Core Materials Market Size, Growth Strategies and Forecast Report to 2027
Global Core Materials Market was valued at USD 1.2 billion in 2019 which is expected to reach USD 2.5 billion by 2027 at a CAGR 13.3%.
Core materials are used in aerospace and wind energy equipment for improving strength of material. These are generally low strength material however, its thickness provide the sandwich composite a high bending stiffness with low density. Also, core materials are used in various industries such as automotive, wind energy, and marine.
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Market Drivers
Increase in demand from wind energy & aerospace industries for core materials is the key driving factor which is expected to drive the global care materials market growth. Also, increase in launches of core materials will have the positive impact on global core materials market growth. For instance, in March 2018, Evonik industries had launched its new core material which is named as ROCHACRYL, ROCHACRYL has various features such as thermally stable, lightweight, and environment friendly. This product is used in wind energy for manufacturing of turbine blades. Moreover, increase in mergers and acquisition activities by key players expected to propel the global core materials market growth. For Instance, in 2016, Gurit Holding AG acquired the BASF’ S PET Business in Italy. This acquisition will help Gurit Holding AG to expand their PET production capacity in Europe and increase structural core material product range.
Market Restraints
However, higher cost of investment and delay in renewal of production of tax credit are the restraining factors which are expected to hamper the global core materials market growth.
Market Key Players
Various key players are discussed in this report such as The Gill Corporation, Euro-Composites S.A, Changzhou Tiansheng New Materials Co. Ltd, 3A Composites, Armacell International S.A, Hexcel Corporation, Gurit Holding AG, and Evonik Industries.
Market Taxonomy
By Type
- Balsa
- Thermoplastic
- Aramid
- Aluminum
- Honeycomb
- SAN Foam
- PET Foam
- PVC Foam
By Industry Vertical
- Construction
- Transportation
- Marine
- Wind Energy
- Aerospace
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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