Structural Core Materials Market to grow at a 5 % CAGR during forecast period 2018 to 2023

Market Overview: The Global Structural Core Materials Market is projected to grow at a CAGR of over 5% during the forecast period. Market growth is driven by increasing product demand from the automobile and aerospace industries.
Structural Core Materials are used in composites mainly to enhance their physical properties. The most commonly used structural core materials are foam, balsa, and honeycomb. Balsa has a high aspect ratio and is extensively used in boat hulls, navy vessels, military aircraft, and industrial tanks, among others. Honeycomb materials include aluminum, paper, polypropylene, and impregnated fiberglass. Honeycomb is used in applications where extremely lightweight panels are required.
Moreover, with rising international trade, the marine sector has seen substantial growth in recent times which, in turn, is projected to have a positive impact on the global structural core materials market. The growing demand for lightweight materials in aircraft, automobiles, and marine vessels due to their high fuel efficiency is expected to be a major factor driving market growth.
Regional Analysis: Geographically, the market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Among these, North America was the leading regional structural core materials market in 2017. Factors such as the growing adoption of the product in the automobile and aerospace sectors are driving market growth.
Asia-Pacific is expected to be the fastest-growing regional market during the forecast period. The shifting of automobile bases to the region, coupled with the increasing number of government initiatives for the generation of renewable energy, is further propelling market growth. The structural core materials market in Asia-Pacific is projected to grow at a CAGR of 6.5% during the forecast period.
Key Players: Some of the prominent players in the Global Structural Core Materials Market are; Changzhou Tiansheng New Materials Co. Ltd. (China), Plascore Incorporated (U.S.), Diab Group (Sweden), Hexcel Corporation (U.S.), Schweiter Technologies (Switzerland), Euro Composites (Luxembourg), Gurit Holding (Switzerland), The Gill Corporation (U.S.), Armacell International (Luxembourg), and Evonik Industries (Germany).
Categorization: The Global Structural Core Materials Market has been segmented by skin type, product, end-use industry, and region.
By skin type, the market has been classified as glass fiber reinforced polymer (GFRP), carbon fiber reinforced polymer (CFRP), and natural fiber reinforced polymer (NFRP), and others. According to MRFR analysis, the CFRP segment is expected to hold the majority market share during the forecast period. The advanced properties of CFRP, such as tensile strength and thermal expansion, in comparison with glass and other fibers, account for the growth of the segment. On the basis of end-use industry, the aerospace industry was the largest in 2017 while the wind energy segment is expected to register the highest CAGR during the forecast period. Growing international trade, coupled with the burgeoning aerospace sector in emerging economies, is leading to a surge in demand for structural core materials.
By product, the market has been segmented into foam, balsa, and honeycomb. The honeycomb segment was the largest in 2017 and is expected to remain so during the forecast period. The foam segment is expected to be the second-largest market during the forecast period. The growing application of foam in wind turbine blades and the nacelles of aircraft and automobiles is expected to drive the growth of the foam segment.
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