January 10, 2022
According to the research report titled ‘Global Core Material Market: Analysis By Type (Foam, Balsa, Honeycomb) , Application, By Region, By Country (2020 Edition) : Market Insights, Covid-19 Impact, Competition and Forecast (2020-2025)’, available with MarketStudyReport, global core material market was worth USD 1,548.82 million in the year 2019 and is projected to grow substantially during the forecast timespan of 2020-2025.
Growing urbanization and rapid industrialization, particularly in developing economies like India and China, and subsequent surge in investment for building constructions are supporting global core material market expansion.
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For those unfamiliar, in sandwich composite construction, core materials provide great rigidity and low density. The usage of core materials is critical in the wind energy end-use industry as it reduces the weight of the required construction while maintaining high strength.
Notably, technological advancements have resulted in the discovery of new methods of producing honeycombs. The heated press method and vacuum bag processing are two of these approaches.
Besides, growing demand from composite component makers, along with rising necessity for lightweight and high-performance materials in various end-use sectors are increasing worldwide core material market value.
Furthermore, it is estimated that USD 13 trillion will be spent on new power generation assets, with 77% to renewable energy. An average of 125 GW of installed wind capacity added each year, indicating an enhanced demand for core materials in the coming years.
From a regional perspective, North America holds substantial market share due to development and expansion of cities and infrastructure, led by quick advancements in technology and growth in the construction industry.
Considering the competitive landscape, businesses are taking cost-advantage method. Companies such as SABIC, Gurit Holdings Inc., Evonik Industries AG, and Hexcel Corp., have sufficient capital to engage in R&D, allowing them to increase the quality of their products.
Apart from the above, Changzhou Tiansheng New Materials Co. Ltd., EC Group, Plascore Inc., Armacell International SA, The Gill Corp., 3A Composites GmbH, and DIAB International AB are the other major contenders influencing global core material market trends.