Structural Core Materials Market Trends 2019, Segmentation, SWOT Analysis, Opportunities and Forecast 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.
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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.
The Global Structural Core Materials Market has been segmented by product, Skin Type, End-Use Industry and Region.
On the Basis of Product, the Structural Core Materials Market has been segmented into foam, balsa, and honeycomb. Honeycomb is the dominant product segment in the Global Structural Core Materials Market, accounting for a 65% market share in 2017 and looking set to dominate the global market over the forecast period due to the growing demand for lightweight honeycomb materials in the aerospace industry.
On the Basis of Skin Type, the Structural Core Materials Market has been segmented into glass fiber reinforced polymer (GFRP), carbon fiber reinforced polymer (CFRP), natural fiber reinforced polymer (NFRP), and others.
On the Basis of End-Use Industry, the market has been segmented into aerospace, automotive, wind energy, marine, construction, and others.
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Leading players in the Global Structural Core Materials Market include Diab Group, Schweiter Technologies, Gurit Holding, Changzhou Tiansheng New Materials Co. Ltd., Armacell International, Evonik Industries, Plascore Inc., The Gill Corporation, Euro Composites, and Hexcel Corporation.
In April 2019, EconCore exhibited its new ThermHex honeycomb processing technology. Revealed at JEC World 2019, the new technology allows for the creation of lightweight and more cost-efficient Structural Core Materials.
North America is the dominant regional market for Structural Core Materials due to the growing prospects of the construction, aerospace, and automotive industries in the region. The region has been at the heart of the technological innovation in the Structural Core Materials Industry over the last few decades, which has resulted in widespread availability of the most modern product innovations in the market. The increasing demand from the automotive and aerospace industries for lighter Structural Core Materials is likely to dominate the progression of the Structural Core Materials Market in North America over the forecast period. The presence of several leading market players in the U.S. is also a significant boost for the Structural Core Materials Market in North America.
Asia Pacific is expected to exhibit the fastest growth in the Global Structural Core Materials Market over the forecast period, driven by the rapid progress of the automotive industry in the region. Increasing automotive production in countries such as China, India, Korea, and Japan is likely to be the major driver for the Structural Core Materials Market in Asia Pacific over the forecast period. The growing construction industry in East Asia could also play a key role in the Global Structural Core Materials Market’s growth over the forecast period.
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