Structural Core Material Market Worth $3.53 billion by 2027

[150 Pages Report] The structural core materials market is projected to reach USD 3.53 billion by 2027, at a CAGR of 8.8% during the forecast period.The use of structural core materials is becoming crucial in the wind energy, aerospace, marine, transportation, construction, and other industries. Furthermore, structural core material manufacturers are signing supply agreements with various end-use industries to secure their position in the structural core materials market. In this study, the years considered to estimate the structural core materials market size have been mentioned below.

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Drivers & Opportunities in global industry:

•         Growing Demand From Wind Energy Industry
•          Growing Use of Composites in the Aerospace Industry
•       Emergence of PET Foam

Major companies offering structural core materials are mainly involved in agreements, partnerships, and joint ventures to strengthen their position in the structural core materials market. These market players also adopted the strategy of expansion to expand their global reach. Some companies concentrated more on the strategy of new product & technology launches and mergers & acquisitions between 2013 and 2017.

Prominent players in the structural core materials market majorly adopted the strategy of agreements to enhance their network of customers in the aerospace industry. For instance, The Gill Corporation (US) signed a new consignment agreement in February 2017 with the Dubai-based company, Fly Dubai. This agreement would increase the company’s revenue in the aerospace industry. In March 2017, Diab Group (Sweden) and Diehl Aircabin (Germany) signed a long-term agreement for the technological development of several cabin applications in Airbus 350 XWB and Boeing 777 using Divinycell F. This is a strategic development to increase its share in the aerospace market.

Major structural core material manufacturers are Diab Group (Sweden), Hexcel Corporation (US), Schweiter Technologies (Switzerland), Euro Composites (Luxembourg), Gurit Holding (Switzerland), The Gill Corporation (US), Changzhou Tiansheng New Materials Co. Ltd. (China), Plascore Incorporated (US), Armacell International (Luxembourg), and Evonik Industries (Germany). Diab Group (Sweden) and Hexcel Corporation (US) are the most active players in the structural core materials market. These companies adopted various strategies to enhance their market shares in the global structural core materials market.

Diab Group (Sweden) is engaged in development, manufacturing, sales, and marketing of structural core materials for sandwich structures. The company follows dynamic growth strategies with agreements, partnerships, expansions, and new product launches as major growth strategies to enhance its regional presence. For instance, in March 2017, Diab Group and Chimpex Industrial (Italy) collaborated to develop the materialDivinycell P60 for enhancing the mechanical properties of FRP sandwich solution to be used in the ETR 675 (new Italo Train). The partnership would help develop more materials and increase product portfolio.

Hexcel Corporation (US) is engaged in manufacturing, sales, and marketing of honeycomb and foam core materials. It is one of the major players to establish a strong foothold in the structural core materials market. The company has a broad and diversified structural core materials product portfolio, which ensures its consistent growth in the global structural core materials market. It is focused on agreements and expansions as its key growth strategies to meet the growing demand of its customers. The company established a new manufacturing facility in Casablanca, Morocco to cater to the increasing demand for structural honeycomb core materials. This approach by the company is aimed at providing secondary structures of aircraft, nacelles, and helicopter blades to the aerospace industry.

Major end-use industries in the structural core materials market are aerospace, wind energy, marine, transportation, construction, and others. The market in the wind energy end-use industry is projected to register the highest CAGR between 2017 and 2022. This high growth is attributed to the use of composites in designing of blades for large wind turbines. These blades are made by combining structural core materials and glass reinforced polyester/epoxy. Renewal of Production Tax Credit (PTC) in the US has helped the wind energy market to grow, thereby driving the structural core materials market. The wind energy end-use industry is also estimated to grow due to the rising demand for clean energy, globally.

Premium Insights of the report:

•          Attractive Market Opportunities in Structural Core Materials
•          Market of Structural Core Materials, By Type
•          Market of Structural Core Materials, By Outer Skin Type
•          Market of Structural Core Materials, By End-Use Industry and Region
•       Market of Structural Core Materials, By Country

North America led the structural core materials market, in terms of value, in 2016, owing to high demand for honeycomb core materials from the aerospace and wind energy end-use industries. Established players, such as Hexcel Corporation (US) and The Gill Corporation (US) are accelerating their efforts to increase the production of honeycomb and foam core materials to meet the increasing demand from aircraft and wind blade manufacturers. Therefore, increasing application of honeycomb and foam core materials in the aerospace and wind energy end-use industries is expected to drive the structural core materials market.

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