The Market of Structural Core Materials (Foam and Balsa) to grow beyond US$ 749 million by 2024

The new report of Stratview Research analyses the Structural Core Materials (Foam and Balsa) Market over the trend period from 2013 to 2018 and forecast period from 2019 to 2024. The insights of the report shall enable informed decision making and strategy formulation for the near future to capitalize on the opportunities.

Salient Features of the Report
The Research Report offers an in-depth view of the market, its health and growth, the factors shaping the industry, the competitive dynamics and a glimpse of the future.
The following are the key features of the report:
• Strategic segmentation
• Market analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Detailed Competitive Rivalry landscaping
• Market trend and forecast analysis
• Future Growth Boulevards

Get a free sample of the report:
https://www.stratviewresearch.com/Request-Sample/486/structural-core-materials-market.html

Structural Core Materials Market: The Growth Prognosis & its Drivers
Structural core materials market is projected to grow at a healthy rate over the next five years to reach US$ 749 million in 2024. Increasing demand for longer yet lightweight wind turbine blades, growing offshore wind energy installations, increasing production rates of the next-generation aircraft programs, ongoing recovery of the recreational fiberglass boat sales, and excellent performance of sandwich composites are the major factors that are driving the growth of structural core materials market.

Market Segments
The market is segmented based on the core material type as PVC (Polyvinyl Chloride), PET (Polyethylene Terephthalate), SAN (Styrene Acrylonitrile), PMI (Polymethacrylimide), Balsa, and Others. PVC foam core is likely to maintain its dominance in the market over the next five years, owing to its numerous benefits, such as cost-effectiveness with excellent durability, long-life expectancy, good electrical and insulation properties. Moreover, the material is self-extinguishing and will not rot and also, it is resistant to many solvents, including styrene and most fuels.

Based on end-use industry, the structural core materials market is segmented into Wind Energy, Marine, Ground Transportation, Aerospace & Defense, and Others. Wind energy is projected to remain the largest market for structural core materials in the coming five years. Past five years for new wind turbine installations were vigorous as the total wind turbine installations reached at 51.3 GW in 2018 from 36.0 GW in 2013. However, the installations of wind turbines were ebb and flow whose impact can easily be recorded in the sales of core materials used to manufacture key composite applications, especially the rotor blades. Global Wind Energy Council (GWEC) anticipates that over 300 GW (317.4 GW) of new wind energy capacity will be added during 2019 to 2023 out of which approximately 40 GW capacity will be offshore and rest will be onshore.

Aerospace & defense is estimated to grow at the highest CAGR over the next five years, driven by an incessant replacement of traditional metals with the advanced composites. All the latest aircraft programs (B787 and A350XWB) contain composite materials making up to almost 50% of their total airframe weight. This leads to a greater demand for materials including structural core materials. Honeycomb is the most preferably used core material in the industry, which is not considered in the scope of the study.

Based on regions, Asia-Pacific is expected to remain the largest structural core materials market during the forecast period, driven by China. China is the largest wind turbine market in the world, alone accounting for 86.0% and 44.8% share in the regional and the global new wind turbine capacity addition in 2018, respectively. GWEC anticipates that approximately 122 GW of new wind turbines are likely to be installed in the country during 2019-2023. Asia-Pacific is also estimated to depict the highest growth during the same period, driven by China, India, and Japan. All these three countries would remain the growth engines of the region’s market for structural core material over the next five years.

Market Players
The structural core materials market has been flourishing for the last three decades and is expected to maintain its growth momentum in the coming years too. It is of paramount importance for the major players to align themselves with the changing market needs and competitive landscapes. The key structural core material manufacturing companies are 3A Composites (Schweiter Technologies AG), DIAB International AB (Ratos AB), Gurit Holding AG, Armacell International S.A., Evonik Industries AG, Maricell S.r.l., Changzhou Tiansheng New Materials Co., Ltd., SABIC, BASF SE, CoreLite Composites, and Baoding Meiwo Science & Technology Development Co., Ltd.

Comprehensive Market Coverage
Click here for other reports from Stratview Research in the Advanced Materials Industry:
https://www.stratviewresearch.com/market-reports/Advanced-Materials.html

Stratview Research
400 Renaissance Center,
Suite 2600,
Detroit, Michigan, MI 48243
United States of America
Phone No. +1-313-307-4176
sales@stratviewresearch.com

Stratview Research is a global market intelligence firm offering a wide range of services including syndicated market reports, consulting, sourcing intelligence, and customer research. We are a trusted brand in the research industry with capability of commissioning complex projects within a short span of time with high level of accuracy.

This release was published on openPR.