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Structural Core Materials Market


Chemicals & Material
Fibers & Composites

The global structural core materials market is projected to grow from USD 1.52 Billion in 2017 to USD 2.32 Billion by 2022, at a CAGR of 8.8% during the forecast period. The increasing number of patents filed for structural core materials by global players, growing manufacturing industries, and continuous agreements, partnerships & joint ventures, expansions, new product & technology launches, and mergers & acquisitions activities undertaken by various companies are key factors driving the global structural core materials market.

The global structural core materials market is segmented on the basis of type, outer skin type, end-use industry, and region. Based on type, the structural core materials market has been further segmented into foam, honeycomb, and balsa. Foam is expected to be the fastest-growing type of structural core materials. Foam core imparts strength and stiffness while keeping the composite and non-composite structures lightweight. Rapid growth in the wind energy industry, wind turbine blade manufacturing, and emergence of China and other Asian countries as major wind energy producers are propelling the consumption of foam core, thereby significantly driving the structural core materials market.

Based on outer skin type, the structural core materials market has been further segmented into GFRP, CFRP, NFRP, and other outer skin types such as metal sheets and aramid sheets. GFRP is the largest segment of the structural core materials market. This is because GFRP is extensively used in wind turbine blades as it reduces the overall weight, thereby increasing its efficiency. CFRP is the fastest-growing segment and is replacing other outer skins in sandwich panels in various applications due to its superior properties such as high strength-to-weight ratio, rigidity, corrosion resistance, and good tensile strength.

Major end-use industries in the structural core materials market are aerospace, wind energy, marine, transportation, construction, and others. The market in the wind energy end-use industry is projected to register the highest CAGR between 2017 and 2022. This high growth is attributed to the use of composites in designing of blades for large wind turbines. These blades are made by combining structural core materials and glass reinforced polyester/epoxy. Renewal of Production Tax Credit (PTC) in the US has helped the wind energy market to grow, thereby driving the structural core materials market. The wind energy end-use industry is also estimated to grow due to the rising demand for clean energy, globally.

North America led the structural core materials market, in terms of value, in 2016, owing to high demand for honeycomb core materials from the aerospace and wind energy end-use industries. Established players, such as Hexcel Corporation (US) and The Gill Corporation (US) are accelerating their efforts to increase the production of honeycomb and foam core materials to meet the increasing demand from aircraft and wind blade manufacturers. Therefore, increasing application of honeycomb and foam core materials in the aerospace and wind energy end-use industries is expected to drive the structural core materials market.

Structural Core Material Market

The structural core materials market is rapidly gaining importance though a few factors are acting as bottlenecks in its growth. The capital-intensive nature of the industry and the uncertain wind energy industry in the US are some of the major restraints for the growth of the structural core materials market.

Diab Group (Sweden) is one of the major manufacturers of structural core materials. It emphasizes on excellence in consumer-centric product creation and focuses mainly on strategies, such as new product launches, agreements, partnerships, and expansions to grow. The company carried out continuous improvements in several business areas by maintaining its focus. It follows strategic moves to sustain its position as a market leader.

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