LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global honeycomb core materials market to grow at a CAGR of close to 8% during the period 2018-2022, according to their latest report.
This market research report segments the global honeycomb core materials market into the following end-users (aerospace and defense and marine) and key regions (North America, Europe, APAC, and ROW).
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In this report, Technavio analysts highlight the growth and development of the shipping industry as a key factor contributing to the growth of the global honeycomb core materials market:
Growth and development of the shipping industry
Maritime transport is essential to the global economy. Sea transportation incurs less cost and accounts for more than 90% of the global trade. In 2015, the world seaborne trade volumes were estimated to exceed 10 billion tons. Maritime transport plays a major role towards globalization as it connects consumers, intermediaries, and industries. It supports industrial development by assisting manufacturing activities, promoting trade integration, and improving the regional economy. In 2015, dry cargo shipments accounted for more than 70% of the total seaborne trade volume.
According to a senior analyst at Technavio for plastics, polymers, and elastomers, “The fastest growth in the world commercial fleet was recorded by the gas carriers segment, followed by container ships. Countries such as China, Japan, and Singapore are some of the key ship-owning countries. The rise in sea trade activities is expected to drive the demand for honeycomb core materials.”
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Global honeycomb core materials market segmentation
Of the two major end-users, the aerospace and defense segment held the largest market share in 2017, accounting for nearly 53% of the market. The increase in investments in the defense industries in China, the US, Russia, Saudi Arabia, India, Japan, and France is likely to improve the budget allocation for the aerospace and defense sectors. This segment will continue to lead the honeycomb core materials market for the next five years.
North America was the leading region for the global honeycomb core materials market in 2017, accounting for a market share of 30%. Europe occupied the second largest market share with APAC not very far behind.
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