Published: 2019-09-18   Views: 8
Author: TejasAmale
Published in: Business
Structural Core Materials Market Worldwide Insights, Competitor Analysis, Business Opportunities, Forthcoming Developments & Future Investments 2019 To 2023

The global structural core materials market is analyzed in detail in the latest research report from Market Research Future (MRFR). The global structural core materials market is profiled by analyzing its key drivers and restraints, leading market segments, and the major players operating in it. The global structural core materials market is expected to grow at a CAGR of around 5% over the forecast period from 2018 to 2023, according to the report.

Structural core materials are used in composites to enhance their physical characteristics. The increasing demand for lightweight structural core materials is likely to be a defining feature of the global structural core materials market over the forecast period. Reducing the overall weight of the structure has become a key issue in end-use industries such as aerospace and automotive, which are major consumers of structural core materials and are likely to determine the direction of the market over the forecast period. The increasing demand for lighter honeycomb materials in the aerospace sector is likely to be a prime driver for the global structural core materials market over the forecast period.

Reducing the weight of vehicles has also become a major issue in the automotive industry due to the need to reduce the volume of emissions from automobiles. Making vehicles lighter is the surest way of reducing the emissions from the vehicles, leading to a growing demand for lighter structural core materials from the automotive industry. The growing prevalence of environmental regulations enforcing a lighter design in the automotive industry is likely to be a major driver for the global structural core materials market over the forecast period.

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Competitive Analysis

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 Segmentation

The global structural core materials market has been segmented by product, skin type, end-use industry, and region.

On the basis of 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.

On the basis of skin type, the market has been classified as glass fiber reinforced polymer (GFRP), carbon fiber reinforced polymer (CFRP), and natural fiber reinforced polymer (NFRP), and others. According to MRFR analysis, the CFRP segment is expected to hold the majority market share during the forecast period. The advanced properties of CFRP, such as tensile strength and thermal expansion, in comparison with glass and other fibers, account for the growth of the segment. On the basis of 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.  

Regional Analysis

Based on region, the market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. 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. 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. The structural core materials market in Asia-Pacific is projected to grow at a CAGR of 6.5% during the forecast period.

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