LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global aluminum honeycomb market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global aluminum honeycomb market will grow at a CAGR of close to 6% during the forecast period. The increasing demand from the shipping industry is a major factor driving the market’s growth.
Maritime transport is a major contributor to the world’s economy as well as an essential mode of transport. 90% of the world trade is carried out by sea, and maritime transport is the most cost-effective mode of transport of raw materials and goods. The increasing demand for aluminum honeycomb from the shipping industry is principally due to the favorable mechanical properties of aluminum as a material. The use of aluminum honeycomb in ships contributes significantly in terms of lightweight, rigidity, recyclability, non-toxicity, energy efficiency, and insulation. For instance, the use of aluminum honeycomb in ships offers much more rigidity than other materials used in shipping such as foam core materials.
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In this report, Technavio highlights the increasing preference for aluminum honeycomb materials in lightweight structures as one of the key emerging trends driving the global aluminum honeycomb market:
Increasing preference for aluminum honeycomb materials in lightweight structures
The increasing application of aluminum honeycomb in lightweight structures is major trend in the global honeycomb market. It is being used in electric, ultra-lightweight, and unmanned vehicles that are used as a mode of transport by people to travel from one place to another. Aluminum honeycomb is used to manufacture the floor and chassis of the pod and usually consists of composite panels. Aluminum honeycomb offers more strength to the entire structure of the vehicle while offering lightweight solutions when compared to other composite panels in these lightweight structures.
“The increasing focus on the production of electric and unmanned vehicles owing to the increased focus on the safety of customers and conservation of the environment is expected to drive the market of aluminum honeycomb in lightweight structures during the forecast period,” says a senior analyst at Technavio for research on metals and minerals.
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Global aluminum honeycomb market segmentation
This market research report segments the global aluminum honeycomb market into the following applications (aerospace, marine, defense, automotive, and construction) and key regions (the Americas, APAC, and EMEA).
The aerospace segment held the largest market share in 2017, accounting for nearly 29% of the market. The market share for this application is expected to increase more than 1% by 2022.
APAC was the leading region for the global aluminum honeycomb market in 2017, accounting for a market share of 40%. By 2022, APAC is expected to witness a market growth of more than 1%.
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