According to a new report published by Allied Market Research titled, “Non-Honeycomb Sandwich Panel Core Materials Market: Global Opportunity Analysis and Industry Forecast, 2017-2023,” the global market was valued at $690 million in 2016, and is projected to reach $894 million by 2023, growing at a CAGR of 5.6% from 2017 to 2023. Asia-Pacific is dominating the non-honeycomb sandwich panel core materials market, and is expected to continue leading through 2023.
Sandwich structure is a composite configuration that consists of high strength composite facing sheets bonded to lightweight foam, balsa, or honeycomb core. Examples of these structures include skins made of glass/carbon/Kevlar fibers in vinyl ester/epoxy matrix bonded and separated by core materials such as foam and balsa. Sandwich panel serves designers in multiple ways; for example, they are majorly used to achieve high structural rigidity & low weight, and to impart enhanced properties such as vibration & noise damping, improved insulation behavior, and impact resistance.
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The major companies profiled in the report include Diab Group, Hexcel Corporation, 3A Composites, Euro-Composites S.A., Gurit Holding AG, The Gill Corporation, Changzhou Tiansheng New Materials Co. Ltd., Plascore Incorporated, Armacell International S.A., and Evonik Industries AG.
Sandwich panels are lighter than individual components, resulting in increased adoption in automotive, aerospace & defense, marine, wind energy, and construction industries. However, high production cost of sandwich panel materials is projected to restrain the growth of the global market. Technological advancements in the composite molding processes, specifically related to building materials, are anticipated to provide numerous growth opportunities for the market players.
Foam accounted for around two-thirds of the revenue in 2016. The high-density foam segment dominated the market, generating for nearly three-fourths of the total revenue in the same year. Aerospace segment is expected to witness the fastest growth, owing to rise in demand for lightweight and durable materials.
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Key findings and scope
- Foam segment is expected to grow at a CAGR of 5.8% during the forecast period.
- India is estimated to be the fastest growing country, globally, for 2017-2023, growing at a CAGR of 7.3%.
- Wind energy end user industry approximately occupied more than two-fifths of the global market share in 2016.
- Germany occupied approximately one-fourth of the Europe non-honeycomb sandwich panel core materials market in 2016, and is expected to grow at a significant CAGR of 4.3%.
In 2015, Asia-Pacific and Europe collectively accounted for nearly two-thirds of the market, though North America is expected to grow at a faster rate than Europe during the forecast period. High growth rates in Canada, and Mexico, is estimated to drive this development.
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