The Global Structural Core Materials Market- Growth, COVID-19 impact and Forecast (2021-2025)
The Structural Core Materials market is segmented by Product type (Honeycomb, Foam and Balsa);End-user (Aerospace, Wind Energy, Marine, Transportation, Construction and Infrastructure and Others); Geography (North America, Europe, APAC and ROW).
Introduction
Structural core materials are incorporated into composite materials, which are used on a large scale in construction, automotive, civil infrastructure, aircraft, military, and corrosion-resistant equipment industries. Materials that can be incorporated into the structural core are paper, carbon, and aluminum.
The growing demand for lightweight materials in aircraft, automobiles, and marine vessels due to their high fuel efficiency is expected to be a major factor driving market growth.
Despite the current pandemic situation, the end-users of this market is recovering to operate in full capacities from 2021 beginning. Along with this, the recovering manufacturing activities across the globe are expected to mitigate to numerous potential negative impacts caused during COVID-19 and maximize their opportunities in future.
Table of Contents
Market Overview
The Global structural core materials market is expected to grow to $3,372.40 million by 2025.
Growth momentum is expected to accelerate during the forecast period with 9.42% CAGR.
Rising product demand from the end-use industries, such as marine, automotive, transportation are projected to fuel the growth over the forecast period.
North America is a prominent regional market for structural core materials due to the strong presence of several end-use industries along with wide scope for R&D activities
Key Trends
Technological innovations is expected to boost the growth of the market
Growing 3D printing technology of honeycomb panels is expected to offer numerous opportunities for growth during forecast period.
Emergence of PET Foam is expected to boost the growth of the market
Increasing merger and acquisition along the supply chain of aircraft manufacturing sector will fuel the growth
Key Market Players
Some of the key players in the market are DIAB International, Rockwell Collins, Evonik Industries, Gurit Holding, Hexcel Corporation and The Gill Corporation.
The key players are dominating the market by adopting modern and new technologies to customize the product, enhance its properties, and differentiate the final product from its competitors.
Companies are also adopting collaborative business strategy to provide highly regarded products to consumers, and to expand their regional presences.
Growth Drivers and Challenges
Growing demand from wind energy industry. As per Global Wind Energy Council estimates, 355 GW of new wind energy capacity will be added by 2025 worldwide. This will fuel the demand for composites, supplementing market revenue.
Increasing use of honeycomb core materials in aerospace and automobiles due to its properties are driving the market
High investment and operating cost is major factor that is challenging the players for the long term.
Stringent government regulation on carbon emission are limiting the market growth
Volatile raw materials price