Structural Core Materials (Foam and Balsa) Market likely to reach an estimated value of US$ 749 million by 2024, as estimated by Stratview Research

Stratview Research in its recent report has offered an overlook of the current Structural Core Materials (Foam and Balsa) Market scenarios and has also estimated the Structural Core Materials (Foam and Balsa) Market size to reach an estimated value of US$ 749 million by 2024. The insights highlighted in the report are based on data that is carefully collected from reliable sources and is then scrutinized to have a proper analysis.
Not only the report offers the market size but also details about the market segmentation with its share. Stratview Research also extends its research to offer a forecast of the market during the period of 2019 – 2024, to provide the clients with base knowledge of the market and make strategies to have beneficial results ahead.

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Composites have been witnessing impressive growth in most of the end-use industries, such as aerospace, transportation, and marine. Even, the penetration of composites has been the highest among all the materials in some of the major applications, such as wind turbine blades and boat hulls. The impact of this trend is visible in the demand for core materials as these materials proved to be a game changer in developing composite applications that are lighter in weight with good strength.
Broadly, the composite industry stakeholders bifurcate the structural core materials into the three distinct materials: honeycomb, foam, and balsa. All these materials compete with each other in some of the applications; however, they do not compete in most of the applications. Honeycomb is not part of our study as the material dynamics as well as competitive landscapes are entirely different than foam and balsa core providers.
Structural core materials are employed where parts must exhibit high bending strength and stiffness but at the same time need to be light in weight. The core must withstand shear stress and compression as it supports and stabilizes the skin sheets so that they stay fixed in place relative to one another and do not deform.

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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.

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Highlights of the Report:
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.
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
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

The Structural Core Materials (Foam and Balsa) Market analysis report discusses the following heads in great detail:
• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

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