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Core Materials Market Drivers Shaping Future Growth, Revenue USD 2,744.4 Million by 2027 | CAGR 11.9%

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Core Materials Market Drivers Shaping Future Growth, Revenue USD 2,744.4 Million by 2027 | CAGR 11.9%

September 22
13:00 2021
Core Materials Market Drivers Shaping Future Growth, Revenue USD 2,744.4 Million by 2027 | CAGR 11.9%
Core Materials Market
The report analyzes the historical and present-day scenario of the global Core Materials market, to accurately gauge its potential future development.

The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the Core Materials market, to identify the opportunistic avenues of the business potential for stakeholders. The global core materials market is forecast to reach a market size of USD 2,744.4 Million by 2027, and register a significantly high revenue growth rate over the next seven years, according to a latest report by Reports and Data. Growing demand for core materials can be attributed to rising demand from the wind energy industry. Core materials are used to reduce the structural weight and impart high strength to wind turbines. Rising demand for emissions-free and renewable wind energy is creating demand for larger turbine blades as longer turbine blades are capable of sweeping a larger area and generate more energy per kilo hour at reduced cost. Also, larger turbines can harvest slow moving wind. Core material producers are emphasizing on core material to assist large wind turbine manufacturers in design optimization.

The COVID-19 impact

The COVID-19 pandemic had a severe impact on core materials market. Global shutdown of the manufacturing industry, including aerospace, automotive, and construction and supply chain disruption has caused a decline in core materials demand. As the situation improves gradually however, demand and supply gaps are expected to be bridged, and regular operations are expected to be resumed.

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Key market participants include:

Hexcel Corporation, 3A Composites, the Gill Corporation, Evonik Industries, Gurit, Euro-Composites SA, DIAB Group, Armacell, Plascore Inc., and BASF SE.

Further key findings in the report

By type, honeycomb segment revenue is projected to register the fastest growth rate during the forecast period, owing to its beneficial properties, such as excellent strength to weight ratio, high durability, corrosion resistance, fire and temperature resistance, fungus resistance, and easy machinability. Moreover, aluminum honeycomb materials offer an extremely high strength to weight ratios than other core materials.

Use of relatively strong and thin face sheets attached to lightweight and thicker core materials in the industrial sector enable production of more lightweight, durable, and sturdy structures that would not be possible otherwise.

Increasing emphasis by market players in new product innovations is another factor driving market growth. In February 2018 for instance, EconCore announced the final phase of validation testing of lightweight, high performance thermoplastic honeycomb composite cores.

Core materials market in Asia Pacific contributed largest revenue share to the global market in 2019, owing to increasing demand for high performance materials for manufacturing turbine blades for the wind energy industry in countries in the region. Besides, increasing growth of aerospace and marine industries in countries in the region is expected to continue to drive market growth.

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For the purpose of this report, Reports and Data has segmented the global core materials market on the basis of type, industry vertical, and region:

Type Outlook (Revenue, USD Million; 2017–2027)

Foam

Honeycomb

Balsa

Industry Vertical Outlook (Revenue, USD Million; 2017–2027)

Wind Energy

Aerospace & Defense

Automotive

Marine

Industrial

Building & Construction

Others

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Regional Outlook (Revenue, USD Million; 2017–2027)

North America

Europe

Asia Pacific

MEA

Latin America

About Reports and Data

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.

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