Structural Core Materials (Foam and Balsa) Market projected to reach US$ 749 million in the forecast period (2019-2024)

Stratview Research’s report states about the segment-wise current market condition, and also offers an estimation about future growths. The report has been generated after accumulating data from various authenticated sources such as journals, white papers, fact book, etc. As per the estimation, Structural Core Materials (Foam and Balsa) Market is expected to inflate at impressive CAGR by the forecast period (2019-2024).

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Highlights of the Report:
The market is projected to grow at a healthy rate over the next five years to reach US$ 15.3 billion in 2024. A steady increase in steel production through the EAF method, no substitute of graphite electrode in EAF steel production, and supply crunch owing to the limited production capacity of needle coke and graphite electrode are some of the factors propelling the demand for graphite electrodes in the metal industry.

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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.

PET is another most commonly used foam material in the composites industry. It will continue to replace PVC, SAN, and balsa in almost all the major applications, owing to its advantages, such as recyclability and reduction in the resin uptake, which significantly results in the reduction of total weight and cost of the infused core materials. PET is likely to witness the highest growth in the market over the next five years.

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.

Features of the Report
Here are the key features of the report:
• Strategic Segmentation
• Competitive Analysis
• Strategic Growth Opportunities
• Swot Analysis
• Key Players
• Forecast Analysis & Future Growth

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This release was published on openPR.