Growing Aerospace & Defense Activities to Propel the Growth of the Global Superalloy Honeycomb Materials Market by 2028

Superalloy honeycomb materials are a group of nickel and cobalt alloys that are widely used in high-temperature applications. These materials deliver excellent heat-resistant properties, possess greater toughness, and have higher strength. Mostly, the nickel-based superalloy honeycomb materials which mainly contain chromium, iron, cobalt, titanium, and other alloying elements, are having the capability to operate for longer periods at high temperatures around 800-1000 degree Celsius. Because of these properties, these are highly used in jet engines, turbine blades, advanced types of machinery.

Forecast Analysis of Global Superalloy Honeycomb Materials Market

With the increasing demand for advanced military aircraft, larger commercial aircraft, and various other defense activities, the superalloy honeycomb materials market is expected to witness significant growth over the estimated timeframe. Besides, the growing air traffic, several economic activities, increasing middle-class population, and rising low-cost airlines, are some major factors expected to fuel the growth of the market during the analysis period. Moreover, increasing investment in the electric vertical take-off and landing (eVTOL) aircraft is expected to foster the growth of the market throughout the estimated period. However, the high cost of base materials used for developing superalloys may hinder the growth of the market during the forecast period.

According to the report published by Research Dive, the global superalloy honeycomb materials market is anticipated to generate a revenue of $26,38,497.50 thousand and grow at a CAGR of 8.0% during the analysis timeframe from 2021-2028. Regionally, the North-America region is expected to hold the maximum share of the market owing to the increasing investment in the aerospace and defense industry and in developing an electric vehicle.

The major players of the superalloy honeycomb materials market include HAYNES INTERNATIONAL, Hi-Tech Honeycomb, Chromalloy Gas Turbine LLC, AMETEK Inc., OC Oerlikon Management AG, Indy Honeycomb, Allegheny Technologies Incorporated (ATI), Quality Honeycomb, Howmet Aerospace, JSC ROTEC, and many more.

Key Developments

The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global superalloy honeycomb materials market to grow exponentially.

For instance, in December 2021, Meltio, a leading producer of metal-wire and metal powder, announced its strategic partnership with Bharat Fritz Werner (BFW), an Indian-based leading solution provider of machine tools. With this partnership, BFW is aiming to expand its product portfolio by integrating Meltio’s advanced technology.

In September 2020, Honylite, a leading manufacturer of various types of laminated composite panels and aluminum honeycomb cores, launched its new product named HONYLITE SS-ALU, which is a lightweight sandwich panel. This product is also known as stainless steel honeycomb and made up of aluminum superalloys honeycomb material and is widely used for decorative purposes for interiors.

In November 2021, Hexagon, a leading publicly listed global IT company specializing in hardware and software digital reality solutions, announced its collaboration with CADS Additive, a renowned producer of specialized software for 3D metal printing. With this collaboration, Hexagon is aiming to introduce a powerful support structure that will help organizations to minimize their preparation effort, material costs, and build time with the help of Metal AM build simulation software.

Covid-19 Impact on the Superalloy Honeycomb Materials Market

With the rise of the novel coronavirus, likewise, in several industries, the superalloy honeycomb materials market has experienced a negative impact. To check the transmission of the virus, many countries have imposed stringent lock-down and this has interrupted the supply chain of the aerospace industry. Further, the strict guidelines made by governing bodies have disturbed the production and allowed companies to work with a limited workforce. This led to the postponement in the deliveries of new aircraft, and the unavailability of spare parts have further resulted in revenue losses. All these factors have declined the growth of the market during the period of crisis.