Global Structural Core Materials Market – Overview
The MRFR analysis identifies the latest trends in the global structural core materials market is projected to grow at a CAGR of over 5% during the forecast period and states that it is slated to have a lucrative run during the forecast period (2021-2030), at a healthy growth rate.
Structural core materials are used in a wide array of applications to support and stabilize structures in industries such as automotive, aerospace, marine, and wind energy. Due to the vital importance of structural core materials to the integrity of the application, the global structural core materials market analysis is expected to rise at a strong growth rate over the forecast period. The report provides a comprehensive overview of the global structural core materials market by providing a detailed analysis of all components of the market and analyzing the historical growth trajectory of the market in detail. The past growth trajectory of the global structural core materials market is of great importance to analysts, as it reveals the trends and features that will define the structural core materials market’s growth over the forecast period from 2021 to 2030.
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Global Structural Core Materials Market – Prominent Players
Some of the key players in the global structural core materials market are Diab Group (Sweden), Hexcel Corporation (U.S.), Schweiter Technologies (Switzerland), Euro Composites (Luxembourg), Gurit Holding (Switzerland), The Gill Corporation (U.S.), Changzhou Tiansheng New Materials Co. Ltd. (China), Plascore Incorporated (U.S.), Armacell International (Luxembourg), and Evonik Industries (Germany).
Market Drivers and Key Restraints
A significant trend recently observed in the market has been the boost in demand for structural core materials from the wind energy industry. Also, the growth in disposable incomes of consumers across India, the United States (U.S.), and China has resulted in the quick expansion of automotive and aerospace industries. This factor has elevated the demand for structural core materials to a great extent.
A number of renowned companies within the market are making massive investments in research and development (R&D) for improving the product’s application scope and also enhance their market reach to make their presence felt. The increase in R&D has led to various discoveries in terms of cost-effective methods to manufacture structural core materials.
Likewise, various technological innovations have resulted in the exploration of the latest methods to manufacture honeycombs. Some of these methods are vacuum bag processing and heated press method. Apart from this, several market vendors make use of cost-advantage approaches for the development of their products. Giants like Evonik Industries; SABIC; Hexcel Corporation and Gurit Holdings, Inc. possess sufficient capital to invest into R&D, helping them enhance the quality of their products.
The aerospace sector is likely to be a key consumer of the global structural core materials market over the forecast period. The aerospace sector has become a major buyer of honeycomb and foam materials in the last few years due to the growing demand for lightweight components in the aerospace sector. Honeycomb materials are among the best lightweight structural core materials on the planet, and have thus received increasing demand from the aerospace sector over the last few years. The increasing demand for lighter airplanes, enabling more fuel savings and efficient movement, is likely to be a major driver for the global structural core materials market over the forecast period. The commercial airlines sector is likely to be especially important to the global structural core materials market, as commercial airlines have less obligations as to build quality and strength than military aircraft, where strength and durability are more valued over weight and fuel efficiency.
The automotive sector and wind energy sector are also likely to be important consumers for the global structural core materials market over the forecast period. The wind energy sector has made rapid gains in the last few years to become a key component of the overall renewable energy mix around the world. One of the major features of this growth has been the development of lightweight turbines, which has allowed for high efficiency figures in wind energy plants. Honeycomb and balsa products are widely used in wind energy applications due to their light weight. This is likely to be a major driver for the global structural industry.
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Structural Core Materials Market – Segments:
The worldwide structural core materials market has been segmented on the basis of product, skin type, and end-use industry.
Depending on the product, the market can be broken down into foam, balsa, and honeycomb. Between these, the honeycomb segment’s coverage was found to be the biggest in 2017, and its growth rate is presumed to remain the same during the evaluation period. Meanwhile, The foam segment is expected to be the second-largest market during the forecast period. The increasing foam application in wind turbine blades as well as the nacelles of aircraft and automobiles has resulted in the surge of the foam segment.
The skin types covered by the report are glass fiber reinforced polymer (GFRP), carbon fiber reinforced polymer (CFRP), and natural fiber reinforced polymer (NFRP), and others. MRFR reckons that the CFRP segment expects to seize the substantial portion of the global market in the coming years. The considerable uptake of CFRP has been the consequence of the product’s impressive properties including its excellent tensile strength as well as thermal expansion compared to glass and other fibers.
With respect to end-use industry, the aerospace industry was acknowledged as the segment with utmost growth in 2017, whereas the wind energy segment is anticipated to display the best CAGR during the appraisal period. In addition to rise in international trade, the burgeoning aerospace sector in developing economies has brought about a hike in demand for structural core materials.
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Structural Core Materials Market – Regional Analysis:
Region-based segments in the worldwide structural core materials market include Europe, Asia Pacific, North America, Latin America, and the Middle East & Africa.
In 2017, North America emerged as the largest structural core materials market, helmed by factors like the boost in construction, automotive and wind energy industries. These industries have noted significant expansion mostly in the highly-developed counties of the United the States (U.S.) and Canada.
Expanding at the fastest-rate in the global market, Asia Pacific is presumed to benefit from the shifting of automobile bases towards this region. In addition to this, increasing number of government initiatives with respect to use of renewable energy has cemented the market growth further. As per the report, the Asia Pacific structural core materials market is poised to elevate at a growth rate of 6.5% during the review period.
The Europe market is also tasting success in the global structural core materials market, backed by the growing demand from the wind energy industry along with high use of composites in the aerospace industry. Additionally, increasing demand for PET foam in the region will be responsible for the growth of the Europe market.
2018 – Evonik Industries has developed a variety of foam materials, used as core materials for aircraft owing to their exceptional mechanical strength as well as impressive temperature resistance properties.
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