According to the latest market study by Fact.MR, market valuation of honeycomb boards is anticipated to increase at a CAGR of 6.5% over the period of 2021 to 2031, and is set to reach around US$ 2 Bn by 2031, on the back of constant shift in end-user preference towards lightweight and strong materials.
This study by Fact.MR, a market research and competitive intelligence provider, provides key insights on market risks, techno-economic strong holds, production feasibility, substitute analysis, and technological and production feasibility analysis, among other business aspects related to honeycomb boards.
Honeycomb Board Industry Report Scope
|Market size value in 2020||USD 1 Billion|
|Market forecast value in 2031||USD 2 Billion|
|Global Growth Rate||CAGR 6.5%|
|North America Market Size in 2020||USD 345 Million|
|Latin America Market Size in 2020||USD 55 Million|
|Europe America Market Size in 2020||USD 245 Million|
|East Asia America Market Size in 2020||USD 185 Million|
|South Asia America Market Size in 2020||USD 120 Million|
|Oceania Market Size in 2020||USD 25 Million|
|Middle East and Africa Market Size in 2020||USD 25 Million|
|Historical Data Available for||2016-2020|
|Market Analysis||Value in US$ Mn, Volume in Cu. M|
|Key Regions Covered||
|Key Countries Covered||
|Key Market Segments Covered||
|Key Companies Profiled||
|Pricing||Available upon Request|
Demand Analysis of Honeycomb Boards from 2016 to 2020 Vs Market Outlook for 2021 to 2031
Over the past half-decade, the packaging industry flourished at a pace of 3% CAGR on the back of high consumer inclination toward e-Commerce. This has inverted the dynamics of packaging materials associated with the industry.
Moreover, packaging companies with strong request from the logistics industry over reduction of truck load costs induced by the weight of packaging has reverberated across the materials industry.
This induced a chain of events leading to the introduction of the honeycomb technology, which incorporates an inexpensive and lightweight honeycomb-like structure between the sandwiched panels.
Over the forecast period, honeycomb board demand is anticipated to diversify reducing the risk and stabilizing overall price fluctuations of panels.
Below points summarize the honeycomb board market over the long-run forecast period:
- Currently, the packaging end-use industry dominates the demand pie of honeycomb board sales with more than 40% in 2020.
- Demand for honeycomb panels in the aerospace industry is anticipated to rise at a high single-digit CAGR over the forecast period.
- 3A Composites GmbH and Dupont capture nearly 1/4 of global honeycomb board sales.
What are the Prominent Driving Factors for Honeycomb Board Sales?
Lightweight and self-internal reinforced structure is the prominent factor shaping the demand for honeycomb profiles. Considering this factor, the packaging industry has adopted panels of this sort to overcome the drawbacks of conventional packaging cardboards and corrugated cardboards.
Paper honeycomb has found an irreplaceable position in the furniture industry as these panels are used for producing doors, allotments, and other inexpensive furniture such as drawers and cupboards.
Moreover, paper honeycomb is used for fixating delicate parts and equipment during transit. Custom-designed, in-house production of such paper honeycomb is observed across the logistics and packaging industry.
Copious applications of honeycomb boards will provide an image of market stability and limited risks associated with the market. Moreover, this also explains the anticipated smooth demand curve over the medium-run forecast period.
Avail customized purchase options for your needs
Why is the U.S. a Prominent Market for Honeycomb Boards?
The United States is the hotspot for the packaging and automotive industry. The rate of developments in these industries is also high when compared with developing regions. Developments in terms of price growth, research & development, and M&A activities have provided momentum to these industries.
In terms of research & development in the automobile industry, CAFE standards have acted as a backbone for the rise in demand for lightweight and high-strength materials such as honeycomb panels.
Over the period of 2016-2020, the United States honeycomb board market expanded at around 5% CAGR and topped US$ 300 Mn in terms of market valuation in 2020. The industry is anticipated to expand around 2X by 2031.
Why is the Honeycomb Panels Business in China Anticipated to Grow at a Higher Rate than the Global Average?
Currently, China holds the upper hand in driving demand for honeycomb panels, with a projected CAGR of 6.9% for the forecast period. This growth rate is attributed to rise in demand for lightweight materials for in-house electrical vehicle manufacturing.
Moreover, country policies are in line with EU and US emission standards, which pushes demand for efficient and effective materials for skin and core applications in the automotive sector.
Why Does the Packaging Sector Dominate Demand for Honeycomb Boards?
Honeycomb boards are strong and internally-reinforced structures used for a bundle of applications, ranging from transportation to packaging. Of these, the packaging sector dominates the demand pie with a share of nearly 40%.
Currently, expensive and fragile goods such as electronics, glass, and antique pieces, among others, are fixated in honeycomb boards, which ensures minimal movement of the product and provides safe transit till the destination.
Moreover, honeycomb packaging minimizes the impact of the product during the transit, which ensures product value retention and minimal bearing of FOB costs by the consumer.
Has Covid-19 Impacted Honeycomb Board Demand?
Decline in research & development activities in 2020 and slowdown observed across the automotive industry shrunk the pace of integration of honeycomb boards in the industry.
On a positive note, rise in e-Commerce activities over the same period revived market growth from a steep downfall, thus stabilizing market growth over the same period.
Top manufacturers of honeycomb boards include 3A Composites GmbH, Dupont, Hexcel Corporation, HONECORE, and Corex-Honeycomb. These manufacturers are focussed on launching proprietary technology to ensure smooth growth of their.
An Adaptive Approach to Modern-day Research Needs
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
- FAQs -
In 2020, the honeycomb board market surpassed a valuation of US$ 1 Bn.
Sales of honeycomb boards are projected to increase at a CAGR of around 6.5% during 2021 – 2031.
Sales of honeycomb boards increased at a CAGR of around 5.8% during 2016 – 2020.
Rising demand for high-strength and lightweight panels is the talk of the town.
Rising integration of sandwiched honeycomb panels in automotive bodies is the prime reason driving market expansion.
Tier-1 manufacturers of honeycomb boards account for around 25% share in the global market.
The top 5 countries driving demand for honeycomb boards are the U.S., China, Germany, Japan, and France.
North America accounted for nearly one-third of global honeycomb board demand in 2020.
The European market for honeycomb boards is projected to expand at a CAGR of 4.4% during 2021 – 2031.
The business in Japan and China is set to progress at 5.5% and 4.8% CAGRs, respectively, with both countries cumulatively accounting for 80% share in the East Asia market.
Need an Exclusive Report for your Unique Requirement?
- Related Reports -
- Our Clients -
- Evaluate How Fact.MR's Report Can Help. -
Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
Is a sample of this report available for evaluation?
Yes, you can request a sample, and it will be sent to you through an email.