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Core Materials Market Growth Statistics, Regional Analysis, Top Players, Size, And Forecast To 2033
Core Materials Market
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According to The Business Research Company's, The core materials market size has grown rapidly in recent years. It will grow from $1.53 billion in 2023 to $1.74 billion in 2024 at a compound annual growth rate (CAGR) of 13.7%. The growth in the historic period can be attributed to demand for lightweight materials, environmental regulations, growth in wind energy sector, infrastructure development, market competitiveness.
The core materials market size is expected to see rapid growth in the next few years. It will grow to $2.85 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%. The growth in the forecast period can be attributed to rising focus on renewable energy, advancements in composite technologies, electrification of transportation, infrastructure resilience, smart building technologies, circular economy practices. Major trends in the forecast period include development of fire-resistant core materials, customization and tailoring for specific applications, integration of nanotechnology.
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Market Drivers and Trends:
The increase in demand for electric vehicles is expected to propel demand for the core materials market going forward. An electric vehicle (EV) refers to a type of vehicle that is powered by electricity rather than traditional internal combustion engines that rely on gasoline or diesel. Core materials, such as advanced composites and lightweight foams, are essential in the manufacturing of components for electric vehicles, including body panels, interiors, and other structural elements. The emphasis on reducing the weight of EVs to enhance their range and energy efficiency is expected to boost the demand for core materials in the automotive sector. For instance, in May 2022, according to the International Energy Agency, a France-based autonomous agency within the framework of the Organization for Economic Cooperation and Development (OECD), global EV sales continued to rise quickly into 2022, with 2 million electric cars sold globally in the first quarter, up three-quarters from the same period the previous year. By the end of 2021, there will be around 16.5 million electric automobiles on the world's roads. Therefore, the increase in demand for electric vehicles is driving the growth of the core materials market.
Product innovation is a key trend gaining popularity in the core materials market. Major companies operating in the market are focused on innovating products to gain a competitive edge in the market. For instance, in August 2021, SAERTEX GmbH & Co. KG, a Germany-based manufacturer of core materials for the production of fiber-reinforced composites launched the SAERfoam, an innovative structural core material that has unique properties such as combining 3D glass reinforcement with ultralight foam. SAERfoam can replace traditional core materials like PVC (Polyvinyl chloride), PET (Polyethylene terephthalate), and balsa because of its highly adaptable mechanical qualities and extremely low weight. The SAERfoam series includes the SAERfoam Plus edition and new regular designs SAERfoam 80 and SAERfoam 60. SAERfoam 80 was created to enhance the handling of infusion-molded constructions like boat hulls, decks, and huge industrial pieces. Mold preservation SAERfoam 60 is particularly focused on resin transfer molding (RTM).
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Major Key Players of the Market:
Schlumberger Ltd., Baker Hughes Inc., Halliburton Company, Weatherford International plc, Gulf Energy SAOC, Calfrac Well Services Ltd., Sanjel Energy Services Inc., Nabors Industries Ltd., Trican Well Service Ltd., China Oilfield Services Ltd., Condor Energy Services Ltd., Vallourec SA, Daleel Petroleum LLC, National Energy Services Reunited Corp., China Oilfield Service Limited, C&J Energy Services Inc., China Well Cementing Services Limited, National Oilwell Varco Inc., Sledgehammer Oil Tools Pvt. Ltd., Crimson Oil Tools Pvt. Ltd., Wilco Machine & Fab Inc., Wellcare Oil Tools Services LLC, Welltec A/S, Volant Products Inc., Pioneer Energy Services Corp., Magnum Cementing Services Operations Ltd., Gulf Coast Cement shell Inc., Cementing Solutions Inc.
Core Materials Market 2024 Key Insights:
• The core materials market size is expected to see rapid growth in the next few years. It will grow to $2.85 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%.
• Increasing Wind Energy Demand Fuels Growth In Core Materials Market
• Saertex Introduces Saerfoam For Advanced Composites
• Asia-Pacific was the largest region in the core materials market share in 2023
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