Core Material Kitting Market projected to reach US$ 550.1 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, Core Material Kitting Market is expected to inflate at impressive CAGR by the forecast period (2019-2024).

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Highlights of the Report:
The next five years for the core material kitting market are going to be vigorous with sizeable growth opportunities for the market participants. It is estimated that the global core material kitting market would reach an estimated value of US$ 550.1 million in 2024. Core material kitting is an essential part of composite sandwich construction. The kitting of core materials can be performed by part fabricators in-house as well as outsourced to independent kitting solution providers or core material suppliers that are also offering kitting services. Several factors bolstering the demand for core material kitting are organic growth of major composite-driven markets coupled with increased penetration of composite materials, increasing demand for lightweight core materials, and excellent benefits of core materials kitting.

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Market Segments:
The market is segmented based on the end-use industry type as wind energy, aerospace & defense, marine, transportation, construction, and others. Wind energy is expected to remain the largest market for core material kitting during the forecast period. Rising demand for an alternative source of energy has led to an increased focus of various governments and non-government institutions towards the wind energy sector. Increasing wind turbine installation coupled with longer rotor blades has resulted in a greater penetration of sandwich panels constructed with foam and balsa core materials. This factor is acting as the prime driver for the core material kitting market in the wind energy.

Based on the core material type, the market is segmented as foam, honeycomb, and balsa. Foam core is further bifurcated into PVC, PET, and others. Similarly, honeycomb core is bifurcated into nomex honeycomb, aluminum honeycomb, and others. Foam core is expected to remain the largest segment of the market during the forecast period. Foam core is widely used in wind energy and marine composite parts, owing to its low specific weight and high mechanical rigidity and stiffness. Honeycomb core is expected to witness the highest growth during the same period, driven by its extensive usage in the aerospace & defense industry.

In terms of regions, North America is expected to remain the largest market for core material kitting during the forecast period. The USA is the growth engine of the region’s market with the presence of major OEMs, tier players, core material suppliers, and kitting service providers. Some of the major markets including marine, aerospace & defense, and construction are dominated by the region.

Asia-Pacific is expected to experience the highest growth in the market during the forecast period. The highest growth of Asia-Pacific is mainly attributable to the consequential growth in wind turbine installation coupled with regional expansion of major core material suppliers in the region; growing penetration of composites in the transportation industry; opening of assembly plants of Boeing and Airbus for B737, A320, and A330 aircraft programs; upcoming indigenous aircraft program such as C919 and CR929; and expanding construction sector.

Market Players:
The supply chain of this market comprises raw material suppliers, core material suppliers, kitting service providers, tier players, and end users. Some of the key players in the core material kitting market are JSB Group A/S (now a part of Gurit Holding), Hexcel Corporation, DIAB Group, Gurit Holding AG, 3A Composites GmbH, and Argosy International Inc. Development of highly optimized core material kit, higher involvement of core material manufacturers in kitting services, and execution of mergers & acquisitions are the key strategies adopted by the major players to gain a competitive edge in the market.

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.