Market Research Future (MRFR) confirms that the Aluminum Honeycomb Industry can record a growth rate of close to 6.20% over the assessment period (2021–2030). We will provide COVID-19 impact analysis with the report, along with an in-depth review post the coronavirus disease outbreak.
Top Boosters and Deterrents
Maritime transport has long been a significant contributor to the global economy and also happens to be a crucial mode of transport. Close to 90% of the overall trade takes place by sea, and since maritime transport is highly cost-effective, it is the most preferred transport mode for raw materials as well as goods. In a nutshell, the rapid expansion of the shipping industry in recent years has bolstered the demand for aluminum honeycomb, since it is lightweight, rigid, recyclable, non-toxic and energy efficient.
The widening application scope of aluminum honeycomb in various lightweight structures also aids in market expansion worldwide. Its use in ultra-lightweight, unmanned and electric vehicles has risen considerably over the years and can be highly favorable for the market in the long run. Aluminum honeycomb also finds use in the manufacturing of the chassis and floor of the pod and offers higher strength to the vehicle’s overall structure along with the provision of lightweight solutions compared to other types of composite panels. As a result, the rapidly progressing automotive and transportation sector across the globe can mean stronger market demand in the ensuing years.
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Several opportunities lie in the fast-expanding aerospace & defense industry as well as the rapidly surging building & construction activities, since these factors are only expected to bolster the product demand further. Moreover, the fact that aluminum honeycomb is entirely recyclable and reusable, it saves energy, resources, and reduces environmental pollution, fosters its demand across industries. Another helpful factor can be the increasing number of alliances, agreements and partnerships between renowned players that are vying for a better global presence and a bigger consumer base.
To cite an instance, in September 2020, Argosy signed Korean Distribution Agreement with JAT, to gain benefits of the robust platform of services and products that are based on deep knowledge about aluminum honeycomb. Argosy is one of the leading manufacturers of aluminum honeycomb and with this alliance, is striving to focus more on the automotive industry via development and manufacture of Crash Test Barriers.
The Aluminum Honeycomb Growth Opportunities caters to segments like application and end-use industry.
The applications outlined in the market study are energy absorption, floor structures and stairways, architectural and building panels, and others.
Some of the end-use industries highlighted in the report are energy, automotive, aerospace & defense, building & construction, transportation, marine, and more.
Europe, Asia Pacific/APAC, North America, the Middle East & Africa/MEA and Latin America are the chief markets for aluminum honeycomb worldwide.
Since the year 2018, the APAC has been in the lead in the global market and has the potential to retain its clout throughout the review period. The APAC market largely benefits from the rapidly advancing surging aerospace & defense sector and the dramatic rise in construction activities in recent years. The currently thriving automotive industry across India and China also induce business growth in the region. China stands as the frontrunner in the region market, while India, Japan, and Indonesia are right behind, due to the fast growth of industrialization; rising disposable income and the escalating awareness about the benefits of aluminum honeycomb structures among end-users.
North America claimed the second position in the global market in 2018 and could witness robust growth trend in the coming years. The market is mostly favored by the strong presence of flourishing end use industries like automotive, aerospace and defense and more coupled with the soaring applications in energy and military sectors.
The European market for aluminum honeycomb is backed by the region’s lucrative automotive manufacturing sector and the well-developed transportation industry. The promising growth of the energy sector owing to the surging investments is presumed to work in the favor of the regional market’s favor in the years to follow.
The MEA market could perform moderately during the assessment period, thanks to the escalating deployment of aluminum honeycomb in building and construction, which is in turn is the result of the rising urbanization across emerging countries in the region.
Highly renowned players active in the Aluminum Honeycomb Industry are Plascore (Germany), Alucoil (Spain), Corex Honeycomb (UK), Hexcel Corporation (US), Universal Metaltek (India), Argosy International Inc. (US), Benecor, Inc. (US), Motonity Private Limited (India), EURO-COMPOSITES (US), Coach Line Industries (India), to name a few.
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