Overview of Market:
The Global Structural Core Materials Market is anticipated to reach at a 5% CAGR through 2018 to 2023. The market growth is driven by increasing product demand from the automobile and aerospace industries. Moreover, with rising international trade, the marine sector has seen substantial growth in recent times which, in turn, is projected to have a positive impact on the global structural core materials market. The growing demand for lightweight materials in aircraft, automobiles, and marine vessels due to their high fuel efficiency is expected to be a major factor driving market growth.
Structural Core Materials are used in composites mainly to enhance their physical properties. The most commonly used structural core materials are foam, balsa, and honeycomb. The growing demand for lightweight materials in aircraft, automobiles, and marine vessels due to their high fuel efficiency is expected to be a major factor driving market growth.
Moreover, with rising international trade, the marine sector has seen substantial growth in recent times which, in turn, is projected to have a positive impact on the global structural core materials market.
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Regional Analysis:
Geographically, The Structural Core Materials Market in Asia-Pacific is projected to grow at a CAGR of 6.5% during the forecast period. The Asia-Pacific is expected to be the fastest-growing regional market during the forecast period. The shifting of automobile bases to the region, coupled with the increasing number of government initiatives for the generation of renewable energy, is further propelling market growth.
North America was the leading regional structural core materials market in 2017. Factors such as the growing adoption of the product in the automobile and aerospace sectors are driving market growth.
Intended Audience:
• Structural core materials manufacturers
• Traders and distributors of structural core materials
• Research and development institutes
• Potential investors
• Raw material suppliers
• Nationalized laboratories
Market Segmentation:
The Global Structural Core Materials Market has segmented by end-use industry, product, and region.
By product, the market has been segmented into foam, balsa, and honeycomb. The honeycomb segment was the largest in 2017 and is expected to remain so during the forecast period. The foam segment is expected to be the second-largest market during the forecast period. The growing application of foam in wind turbine blades and the nacelles of aircraft and automobiles is expected to drive the growth of the foam segment.
By end-use industry, the aerospace industry was the largest in 2017 while the wind energy segment is expected to register the highest CAGR during the forecast period. Growing international trade, coupled with the burgeoning aerospace sector in emerging economies, is leading to a surge in demand for structural core materials.
By region, it is segmented into five regions across the world namely; APAC, Latin America, North America, Europe, and the Middle East & Africa.
Global Key Players:
The top competitors available in the Global Structural Core Materials Market are; Euro Composites (Luxembourg), The Gill Corporation (U.S.), Schweiter Technologies (Switzerland), Armacell International (Luxembourg), Diab Group (Sweden), Hexcel Corporation (U.S.), Changzhou Tiansheng New Materials Co. Ltd. (China), Plascore Incorporated (U.S.), Gurit Holding (Switzerland), and Evonik Industries (Germany).
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