As per industry analysis on the honeycomb board market by Fact.MR, the Demand For Honeycomb Board Market is anticipated to be valued at US$ 1.2 Bn in 2021, expanding at a rapid CAGR of 6.5% over the forecast period of 2021-2031.
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Fact.MR, market research and competitive intelligence provider, analyses that rising fuel costs and constant push from regulatory bodies over fuel economy have provided an opportunity for lightweight material manufacturers to come up with unique-designed panels, including honeycomb boards.
Honeycomb boards are effectively designed panels that are stronger and lighter than conventional dense metal boards. This has attracted prominent automakers such as BMW, Mercedes Benz, Porsche, and Volkswagen, among others, for product utilization for skins as well as for automotive cores.
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Moreover, from a price point of view, honeycomb boards are cost-effective to produce owing to limited raw material utilization coupled with ease of production. This induces demand for honeycomb boards as a better substitute over other conventional boards sold in the market.
Apart from the automotive industry, the aerospace industry has also adopted honeycomb boards for fuselage and partition application, which shall assist aerospace manufacturers to lower deadweight of the aircraft. This is set to create a win-win situation for both, aircraft OEM manufacturers as well airline owners by lowering the cost of production and providing extra weight compliance for an added passenger.
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Key Takeaways from Market Study
- The global honeycomb board market is anticipated to add 2X value by 2031.
- Paper honeycomb boards currently capture more than half of overall sales.
- Packaging industry anticipated to add an incremental opportunity of US$ 45 Mn each year till 2031.
- Non-metal honeycomb board value anticipated to grow 2X by 2031.
- Automotive application is projected to rise at a single-digit high CAGR over the period of 2021-2031.
Key Segments of Honeycomb Board Industry Survey
- Metal Honeycomb Boards
- Titanium Aluminum
- Non-metal Honeycomb Boards
- Non Plastic
- Carbon Fiber
- Fiber glass
- Metal Honeycomb Boards
- Reinforced Honeycomb Boards
- Non-reinforced Honeycomb Boards
By End-use Industry
- Honeycomb Boards for Aerospace
- Honeycomb Boards for Automotive
- Honeycomb Boards for Marine
- Honeycomb Boards for Construction
- Honeycomb Boards for Packaging
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