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Core Materials Market Size to Reach USD 3,288.1 Million in 2028 | Rising Demand for Lightweight Aircraft and stringent Regulations to Curb Air Pollution Are Significant Factors Driving Industry Demand, says Emergen Research

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Emergen Research

26 Oct, 2021, 13:30 GMT

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VANCOUVER, BC., Oct. 26, 2021 /PRNewswire/ -- The global core materials market size was USD 1,217.8 Million in 2020. Increasing use of composite materials in production of wind turbines, rising demand for lightweight aircraft, growth in the automotive industry, rapid urbanization and construction activities in developing countries, and increasing use of core materials to manufacture medical devices are factors driving market revenue growth.

Drivers: Expanding applications for core materials in wind energy sector

Rising usage of composite materials in production of wind turbines used in renewable energy production is driving market revenue growth. Composites, including fiberglass and carbon fiber, produced via sandwich construction find application as reinforcing materials in several uses in the wind energy sector. High stiffness and strength of these composite materials, along with design flexibility and low weight, make them ideal materials for use in turbines, including blade reinforcements & laminates, blade root joints, spar caps, carrots, and spacers. Also, composites find usage in access structures such as platforms and ladders, and as insulation materials in generators. Demand for composite turbine construction is increasing owing to rising need to produce wind energy more cost-efficiently and increase operational life cycle of turbines. 

Restraints: High cost of core materials

High cost of core materials is a key factor expected to hamper market growth over the forecast period. Core materials that generally offer various benefits in processes adds to the cost of final product. Also, requirement of substantial investment for innovations in core material characteristics and high cost of certain raw materials are restricting market revenue growth. 

Click Here to Access Free sample PDF Copy of the Report@ https://www.emergenresearch.com/request-sample/821

Growth Projections

The global core materials market size is expected to reach USD 3,288.1 Million at a revenue CAGR of 13.2% in 2028. Increasing investments by market players in development of core materials with improved and new characteristics is a key driver of market revenue growth. Market players are focusing on novel core materials such as conformable foam, thermoformable honeycomb, and agglomerated cork. Such core materials offer benefits associated with ease of producing curved shapes and fitting into molds. Also, recycled Polyethylene Terephthalate (PET) is used to manufacture core materials to lower cost of composite structures. These renewable bio-based polymers are gaining popularity as these materials are totally in line with sustainability practices.

COVID-19 Direct Impacts

COVID-19 pandemic has a significant impacted core materials market growth, owing to imposed lockdown and restrictions and disruption of supply chain influencing raw material procurement for core material production. Also, halt in automotive manufacturing and construction projects, slowdown of major applications areas for core materials, and drastic decline in air travel affected aircraft demand, thus leading to major decrease in revenue.

Current Trends and Innovations

Rising demand for core materials in manufacturing composite products with increased stiffness and strength through sandwich construction is a factor fueling market revenue growth. Use of core materials helps to distribute load shear stresses over a wider area and withstands compressive and shear forces much better as compared to single-faced laminates.

Geographical Outlook

Core materials market in Europe contributed a significantly robust revenue share to the global market in 2020, attributed to growth of end-use industries such as automotive, wind energy, construction, and medical. Additionally, stringent regulations to curb air pollution, rising focus on use of sustainable materials, and presence of aircraft manufacturers such as Airbus is driving market growth in the region.

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Strategic Initiatives

In December 2019, EconCore, which is a firm engaged in offering technological solutions for thermoplastic honeycomb sandwich material production, made an announcement about entering into licensing contract with Kotobukiya Fronte, which is producer of automotive interior components.

Some Key Highlights From the Report

  • Among the product type segments, wood segment revenue is expected to expand at a significantly rapid rate over the forecast period. Balsa wood possesses directionally aligned cells (for greater stress endurance in a specific direction) and high-aspect ratio. Balsa is used in products, including pleasure boat hulls, navy vessels, wind turbine blades, military aircraft, automotive, and corrosion-resistant industrial tanks.
  • Linear polyvinyl chloride foam core is primarily used in marine industry, owing to its distinctive mechanical properties enabling substantial deflection before failure. Linear polyvinyl chloride has reduced static features and excellent impact absorption capability.
  • Among the application segments, building & construction segment contributed a significantly large revenue share in 2020. Foam insulation is widely used in residential and commercial buildings for effective insulation against heat, cold, and moisture. Also, foam is used to provide sound insulation because of its effectiveness in absorbing noise coming from any direction.
  • Some major players in the market report include Hexcel Corporation, Evonik Industries AG, Euro-Composites SA, 3A Composites, the Gill Corporation, BASF SE, Plascore Inc., Gurit Holdings, Toray Industries Inc., and Armacell International SA.

Have a look at Report Description and Table of Contents of Market Report@ https://www.emergenresearch.com/industry-report/core-materials-market

Emergen Research has segmented the global core materials market on the basis of product type, distribution channel, application, and region:

  • Product Type Outlook (Revenue, USD Million; 2018–2028)
    • Foam
          a.  Polystyrene Foam
          b.  Polyvinyl Chloride Foam
          c.  Polyurethane Foam
          d.  Others
    • Honeycomb
          a.  Aluminum Honeycomb
          b.  Thermoplastic Honeycomb
          c.  Nomex Honeycomb
          d.  Others
    • Wood
          a.  Balsa
          b.  Others
  • Distribution Channel Outlook (Revenue, USD Million; 2018–2028)
    • Direct
    • Indirect
  • Application Outlook (Revenue, USD Million; 2018–2028)
    • Wind Energy
    • Aerospace & Defense
    • Marine
    • Automotive
    • Building & Construction
    • Medical
    • Others

Limited Time Discount Available on Smart Lighting market report@ https://www.emergenresearch.com/request-discount/821

  • Regional Outlook (Revenue, USD Million; 2018–2028)
    • North America
          a.  U.S.
          b.  Canada
          c.  Mexico
    • Europe
          a.  Germany
          b.  U.K.
          c.  France
          d.  Italy 
          e.  Spain
          f.  Sweden
          g.  BENELUX
          h.  Rest of Europe
    • Asia Pacific
          a.  China
          b.  India
          c.  Japan
          d.  South Korea
          e.  Rest of APAC
    • Latin America
          a.  Brazil
          b.  Rest of LATAM
    • Middle East & Africa
          a.  Saudi Arabia
          b.  UAE
          c.  South Africa
          d.  Israel
          e.  Rest of MEA

Explore Related Reports by Emergen Research:

The global construction sealants market size was valued at USD 7,954.3 Million in 2019 and is forecasted to reach USD 12.32 Billion by 2027 at a CAGR of 5.6%. The construction sealant market is observing high demand attributed to its increasing application in glazing, sanitary & kitchen, and flooring & joining in residential, commercial, and industrial constructions.

The global thermoelectric materials market size was valued at USD 51.9 Million in 2019 and is forecasted to reach USD 96.2 Million by 2027 at a CAGR of 8.0%. The thermoelectric materials market is observing high demand attributed to the increasing applications in industrial, automotive, healthcare, and electrical & electronics.

The global cooling fabrics market was valued at USD 1.74 Billion in 2019 and is projected to reach value of USD 4.03 Billion by 2027, at a CAGR of 11.0% during the forecast period. Use of cooling fabrics aids in regulating the body temperature by managing heat and moisture generated due to stress, central heating, or exercise.

The global yoga mat market size was USD 8.83 Billion in 2019 and it is anticipated to reach USD 11.13 Billion by 2027, at a CAGR of 3.1% during the forecast period. The market is primarily driven by growing awareness among the new generation as well as elderly population regarding health benefits of yoga.

The global cast elastomers market size was USD 1,310.4 Million in 2019 and is projected to reach USD 1,842.2 Million by 2027, at a CAGR of 4.3% during the forecast period. Cast elastomers are witnessing high demand, owing to their growing usage in sectors such as automotive, oil & gas, mining, agriculture, industrial, and sports & leisure.

About Emergen Research 

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend's existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

Contact Us:

Eric Lee
Corporate Sales Specialist
Emergen Research | Web: www.emergenresearch.com 
Direct Line: +1 (604) 757-9756
E-mail: sales@emergenresearch.com 
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Read Full Press Release@ https://www.emergenresearch.com/press-release/global-core-materials-market

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