Acumen Research and Consulting estimates that global core materials market size is expected to reach the market value of around USD 3 Billion by 2027 and is anticipated to grow at a CAGR of around 14% in terms of revenue during the forecast period 2020 – 2027.
The core materials are the materials for the enhancement of structural quality used in aircraft and wind energy devices. Core materials typically are of low resistance but their increased thickness allows high bending rigidity with low density for the sandwich composite. In a wide variety of industries, including maritime, wind and aerospace, core components are used. The core material is positioned between the refurbishing layers so that it is fixed to each side of the core material, offering a greater benefit.
The report provides analysis of global Core Materials market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.
The core materials market is increasing at a significant pace due to growth in the wind power industry, increasing utilization of core materials in the aerospace and space industries and higher investment in the maritime sector. However, Delays and uncertainty in renewal of output tax credit (PTC) and the sector, which is heavily capitalized hinder demand growth.
While leading wind turbine makers China, India, Indonesia and other Asian countries are rapidly seeking foam core. Improved aircraft development and space industry growth push the honeycomb core content demand primarily. It is calculated that 1,686 aircraft units will be delivered worldwide, which is expected to drive market growth by 2025 according to Boeing Company and Airbus Group.
Asia Pacific region is anticipated to dominate the market led by China owing to the rising demand in emerging countries such as China and India for superior performance and environment friendly goods from the wind energy and aeronautical industries.
North America will have the second largest market share during the projection period. The involvement of original suppliers of aerospace equipment in the area contributes to competition for low weight core materials. Furthermore, the large number of wind turbines drives North America's market growth.
The need for lightweight core materials to be used in the aerospace industry is important in Europe. Europe is expected to see the growing demand for critical materials for numerous infrastructure projects, as one of the most desirable touristic destinations.
Latin America region has been witness to a decline due to the political instability in Argentina, Brazil, Colombia and Venezuela. On the other hand, Africa's market is expected to grow strongly due to the economic growth predicted in the region.
The market research study on “Core Materials Market (Core Materials Market By Type: Honeycomb, Foam, Balsa; Core Materials Market By End User: Construction, Marine, Automotive & Transportation, Wind Energy, Industrial, Aerospace & Defense, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers a detailed insights on the global Core Materials market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report covers global Core Materials market size, and segment markets by type, application, and geography along with the information on companies operating in the market. The Core Materials market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The global Core Materials market is segmented as below:
Core Materials Market By Type
Core Materials Market By End User
Automotive & Transportation
Aerospace & Defense
Core Materials Market By Geography
Middle East & Africa
Key Players and Market Situation
Participants include major global players such Armacell International S.A., Changzhou Tiansheng New Materials Co. Ltd, Gurit Holding AG, The Gill Corporation, Euro-Composites S.A., Others.
These businesses follow numerous inorganic and organic approaches to increase their impact on the core markets of products. In the study, these key players on the core materials market, their business profiles, the latest developments and the key marketing strategies, will be examined in depth.
Significant demand from wind energy is a key driver of the market.
The market value of core materials is anticipated to be around US$ 3 Bn in 2027.
It is anticipated to grow around 14% CAGR amid the forecast period 2020-2027.
The key players operating in core materials market such as Armacell International S.A., Changzhou Tiansheng New Materials Co. Ltd, Gurit Holding AG, The Gill Corporation, Euro-Composites S.A., Others.
Asia Pacific is projected to grow at a fast pace during forecast period 2020-2027.
Asia Pacific held maximum share in 2019.
Rising number of substitutes.