According to the report titled ‘Global Core Material Market: Analysis By Type (Foam, Balsa, Honeycomb) , Application, By Region, By Country : Market Insights, Covid-19 Impact, Competition and Forecast (2020-2025)’, available with Market Study Report, global core material market was remunerated at USD 1548.82 million in 2019 and is anticipated to record strong CAGR through 2025.
 

Escalating demand from composite component manufacturers, along with increasing investment towards construction activities in emerging economies like China and India due to rapid urbanization and industrialization are key factors contributing to growth of global core material market.
 

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Based on type, the industry is divided into honeycomb, foam, and balsa. The report cites that honeycomb segment is slated to gain substantial traction over the coming years, owing to advancements in technology. Increasing investments in research have resulted in discovery of new methods of production, namely, vacuum bag processing and heated press method. Industry contenders like Hexcel Corporation, Gurit Holding AG, SABIC, and Evonik Industries AG are responsible for these innovations. Improved quality of products is a bonus of these investments.
 

Speaking of application scope, global core material market is divided into construction, transportation, wind energy, aerospace, and marine among others. Wind energy application is poised to massive revenues for the business sphere over 2020-2025, on account of paradigm shift towards renewable energy sources, and emphasis on amplifying the wind power capacity.
 

As per reliable sources, USD 13 trillion will be invested in new power sources by the year 2025, 77% of which will be granted to renewable sources of energy, ensuring wind energy capacity of 125 GW per year. Hence, increasing setup of wind farms, and adoption of larger blade size will foster the demand for core materials, as they are lightweight and result superior quality assembling.
 

From regional frame of reference, North America held the largest market share in the recent past and is poised to showcase similar growth trends through 2025. Technological advancements and swelling construction sector have resulted in rapid development of infrastructure and cities, hence propelling the market growth in North America.
 

The competitive landscape of global core materials industry is defined by companies like Gill Corporation, Plascore Incorporated, Euro-Composites Corporation, Gurit Holding AG, DIAB International AB, Evonik Industries AG, Armacell, Hexcel Corporation, 3A Composites, and Changzhou Tiansheng New Materials Co. Ltd.