Top Factors Driving the Global Honeycomb Core Materials Market| Technavio

LONDON–(BUSINESS WIRE)–#Polymers—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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