Portland, OR -- (SBWIRE) -- 02/20/2018 -- Honeycomb Sandwich Material Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $760.1 million by the year 2022, registering a CAGR of 10.0% during the period 2016 - 2022. The global demand for honeycomb sandwich materials has gained traction owing to its superior mechanical performance and lightweight property. Among the type of materials used for honeycomb structures, aluminum segment accounted for over one-third of the overall market in 2015, owing to its low cost and high tensile strength.

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Honeycomb sandwich is used specifically in applications that involve high strength-to-weight ratio, high stiffness-to-weight ratio, and corrosion resistance. These materials are applicable in aerospace & aircraft, automotive, satellites, trains, and others including clean room industry and marine sectors. In the year 2015, the honeycomb sandwich materials market witnessed significant growth and is expected to maintain this trend during the forecast period due to its growing demand in the aforementioned industries. The key factors that drive the honeycomb market are increase in production of aircrafts and heavy investments in satellite manufacturing globally. However, honeycomb sandwich materials market is capital-intensive, which limits its consumption in end use applications, namely consumer electronics and automotive industries.

This report segments the honeycomb material market on the basis of type, application, technology, and geography. On the basis of type, the industry is segmented into aluminum, stainless steel, titanium, Inconel, and others. The aluminum segment is expected to grow at a prominent CAGR of 10.2% due to its low cost as compared to other honeycomb sandwich materials, during the period, 20162022. On the basis of application, the market is classified into aerospace & aircraft, satellites, automobiles, trains, and others. The others market segment, which includes the clean room industry and marine, is expected to grow at a CAGR of 9.2% for the aforementioned period.

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