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      Structural Core Materials Market Size Forecast to Reach $3.3 Billion by 2027

      admin by admin
      April 13, 2022
      in Press Releases
      Structural Core Materials Market Size Forecast to Reach $3.3 Billion by 2027
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      Structural Core Materials Market

      (EMAILWIRE.COM, April 13, 2022 ) Structural Core Materials market size is forecast to reach US$3.3 billion by 2027, after growing at a CAGR of 8.8% during 2022-2027. Structural core materials are generally incorporated into composite materials, which are used in various end-use industries such as construction, transportation, and wind energy among others. They are generally used as sound insulations, thermal insulations and offer various properties such as fire resistance and corrosion resistance among others. The growth in the transportation and aerospace industry is one of the major factors driving the market growth for the structural core material market during the forecast period. The adoption of composite materials in end-use industries is also supporting market growth. According to the data published by Global Wind Energy Council (GWEC), China installed about 52 gigawatts of new wind power capacity in 2020, which is further driving the structural core materials market. However, fluctuation in raw material prices is likely to hamper the market growth during the forecast period 2022-2027. According to the U.S. Census Bureau, Construction spending during July 2021 was estimated at a seasonally adjusted annual rate of US$1,568.8 billion, which is above the revised June estimate of US$1,563.4 billion. However, fluctuation in raw material prices is likely to hamper the market growth during the forecast period 2022-2027. Balsa wood Core has a honeycomb-like cell and provides optimal properties including high compressive, flexural, and shear strength along with stiffness.

      COVID-19 Impact

      The COVID-19 pandemic is impacting different industries; one of the few industries that were primarily hit to some extent was the composite material industry. The demand for the Structural Core Materials is low during the covid-19 crises. The delay in manufacturing activities and construction activities in both developed and developing nations impacted the market growth for structural core materials during covid-19. However, the structural core materials industry faced problems related to the supply chain, lack of workforce, and lack of raw materials supply among others.

      Structural Core Materials Market Segment Analysis By Type

      The foam segment accounted for approximately 36% of the market share in 2020 and is estimated to grow at a significant CAGR during the forecast period. Foam core imparts strength and stiffness while keeping the composite and non-composite structures lightweight. Foams core materials are widely incorporated in building panels due to their ease of bonding to complex shapes. The balsa segment is expected to register the highest growth rate between the forecast period 2022-2027. Balsa-type core materials are used in the marine industry for shipbuilding and boat building. They offer high compressive properties and offer good acoustic absorption properties.

      Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=500340
      Report Price: $ 4500 (Single User License)

      Structural Core Materials Market Segment Analysis – By Outer Skin Type

      The GFRP segment accounted for approximately 23% of the market share in 2020 and is estimated to grow at a significant CAGR during the forecast period. GFRP type is widely used in wind turbine blades because it reduces the overall weight, and increases blades efficiency. According to the article published by The Nation Institute of Wind Energy, non-conventional energy received an FDI inflow of US$ 9.1 billion between April 2000 and December 2019 in India. The institute also stated that by 2028, India can see an investment worth US$ 500 billion in renewable energy. The growing FDI in the renewable energy industry is supporting the market growth for the GFRP type segment. CFRP segment is expected to grow at a high CAGR during the forecast period. CFRP type is replacing other outer skins in sandwich panels in various applications due to its superior properties such as high strength-to-weight ratio, rigidity, corrosion resistance, and good tensile strength among others.

      Structural Core Materials Market Segment Analysis – By Application

      The wind energy segment accounted for more than 18% of the market share in 2020 and is estimated to grow significantly during the forecast period. The growing usage of composites in designing blades for large wind turbines is one of the major factors driving the market growth during the forecast period. The growing demand for clean and renewable energy globally is also supporting the market growth for the wind energy segment. According to the facts published by Wind Europe, in 2019 wind energy supplied around 15% of total European Union electricity, and the figure is expected to increase during the forecast period. The construction industry is also estimated to hold a significant share during the forecast period. Growing foreign investments in the construction industry are also supporting market growth. According to the data published by FDI India, Indian real estate attracted approximately US$5 billion in institutional investments in 2020, and they also mentioned the Institutional real estate investments in India increased by 21% in the first quarter (2021) to US$922 million.

      Structural Core Materials Market Segment Analysis – By Geography

      Asia Pacific region held a significant share in the Structural Core Materials market in 2020, up to 36%, owing to the rapid growth in construction in the region. The presence of developing nations such as India and China is driving the market growth in the region. Abundant raw material sources and availability of a workforce also support the regional demand. According to the 2021 World Investment Report published by UNCTAD, FDI inflows into China increased by 6% in 2020, to USD 149 billion, up from USD 141 billion in 2019. According to FDI India, approximately US$26.08 billion FDI equity Inflows in Construction Development during April 2000 – March 2021.

      Structural Core Materials Market Drivers

      Growing demand from the construction industry

      Structural core materials are produced with the help of intermediates such as carbon fiber, glass fiber, resins, honeycombs, and balsa wood. According to the Associated General Contractors (AGC), the Construction industry is a significant contributor to the U.S. economy, and the U.S. Construction has more than 7 million employees and creates nearly $1.4 trillion worth of structures each year. The UAE construction sector recorded growth of 3.3 percent in 2019, and it is expected to register 4.3% by 2021. The National Development and Reform Commission of China planned to build infrastructure projects in China and approved a total investment of CNY 485 billion (~USD 72 billion) in January 2019 for the construction of seven projects. India has a total of US$1.4 trillion infrastructure investment budget under the National Infrastructure Pipeline (NIP). These are some of the major factors driving the market for structural core material globally.

      Growing demand from the aerospace industry

      In the field of aerospace engineering, sandwich structures are preferred for lightweight yet high-strength designs. The high-temperature resistance property of cores has further driven the demand for these products in the aerospace industry. According to the data released by the Department for Promotion of Industry and Internal Trade (DPIIT), FDI inflow in India’s air transport sector (including air freight) reached US$ 2.95 billion between April 2000 and March 2021. According to Aerospace Industry Association (AIA), In 2019, USA A&D exports registered approximately US$148.1 billion. According to General Aviation Aircraft Shipment Report, about 2,399 airplanes and 674 Helicopter shipments happen in 2020 globally. The growing demand for both passenger and freight aircraft is driving the market for structural core materials market.

      Direct Purchase @ https://www.industryarc.com/purchasereport.php?id=500340

      Structural Core Materials Market Challenges:

      The raw materials required for structural core materials include carbon fiber, glass fiber, resins, honeycombs, and balsa wood, among others. Depending on raw material suppliers and outsourcing raw materials from other countries is one of the major challenges facing by structural core materials market. Fluctuation in foreign currency rates and changing government rules and regulations on imports & exports across the globe is also likely to hamper the market growth during the forecast period. Carbon fiber sheet price in the US or Canada or the UK is 30%-50% higher than China suppliers, and some are even more. For instance, a T300 material 200*300*1.5mm carbon fiber sheet worth is concerning $14, whereas a 200*300*2mm carbon fiber plate worth is $17, and a T700 carbon fiber material 400*500*3mm carbon fiber board worth is $66.

      Structural Core Materials Market Landscape

      Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Structural Core Materials market. Major players in the Structural Core Materials market include

      Diab Group

      Hexcel Corporation

      Schweiter Technologies

      Evonik Industries

      Gurit Holding

      Armacell International

      The Gill Corporation

      Changzhou Tiansheng New Materials Co. Ltd.

      Honicel Group

      Carbon Core Corp

      Euro-Composites

      SABIC

      BASF

      Other Companies

      Recent Developments

      In June 2021, Diab has agreed to acquire Sabic’s Ultem foam production line and incorporate it into its Divinycell range. Plans are for Diab to develop the material technology further.

      In December 2021, Saertex GmbH & Co. KG’s (Saerbeck, Germany) launched SAERfoam is a structural core material combining ultralight foam (PU/PE/PIR) combined with 3D glass reinforcement. Featuring customizable mechanical properties and very low weight, SAERfoam is able to act as a replacement for conventional core materials such as PVC, PET and balsa.

      Key Takeaways

      The Asia Pacific is expected to register the highest CAGR of 9.9% during the forecast period (2021-2026). Rapid urbanization, emerging economies, and increasing construction activities are the major factors driving the market growth.

      The wind energy segment is expected to hold a major market share between the forecast period 2020-2026.

      The increasing market for aerospace and the increasing growing importance of PET foam among end -users are the key factors driving the Structural Core Materials market

      Relevant Reports

      A. Non-Honeycomb Sandwich Panel Core Materials Market
      https://www.industryarc.com/Research/Non-Honeycomb-Sandwich-Panel-Core-Materials-Market-Research-501678

      B. Honeycomb Core Materials Market
      https://www.industryarc.com/Research/Honeycomb-Core-Materials-Market-Research-503030

      For more Chemicals and Materials related reports, please click here

      About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.



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