further drive the honeycomb sandwich panels industry.
Increasing Adoption from the Transportation Sector
Aluminium automotive applications include cars, buses, military vehicles, commercial vehicles. Aluminium honeycomb panels are used for interior body panels, spoilers, floors which are helping to reduce vehicle weight and fuel consumption. Carbon fiber reinforced plastic sandwich panels are also used in automotive and aerospace due to their high strength. Thus, growth in the automotive industry is expected to augment the demand for honeycomb sandwich panels. According to the European Automobile Manufacturer Association (ACEA), the automotive sector is a major investor in R&D in Europe, which has increased by 6.7% to reach €57.4 billion (US$ 64.25 billion) annually as of 2019. In 2020, according to the European Automobile Manufacturers Association (ACEA), automobile manufacturers operate some 226-vehicle assembly and production plants in the European Union. According to India Brand Equity Foundation (IBEF), the Union Ministry of Défense formulated the Défense Production and Export Promotion Policy 2020 aims for aerospace & defence products and services space to generate revenue and exportation worth Rs. 175,000 crore (US$ 23.49 billion) and Rs. 35,000 crore (US$ 4.70 billion), respectively by 2025. Hence, the globally increased transportation industry is estimated to boost the consumption of honeycomb sandwich panels.
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Honeycomb Sandwich Panels Market Challenges
Aluminium More Expensive as compared to Steel
Aluminium is widely used in automotive production. But during production, aluminium costs as much as 60% more than steel, according to the world’s largest steelmaker, ArcelorMittal and in assembly costs, aluminium is 20% to 30% more expensive than steel. Aluminium oxidizes via the same type of chemical reaction that causes iron to rust but steel protects from rust and corrosion. Hence aluminium honeycomb panels are expensive than others. This is one of the major challenges faced by the honeycomb sandwich panels industry.
Honeycomb Sandwich Panels Market Industry Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Honeycomb Sandwich Panels Market. Major players in the Honeycomb Sandwich Panels Market include:
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A. Non-Honeycomb Sandwich Panel Core Materials Market
B. High-Temperature Honeycomb Sandwich Materials Market
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