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Growing demand for core materials from the wind energy industry is a significant factor influencing the growth of the market.
NEW YORK CITY, NEW YORK, UNITED STATES, September 9, 2022 /EINPresswire.com / -- 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.
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Major companies Hexcel Corporation, 3A Composites, the Gill Corporation, Evonik Industries, Gurit, Euro-Composites SA, DIAB Group, Armacell, Plascore Inc., and BASF SE.
Further key findings from the report suggest
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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Segments covered in the report:
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
US
Canada
Europe
Germany
UK
France
BENELUX
Rest of Europe
Asia Pacific
China
Japan
South Korea
Rest of APAC
MEA
Saudi Arabia
UAE
Rest of MEA
Latin America
Brazil
Rest of LATAM
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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 clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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Reports and Data
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