PORTLAND, Oregon and PUNE, India, April 24, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research titled, "Non-Honeycomb Sandwich Panel Core Materials Market: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global market was valued at $690 million in 2016, and is projected to reach $894 million by 2023, growing at a CAGR of 5.6% from 2017 to 2023. Asia-Pacific is dominating the non-honeycomb sandwich panel core materials market, and is expected to continue leading through 2023.
Sandwich structure is a composite configuration that consists of high strength composite facing sheets bonded to lightweight foam, balsa, or honeycomb core. Examples of these structures include skins made of glass/carbon/Kevlar fibers in vinyl ester/epoxy matrix bonded and separated by core materials such as foam and balsa. Sandwich panel serves designers in multiple ways; for example, they are majorly used to achieve high structural rigidity & low weight, and to impart enhanced properties such as vibration & noise damping, improved insulation behavior, and impact resistance.
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Sandwich panels are lighter than individual components, resulting in increased adoption in automotive, aerospace & defense, marine, wind energy, and construction industries. However, high production cost of sandwich panel materials is projected to restrain the growth of the global market. Technological advancements in the composite molding processes, specifically related to building materials, are anticipated to provide numerous growth opportunities for the market players.
Foam accounted for around two-thirds of the revenue in 2016. The high-density foam segment dominated the market, generating for nearly three-fourths of the total revenue in the same year. Aerospace segment is expected to witness the fastest growth, owing to rise in demand for lightweight and durable materials.
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Key findings and scope
- Foam segment is expected to grow at a CAGR of 5.8% during the forecast period.
- India is estimated to be the fastest growing country, globally, for 2017-2023, growing at a CAGR of 7.3%.
- Wind energy end user industry approximately occupied more than two-fifths of the global market share in 2016.
- Germany occupied approximately one-fourth of the Europe non-honeycomb sandwich panel core materials market in 2016, and is expected to grow at a significant CAGR of 4.3%.
In 2015, Asia-Pacific and Europe collectively accounted for nearly two-thirds of the market, though North America is expected to grow at a faster rate than Europe during the forecast period. High growth rates in Canada, and Mexico, is estimated to drive this development.
The major companies profiled in the report include Diab Group, Hexcel Corporation, 3A Composites, Euro-Composites S.A., Gurit Holding AG, The Gill Corporation, Changzhou Tiansheng New Materials Co. Ltd., Plascore Incorporated, Armacell International S.A., and Evonik Industries AG.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research