[FURL=https://www.industryarc.com/Report/15886/core-materials-market.html]Core Materials Market[/FURL] size is forecast to reach $2.5 billion by 2025, after growing at a CAGR of 14.1% during 2020-2025. Core materials are considered as the special class of composite materials, normally having low strength, but higher thickness provides the sandwich composite with high bending stiffness with overall low-density boosting demand in various industries. The key growth factors of the global core materials market are the significant increase in demand for composites from the marine industry and the rising use of composites in the aerospace end-use sector. Also, the growing market for longer and lightweight wind turbine blades, increasing offshore wind power infrastructure.Key Takeaways
The Asia-Pacific region dominated the global market share of the core materials market, owing to the growing demand for wind turbine blade manufacturing from the rising production in the wind energy industry.
Increasing 3D printing for honeycomb panel production is expected to generate diverse opportunities for the core materials industry during the forecast period.
Owing to the high demand for honeycomb core materials from the aerospace and wind energy end-use industries the market for core materials will anticipate boosting in the forecast era.
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Core Materials Market Segment Analysis - By Geography
The Asia Pacific region dominated the global core materials market in 2019 with a share of 41.6%, due to the increasingly growing demand for superior performance materials and environmentally friendly goods from the wind and aerospace industries and rising expansion in developing countries such as China and India in this region. Owing to the growing use of composites in the design of blades for large wind turbines, the wind energy segment has the largest market share on the global core materials market of all end-users. According to the Ministry of New and Renewable Energy, India, the National Wind Energy Institute (NIWE), Chennai will be the nodal agency for carrying out resource evaluation, surveys, and EEZ studies, demarcating blocks and encouraging developers to set up offshore wind farms.
Core Materials Market Drivers
The growing need for composites in the aerospace industry
Increasing adoption of core materials in the marine industry
Core Materials Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Core Materials Market. Major players in the Core Materials Market are Changzhou Tiansheng New Materials Co. Ltd, Armacell International S.A., Gurit Holding AG, Euro-Composites S.A., The Gill Corporation, Diab Group, Hexcel Corporation, Schweiter Technologies, Evonik Industries among others.
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