Aluminum Honeycomb Market Key Growth Trends by Types, Applications & Geography

Posted by Nikhil khadilkar on February 14th, 2019

Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa are the five key regions the global aluminum honeycomb market. Asia Pacific holds the major share of global aluminum market among them. It accounts for 35% share of the overall aluminum honeycomb market. Countries namely India, Japan, and China are the major markets in this region. Aerospace industry is growing at higher CAGR in this region owing to the huge investment by India and China in space exploration. Indian Space Research Organization (ISRO) has emerged as one of the world’s leading commercial space agency, which earned over USD 300 million last year. ISRO offers cheaper and efficient launching services which makes it more competitive and most preferred by many countries. India is earmarking greater percentage of its GDP for space sciences and aspire to become the leader in global space industry. Apart from this, China has built the world’s largest telescope called “FAST’ (five hundred meter aperture spherical radio telescope) and bidding to build another such telescope. These developments in Asia Pacific is projected to fuel the demand of aluminum honeycomb in the region. In addition to aerospace, marine industry is on the rise in this region.

North America was the leading the global Aluminum honeycomb market before surpassed by Asia Pacific last year. U.S is the leading market in this region, which is attributed to the presence on well-established end use industries such as aerospace and defense. The U.S aerospace and defense industry generated over USD 600 billion revenue in 2015 which is growing at 2% year-on-year since then. U.K, Germany, France and Switzerland are the major contributors to the regional market. Automobile and aerospace industries are fetching maximum demand of aluminum honeycomb in this region. Growing demand of light weight vehicles is anticipated to drive the growth of regional aluminum honeycomb market. European Union produced 23% of the global motor vehicle production in 2016, which is estimated to grow further during the forecast period. This is expected to favor growth of the regional aluminum market.

Key Players

Key players in the global aluminum honeycomb market are 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.

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 Segmentation

The global aluminum honeycomb market has been segmented into applications, end use industry, and region. On the basis of application the market is divided into core, sandwich panel, working surfaces, aerodynamics, lighting, and others, wherein the use of aluminum honeycomb for making core is the leading segment. Based on end use industry the global aluminum honeycomb market is segmented into aerospace, marine, defense, automotive, construction, and others. Among these, aerospace is holding major share of overall demand of aluminum honeycomb. Geographically, the market is divided into five key regions, including Asia Pacific, North America, Europe, Latin America, and Middle East & Africa.