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    Composite Sandwich Panels Market | Covid-19 Impact Analysis

    Composite Sandwich Panels Market | Covid-19 Impact Analysis

    Composite Sandwich Panels Market | Covid-19 Impact Analysis
    Report code - SRAM320 Published On : Jun,2020 No. of Pages: 225
    Composite Sandwich Panels Market by Product Type (Glass Fiber Composites and Carbon Fiber See more...
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    Impact of COVID-19 on Composite Sandwich Panels Market

    Covid-19 has impacted the market dynamics, competition, and global...

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    Impact of COVID-19 on Composite Sandwich Panels Market

    Covid-19 has impacted the market dynamics, competition, and global supply chains. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.

    Note: The summary below might not have included insights on covid impact since we have large number of reports.

    Stratview Research continues leveraging its unparalleled research capabilities in the composites industry. This time, we have come up with another extensive market research on the Composite Sandwich Panels Market, a unique market that possesses consequential growth potential in the long run. The report estimates the short-term as well as long-term repercussions of the COVID-19 pandemic on the demand for composite sandwich panels at the global, regional, as well as country level. The report further comprehends the opportunity loss that the market participants have to swallow by comparing pre-COVID with the post-COVID scenario. The report also portrays the long-term perspective of the market in order to understand the market recovery after the pandemic.

    The Composite Sandwich Panels Market: Highlights

    Sandwich composite panel is a structure that is made up of two thin laminate outer skins bonded to a lightweight thick core structure. These panels are majorly used in applications where a combination of high structural rigidity and low weight is required. Carbon fiber and glass fiber prepregs are commonly used as skin materials, whereas foam, aluminum honeycomb, nomex honeycomb, and balsa are commonly used core materials. The lightweight core resists the shear forces and provides insulation, whereas the two face skins provide durability, weather, and impact resistance, and resist in-plane forces of tension and compression.

    Composite sandwich panels are widely used in the aircraft industry in galleys, floors, interior panels, sidewalls, partitions, control surfaces, and overhead stowage bins. These panels are also successful in finding applications in other markets including building & construction, mass transportation, and marine. Floors, sidewalls, and other interior panels are the major applications in trains, whereas external cladding, access loads, insulated thermal envelops, ceiling panels, wall partitions, and fire-resisting compartment walls are in the building & construction industry. Interior bulkheads, decking, covers, and cabinetry are in powerboats and yachts.

    The outbreak of COVID-19 has severely impacted all the industries across the world. The aerospace & defense industry is projected to be among one of the worst-affected industries due to the pandemic. The aerospace industry was already enduring great loss due to the grounding of Boeing’s B737 MAX, whose impact was quite visible onto the demand for composite sandwich panels in 2019. The outbreak of the pandemic resulted in a significant reduction in passenger traffic with a huge plunge in revenue of airlines, aircraft OEMs, and tier players. Marine (recreational boats and yachts) and building & construction are the other two major markets that are also recording a huge plunge in demand in 2020.

    Composite sandwich panel is uniquely positioned in the domain of the composites and had been witnessing excellent growth over the past decade. The composite sandwich panels market could not escape from such changing market dynamics and is anticipated to experience a hefty decline in 2020, taking the market much below its 2014-level. The demand for composite sandwich panels is anticipated to plateau in 2021, followed by a quick rebound from 2022 onwards, ultimately driving the market to reach US$ 2.4 billion in 2025.

    Several factors are expected to invigorate the demand for composite sandwich panels in the coming years some of which are increasing commercial aircraft fleet size, expected increase in commercial aircraft production, increasing demand for advanced interiors with an aim to provide uniform feel across the fleet,  rising demand for metro cars and high-speed trains, and increasing demand for energy-efficient buildings. Boeing, in its 2019-2038 outlook, anticipated the total new aircraft deliveries to be 44,040 aircraft units during 2019-2038. Similarly, Airbus anticipated 39,210 aircraft deliveries during the same period, asserting a positive market outlook in the long run. Also, both companies, despite recent order cancellations, still holds huge aircraft order backlogs, representing more than 7 years of continuous production at current rates.

    The sandwich composite panel market is segmented based on the product type as glass fiber composites and carbon fiber composites. Glass fiber composite is expected to remain the dominant material type in the market during the forecast period. Good mechanical properties, dimensional stability, electrical resistivity, and low cost are the key factors driving glass fiber composite sandwich panels in a wide array of applications. Carbon fiber composite is expected to be a rapidly growing market. Carbon fibers offer exceptional properties but at a higher cost and are gaining share where weight reduction and high performance are critically required.

    Based on the end-use industry type, the market is segmented as aerospace & defense, building & construction, transportation, marine, and others.  Aerospace & defense is expected to remain the biggest demand generator of sandwich panels in the foreseen future. Aircraft interiors are the major users of composite sandwich panels. Large commercial and regional aircraft fleet size, expected rebound in commercial aircraft production, entry of new or variants of the existing aircraft programs (C919, MC-21, B777x, etc.), and increasing penetration of composite panels are driving forces of the market in the industry.

    The market is registering significant changes in regional dynamics in pre-COVID and post-COVID scenarios. All regions to mark significant declines in sandwich composite panel sales in 2020; however, North America is estimated to be the worst-hit region due to the pandemic, in terms of both, value as well as volume. Despite severely hit from COVID-19, the USA is projected to remain the largest market for composite sandwich panels during the forecast period. The USA has one of the largest fleets of commercial aircraft in the world and is a manufacturing hub of the aircraft industry, along with the presence of key sandwich composite panel manufacturers.

    Europe and Asia-Pacific are the other major markets and are also likely to experience hefty declines in the demand for composite sandwich panels in 2020. The Asia-Pacific’s market is anticipated to witness the least decline in the demand for composite sandwich panels and is expected to recover at the fastest pace compared to other regions. In Europe, Germany, France, and the UK are the key markets, registering a significant decline in demand in 2020; with the UK’s market suffering the most from the pandemic.

    The supply chain of this market comprises raw material suppliers, Prepreggers, core material suppliers, panel manufacturers, tier players, OEMs, airlines, aircraft leasing companies, and MRO companies. The key players in the composite sandwich panels market are Safran S.A., Collins aerospace Systems, The Gill Corporation, Diehl Aviation, Euro Composites S.A., JAMCO Corporation, Triumph Group, 3A Composites, The Yokohama Rubber Co., Ltd., and AIM Altitude. All the major sandwich composite panel suppliers have different growth strategies based on their synergies, product portfolio, market reach, geographical presence, and market positioning. However, a high level of integration, new product developments, and strategic alliances are some of the key strategies adopted by major players to gain a competitive edge in the market.

    Research Methodology

    This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 2,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

    • Market structure: Overview, Industry life cycle analysis, Supply chain analysis
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
    • Market trend and forecast analysis
    • Market segment trend and forecast
    • Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
    • Attractive market segments and associated growth opportunities
    • Emerging trends
    • Strategic growth opportunities for the existing and new players
    • Key success factors

     

    The composite sandwich panels market is segmented into the following categories. 

    Composite Sandwich Panels Market, by Product Type

    • Glass Fiber Composites (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Carbon Fiber Composites (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Composite Sandwich Panels Market, by End-Use Industry Type

    • Aerospace & Defense (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Building & Construction (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Transportation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Marine (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Composite Sandwich Panels Market, by Core Material Type

    • Nomex Honeycomb Composites (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Aluminum Honeycomb Composites (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Other Composites (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Composite Sandwich Panels Market, by Region

    • North America (Country Analysis: The USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, the UK, and Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, Australia, and Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

     

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at [email protected]


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