PUNE, India, January 5, 2018 /PRNewswire/ --
The report "Structural Core Materials Market by Type (Foam, Honeycomb, and Balsa), Outer Skin Type (GFRP, CFRP, and NFRP), End-use Industry (Aerospace, Wind Energy, Marine, Transportation, and Construction), and Region - Global Forecasts to 2022" published by MarketsandMarkets™, the 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.
Browse 93 market data Tables and 38 Figures spread through 150 Pages and in-depth TOC on "Structural Core Materials Market"
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Major factors fueling the growth of the Structural Core Materials Market are the growing demand from the wind energy industry, increasing usage of composites in the aerospace industry, and recovery of the marine sector in the US after the economic recession. Increase in the use of honeycomb structural core materials in the aerospace industry is expected to drive the Structural Core Materials Market. The aerospace industry has witnessed several changes in its components manufacturing in the past few decades. The use of wood and metal for manufacturing aircraft components has been replaced by various lightweight composites. Thus, the demand for structural core materials is increasing with the increasing penetration of composites in the aerospace industry.
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Based on type, the foam segment is estimated to lead the Structural Core Materials Market
Foam is the most common structural core material used in various applications due to its easy availability and low cost. Foam structural core materials are used in the sandwich construction of wind turbine blades, and they impart strength and stiffness while keeping the structure lightweight. PVC, PET, and SAN foams are the most popular structural core materials used in wind energy turbines. These foams are used in various applications, such as wind energy blades and nacelles, depending on their resin compatibility, temperature, manufacturing aspects, and costs. The demand for lightweight and fuel-efficient vehicles in the transportation industry is also driving the demand for foam. Moreover, they are used in various end-use industries, including marine.
Based on outer skin type, the GFRP segment is estimated to lead the Structural Core Materials Market
GFRP is a composite outer skin which is used in composite applications, especially in the wind energy, transportation, construction, and marine end-use industries. GFRP is mainly used in combination with balsa and PVC foam. GFRP panels provide a strong scratch resistant surface, chemical resistance, durability, and is lightweight. It is preferred over other building materials as it saves maintenance cost and is cheaper than other outer skins. Some of the major applications of GFRP includes wind blades, walls, and ceilings.
APAC is the key Structural Core Materials Market
In terms of volume, the APAC Structural Core Materials Market is projected to register the highest CAGR between 2017 and 2022, due to the increased demand for these materials from the wind energy and aerospace industries. In addition, easy availability of raw materials, low labor cost, growing manufacturing industries, new product developments, capacity expansions, and new plant establishments by various leading players are driving the Structural Core Materials Market in the region.
Some of the leading manufacturers of structural core materials are Diab Group (Sweden), Hexcel Corporation (US), Schweiter Technologies (Switzerland), Euro Composites (Luxembourg), Gurit Holding (Switzerland), The Gill Corporation (US), Changzhou Tiansheng New Materials Co. Ltd. (China), Plascore Incorporated (US), Armacell International (Luxembourg), and Evonik Industries (Germany). These players adopted various organic and inorganic developmental strategies between 2013 and 2017.
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