Market Analysis:
The Global Structural Core Materials Market is expected to expand at a healthy 5% CAGR over the forecast period (2018-2023). Generally Structural Core Materials are used for reducing the composite structure’s weight and also increasing its stiffness. Honeycomb, balsa and foam are the three most widely utilized Structural Core Materials. The honeycomb materials comprise of impregnated fiberglass, polypropylene, paper and aluminum. It is used in applications that needs very lightweight panels. Balsa has higher aspect ratio thus used largely in industrial tanks, military aircraft, navy vessels and boat hulls. Foam is largely used for building panels owing to ease to bond the complex skin shapes as well as its low thermal conductivity. The core materials are made in various forms such as different honeycomb materials, non-woven core fabrics, urethane foam, PVC foam, end-grain wood and others. The lightweight materials are perfectly bonded amid two composite skins thereby serving as the key member of what is known as the sandwich structure. Introducing a core in the laminate will boost up the section modulus thereby resulting in a substantial increase in stiffness along with the ability of creating lightweight structures.
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There are myriads of factors that is propelling the growth of the Structural Core Materials Market. The different market factors and trends in this market according to an analysis conducted by MRFR (Market Research Future) include increasing need for Structural Core Materials from wind energy industry, rising use of composites especially in the aerospace industry, marine sector recovery in the US post economic recession, growing application of honeycomb Structural Core Material in aerospace industry and the growing demand for lightweight materials especially in marine vessels, automobiles and aircraft owing to its high fuel efficiency.
Industry Updates:
Oct 2018- Verdane in association with other shareholders of JSB Group have decided in selling JSB Group for DKK 520 million to Gurit. JSB Group is a leader of core material kits especially wind turbine blades and has 7 kitting operations in China, the US, Turkey, Spain, Denmark and with a new facility to be launched in Mexico.
Key Players:
Key players profiled in the Structural Core Materials Market include Evonik Industries (Germany), Armacell International (Luxembourg), Plascore Incorporated (U.S.), Changzhou Tiansheng New Materials Co. Ltd. (China), The Gill Corporation (U.S.), Gurit Holding (Switzerland), Euro Composites (Luxembourg), Schweiter Technologies (Switzerland), Hexcel Corporation (U.S.), and Diab Group (Sweden).
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Market Segmentation:
The MRFR report provides an all-inclusive segmental analysis of the Structural Core Materials Market on the basis of Product, Skin Type and End-Use Industry.
Based on Product, it is segmented into honeycomb, balsa and foam. Of these, the honeycomb segment will have the maximum share in the Structural Core Materials Market followed by foam. The increasing use of foam in the wind turbine blades along with the nacelles of automobiles and aircraft is anticipated to fuel the market growth.
Based on Skin Type, the Structural Core Materials Market is segmented into natural fiber reinforced polymer (NFRP), carbon fiber reinforced polymer (CFRP), glass fiber reinforced polymer (GFRP) and others. Of these, the CFRP segment is likely to have the maximum market share. CFRP’s advanced properties such as thermal expansion and tensile strength compared to glass or other fibers will lead to the expansion of the segment.
Based on End-Use Industry, it is segmented into construction, marine, wind energy, automotive, aerospace and others. Of these, the aerospace industry is anticipated to have the largest share in the Structural Core Materials Market owing to the burgeoning aerospace industry and growing international trade.
Regional Analysis:
Based on Region, the Structural Core Materials Market covers growth opportunities and latest trends across North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Of these, North America will remain head and shoulders above other regions in the market owing to the increasing use of Structural Core Materials in the aerospace and automobile sector. The Structural Core Materials Market in the APAC region is likely to be the fastest growing owing to the automobile base being shifted to this region and initiatives taken by the government for generating renewable energy.
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