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Market trends in structural core materials reflect the evolving demands and advancements within various industries. One prominent trend is the increasing emphasis on lightweight materials across sectors such as aerospace, automotive, marine, and construction. This trend is fueled by the need for enhanced fuel efficiency, improved performance, and reduced environmental impact. Structural core materials offering high strength-to-weight ratios are gaining traction, driving the development of innovative materials that can maintain structural integrity while significantly reducing overall weight.
Additionally, there's a growing focus on sustainability within the market trends of structural core materials. Manufacturers are increasingly investing in eco-friendly alternatives that are recyclable, possess lower environmental footprints, and align with stringent regulatory standards. This shift towards sustainability is reshaping the industry, influencing material development, manufacturing processes, and consumer preferences. Materials that offer both performance and environmental benefits are gaining momentum in the market.
Technological advancements continue to shape market trends in structural core materials. Innovations in manufacturing techniques, composite materials, and nanotechnology are driving the development of materials with enhanced properties, durability, and cost-effectiveness. These advancements enable manufacturers to create structural core materials that meet demanding industry standards while optimizing production processes, reducing waste, and enhancing overall performance.
Moreover, customization and material versatility are emerging trends in the market for structural core materials. Companies are focusing on developing materials that can be tailored to specific applications and industries. This trend allows for the creation of customizable solutions that address unique challenges faced by different sectors, thereby expanding the potential applications of structural core materials.
Another significant trend is the integration of smart materials and technologies into structural cores. The incorporation of sensors, self-healing materials, and adaptive properties into structural core materials is gaining attention. These smart materials offer capabilities such as real-time monitoring, damage detection, and self-repair, enhancing the overall performance and longevity of structures in various applications.
Furthermore, the market for structural core materials is witnessing a trend towards multifunctionality. Manufacturers are developing materials that not only provide structural support but also offer additional functionalities such as thermal insulation, acoustic damping, fire resistance, or electrical conductivity. This trend allows for the integration of multiple functionalities within a single material, catering to diverse industry needs and applications.
Supply chain resilience and localization are also emerging as notable trends in the market for structural core materials. The industry is experiencing a shift towards building resilient supply chains, reducing dependency on specific regions or suppliers. Additionally, there's a growing inclination towards localized manufacturing to reduce transportation costs, mitigate supply chain disruptions, and meet regional market demands more effectively.
Structural Core Materials Market Highlights:
Global Structural Core Materials Market Overview
The global market for Structural Core Materials estimated at US$1.10 Billion in the year 2021, is projected to reach a revised size of US$2.12 Billion by 2030, growing at a CAGR of 5% over the analysis period 2021-2030. Structural core materials are used in composites which improves their physical properties. The most commonly used structural core materials are honeycomb, foam, and balsa. Also, Balsa has high aspect ratio. And extensively used in boat hulls, military aircraft, navy vessels, and industrial tanks. Honeycomb materials include aluminum, polypropylene, paper, and impregnated fiberglass. Honeycomb is used in applications where highly lightweight panels are required. Market growth has been driven by increasing product demand from the automobile and aerospace sectors. Moreover, with increasing international trade, there has been substantial growth recently. And it is projected to positively impact the global structural core materials market. The increasing demand for lightweight materials in automobiles, aircraft, and marine vessels owing to their high fuel efficiency is expected to be a significant factor driving market growth. Moreover, the increasing use of structural core materials is becoming crucial in transportation, wind energy, aerospace, construction, marine, and other industries. Furthermore, major market manufacturers are signing supply agreements with various end-use industries to secure their position in the structural core materials market.
Key Players
Some of the key players in the global structural core materials market are Diab Group (Sweden), Hexcel Corporation (U.S.), Schweiter Technologies (Switzerland), Euro Composites (Luxembourg), Gurit Holding (Switzerland), The Gill Corporation (U.S.), Changzhou Tiansheng New Materials Co. Ltd. (China), Plascore Incorporated (U.S.), Armacell International (Luxembourg), and Evonik Industries (Germany).
Global Structural Core Materials Market Share, by Product (%)
Regional Analysis
The market in Asia-Pacific is expected to be the fastest-growing regional market. Increasing automobile production in the region is acting as a major driver for the growth of the market. Additionally, the growing construction industry, mainly in India and China, is also driving the demand for structural core materials. The increasing inclination toward green energy has led to the development of the wind energy industry, in turn, fueling the demand for structural core materials in the region. For instance, according to the Indian Ministry of New and Renewable Energy, the country is ranked fourth in the global wind power installed capacity and has a renewable energy target of 175 GW by the end of 2022.
North America was the largest market in 2017 and is expected to maintain its dominance during the review period. The presence of developed aerospace and automobile industries contributes substantially to the growth of the market mainly in the U.S. and Canada. Moreover, increasing government spending in the construction sector is positively affecting product demand. According to the United States Census Bureau, total construction spending in the U.S. was USD 1,191,812 in 2016 which increased to 1,246,000 by the end of 2017.
Segmentation
The global structural core materials market has been segmented by product, skin type, end-use industry, and region. On the basis of product, the market has been segregated into foam, balsa, and honeycomb. On the basis of skin type, the market has been segmented into glass fiber reinforced polymer (GFRP), carbon fiber reinforced polymer (CFRP), natural fiber reinforced polymer (NFRP), and others. On the basis of end-use industry, the market has been further segregated into aerospace, automotive, wind energy, marine, construction, and others. Based on region, the market has been segregated into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.Recent Development
One of the major manufacturers of structural core materials is Diab Group (Sweden). It stresses on excellence in consumer-centric product creation and focuses mainly on agreements, strategies, such as new product launches, partnerships, and expansions to grow. The company carries out continuous improvements in several business areas by maintaining its main focus. It helps in forming strategic moves to sustain its market position as a market leader. The structural core materials market is gaining importance though a few factors that are acting as bottlenecks in its growth. The capital-intensive nature of the industry and the requirements of uncertain wind energy industry in the US are some of the major hinderances for the growth of the structural core materials market in the global market.
Intended Audience
- Structural core materials manufacturers
- Traders and distributors of structural core materials
- Research and development institutes
- Potential investors
- Raw material suppliers
- Nationalized laboratories
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