Honeycomb Board Market Share, Size, Trends, Industry Analysis Report, By Material (Metal Honeycomb Boards and Non-metal Honeycomb Boards); By Type; By End-Use; By Region; Segment Forecast, 2023 - 2032
- Published Date:Jul-2023
- Pages: 118
- Format: PDF
- Report ID: PM3674
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global honeycomb board market was valued at USD 3,013.55 million in 2022 and is expected to grow at a CAGR of 5.5% during the forecast period.
The rapidly increased need and demand for lightweight materials from various end-use industries, including automotive, packaging, aerospace, and construction, along with the surging adoption of paper honeycomb in the furniture industry for multiple applications, including door production, allotments, and several other inexpensive furniture such as drawers and cupboards, driving the global market growth. In addition, the growing focus of key market companies towards developing innovative products with better capabilities and characteristics and government initiatives promoting eco-friendly materials are likely to positively impact the market.
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- For instance, in August 2022, Alstone announced the launch of its new futuristic and revolutionary material honeycomb called “Alstone Holcomb.” The new product is a lightweight panel composed of two different aluminum alloy sheets and an inner honeycomb core of aluminum foils.
Moreover, the rising prevalence of honeycomb boards to be easily customized and shaped is offering lucrative opportunities for catering to unique customer requirements. Apart from this, the expansion of the construction industry provides a substantial opportunity for honeycomb boards, especially in building applications, as these boards offer excellent structural integrity, acoustic properties, and fire resistance, making them suitable for interior partitions, doors, ceilings, and furniture.
However, the manufacturing process of honeycomb boards involves specialized equipment, materials, and processes, which can result in relatively high production costs and complex manufacturing processes associated with the production of honeycomb boards, limiting the new market players' entry into the market and the major factors restraining the market growth.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the honeycomb board market. The rapid spread of the pandemic has resulted in economic uncertainty and reduced consumer spending, leading to fluctuations in demand for honeycomb board products. As industries such as automotive, aerospace, and construction, among others, major consumers of honeycomb boards experienced slowdowns and project postponements, affecting the demand for these products during the pandemic.
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Industry Dynamics
Growth Drivers
Rising awareness about environmental issues
Increasing awareness about environmental issues and sustainability practices across the globe has influenced the demand for eco-friendly materials like honeycomb boards in recent years. The surging focus on sustainable solutions across industries such as packaging, construction, and furniture and the need to reduce emissions, increase payload capacity, and fuel efficiency of vehicles is propelling the demand for honeycomb boards.
Furthermore, the honeycomb board is made of comparatively low-density material than others, which makes them a lightweight and suitable structure for various purposes, including easy handling and maintenance when the product is not in use, along with the implementation of exploring new applications for these boards like in construction industry as a void-forming solution that creates a space between the soil and building foundations, are also anticipated to boost the global market growth.
Report Segmentation
The market is primarily segmented based on material, type, end-use, and region.
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By Material |
By Type |
By End-Use |
By Region |
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By Material
Metal honeycomb boards segment accounted for the largest market share in 2022
The metal honeycomb boards segment accounted for the largest market share in 2022, as they are well-known for their exceptional strength-to-weight ratio and structural integrity and ability to offer high load-bearing capacity and resistance to compression, which makes them suitable for applications that require robust and durable materials. Additionally, their low weight contributes to reduced transportation costs, ease of handling, and lower structural requirements, particularly in aerospace, automotive, and transportation, propelling the segment market.
The non-metal honeycomb boards segment is likely to exhibit the fastest growth rate over the next coming years, mainly due to its versatility and customizability, as they can be manufactured with a variety of materials such as paper, plastic, and composite fibers, which allows for customization based on specific application requirements across different industries. These boards are increasingly being used in construction, interior design, furniture, packaging, displays, marine, and renewable energy sectors, resulting in significant market growth.
By Type
Reinforced segment is projected to hold significant market share over the study period
The reinforced segment is projected to hold a substantial market share over the study period, mainly driven by continuous expansion in the automotive and aerospace industry worldwide, as these industries require lightweight materials with high strength and structural integrity.
In addition, technological advancements in materials science, production processes, and adhesive technologies worldwide that have enabled the production of stronger and more durable reinforced honeycomb boards, along with the rising incorporation of innovative design approaches, made it possible to tailor the properties of boards to meet specific application requirements.
By End-Use
Automotive segment is expected to witness highest growth during forecast period
The automotive segment is expected to grow at a healthy CAGR during the projected period, mainly attributable to the emerging focus of manufacturers on sustainability and environmental regulations and the ability of these boards to offer design flexibility, which allows manufacturers to develop complex shapes and structures according to the specific automotive requirements.
The packaging segment led the industry market with considerable revenue share in 2022, which is highly accelerated to its growing adoption due to strong and internally-reinforced structures used for various applications. Additionally, honeycomb board-based packaging further helps minimize the transportation impact on the product, which ensures the minimal bearing of FOB costs by the customers and value retention, which has been positively influencing the segment market.
Asia Pacific region dominated the global market in 2022
In 2022, the Asia Pacific region experienced a significant increase in product demand, particularly in the packaging sector, due to population growth, industrialization, environmental concerns, and high consumption of packaged goods. Additionally, the e-commerce industry in countries like China, India, and South Korea has grown exponentially due to increased mobile and internet penetration and social media awareness for environmentally friendly products, contributing to regional market growth. India, with an estimated population of 1.42 billion people in 2022, is projected to surpass China as the world's most populous country in the next forty years.
Meanwhile, North America is expected to have the fastest growth rate during the forecast period due to the rapid expansion of the automotive industry and the adoption of technological advancements in the US and Canada. There is also a growing emphasis on lightweight and sustainable materials across various sectors, including automotive, aerospace, packaging, and furniture.
Competitive Insight
The Honeycomb Board market is fragmented and is anticipated to witness competition due to several players' presence. Major service providers in the market are constantly upgrading their technologies to stay ahead of the competition and to ensure efficiency, integrity, and safety. These players focus on partnership, product upgrades, and collaboration to gain a competitive edge over their peers and capture a significant market share.
Some of the major players operating in the global market include:
- Crown Holdings Inc.
- Europanel Products Pvt. Ltd.
- Falconboard
- Greencore Packaging
- Guangdong Meiyan Jixiang Hygiene Material Co. Ltd.
- Hexcel Corporation
- Honicel Honeycomb Technology
- Kernow Coatings
- LSquare Eco Products Pvt. Ltd.
- Packaging Corporation of America
- Plascore Incorporated
- Sonoco Products
- Tricel Honeycomb Corporation
Recent Developments
- In September 2021, L&L Products announced the launch of its new L-9060, which helps in reinforcing the aerospace interior sandwich panels mainly to improve the traditional process of honeycomb panel reinforcements. The newly developed product is easy to use & clean, lightweight, and contains no odor, which helps to reduce the carbon emission, fuel consumption, and overall weight of aircraft.
- In February 2021, ThermHex, unveiled its honeycomb core specially designed for Class A surface quality and comes with a height of 20 mm & cell size of 5 mm. The small cell size improved surface quality and allowed core use in a larger range of applications like visible interior & exterior surfaces.
Honeycomb Board Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 3,172.37 million |
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Revenue forecast in 2032 |
USD 5,123.21 million |
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CAGR |
5.5% from 2023 – 2032 |
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Base year |
2022 |
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Historical data |
2019 – 2021 |
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Forecast period |
2023 – 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2023 to 2032 |
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Segments covered |
By Material, By Type, By End-Use. By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, region and segmentation |
FAQ's
Key companies in honeycomb board market Crown Holdings Inc.,Europanel Products Pvt. Ltd.,Falconboard, Greencore Packaging,Guangdong Meiyan Jixiang Hygiene Material Co. Ltd.
The global honeycomb board market is expected to grow at a CAGR of 5.5% during the forecast period.
The honeycomb board market report covering key segments are material, type, end-use, and region.
Key driving factors in honeycomb board market Rising awareness about environmental issues.
The global honeycomb board market size is expected to reach USD 5,123.21 million by 2032
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