According to the recent research report titled ‘Global Core Material Market: Analysis By Type, Application, By Region, By Country (2020 Edition): Market Insights, Covid-19 Impact, Competition and Forecast (2020-2025)’, available with Market Study Report, global core material market was worth USD 1548.82 million in 2019 and is expected to record a robust growth during 2020-2025.
 

Growing industrialization and urbanization, especially in emerging countries such as India and China has led to increased investment in construction of buildings, which is primarily driving the growth of global core material market.
 

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Notably, in sandwich composite construction, core materials offer low-density and high stiffness. Benefits such as light weight and high strength are encourage product adoption in wind energy sector. As the size of wind turbine blades is increasing to generate more power, the demand for core material is foster, stimulating the market outlook. Credible sources predict that an amount of USD 13 trillion to be invested in new power generation assets by 2050, with 77% to be assigned to renewable energy. It further claims that 125 GW of wind power capacity will be added yearly.
 

Moreover, innovations leading to discovery of new methods of manufacturing honeycombs, such as heated press process and vacuum bag procedure will bolster global core material industry scenario. Another factor include surging product demand from composite component manufacturers.
 

Speaking of type, global core material industry is classified into honeycomb, balsa, and foam. While the application spectrum of the market is composed of transportation, marine, construction, wind energy, aerospace, and others.
 

From the regional perspective, North America currently holds a significant share of worldwide core material market and is slated to grow substantially in the forthcoming years, owing to growth in construction sector and rapid advancements in technology. The region has been witnessing rapid infrastructural development, which further impels the market outlook.
 

Major players impacting global core material industry dynamics are Hexcel Corporation, The Gill Corporation, Plascore Incorporated, Changzhou Tiansheng New Materials Co. Ltd., Euro Composites Corporation, Evonik Industries AG, Armacell International GmbH, Gurit Holding AG, 3A Composites GmbH, and Diab Group. These industry colossuses have ample capital to invest in R&D for offering better quality products to their customers, hence maintaining stronghold in the business landscape.