Core Materials Market Size to Reach USD 2,744.4 Million By 2027 | Growth of the Aerospace Industry is a Significant Factor Influencing Growth of the Market, says Reports and Data

New York, Feb. 02, 2021 (GLOBE NEWSWIRE) -- The global core materials market is expected to reach a market size of USD 2,744.4 Million by 2027, and register a significantly high revenue growth rate of 11.9% CAGR over the next seven years, according to the latest report by Reports and Data. Growing demand for core materials can be attributed to growth of the aerospace industry. The lightweight and high strength-to-weight ratio of core materials make it highly preferable in the aerospace industry. Also, compression resistance of core materials is high, along with temperature and shear resistance, which are essential requirements in aircraft manufacturing. For instance, honeycomb core materials are around 40X sturdier than laminates, and have a higher load bearing strength. Honeycomb core materials are used in component production in aircraft, rockets, and jet propellers and engines in the aerospace industry.

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The COVID-19 impact

The COVID-19 pandemic had severe impact on the global core materials market across 2020. Global shutdown of the manufacturing industry, including aerospace, automotive, and construction, and supply chain disruption has caused a decline in demand for core materials. As the situation improves gradually however, demand and supply gaps are expected to be bridged, and regular operations are expected to resume.

Further key findings in the report

• By type, the foam segment contributed largest revenue share to the global market in 2019. Foams core materials have low thermal conductivity and can be easily bonded into intricate skin shapes. Foam sandwich structures provide enhanced stiffness/rigidity and weight reduction of structures, which can be around 50.0% lighter than structures made from other conventional materials.
• In the automotive industry, core materials find application in making lightweight vehicles to improve fuel efficiency. Also, core materials are used in production of passenger cars, buses, military vehicles, and sports cars due to high strength-to-weight ratio.
• Core materials market in North America contributed second-largest revenue share to the global market in 2019, owing to presence of leading aerospace OEMs in the region. Additionally, growth of the wind energy industry has resulted in increasing wind turbine installations, thus fueling market growth.
• Key market participants include Hexcel Corporation, 3A Composites, the Gill Corporation, Evonik Industries, Gurit, Euro-Composites SA, DIAB Group, Armacell, Plascore Inc., and BASF SE.

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For the purpose of this report, Reports and Data has segmented the global core materials market on the basis of type, industry vertical, and region:

• 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
    1. U.S.
    2. Canada
  • Europe
    1. Germany
    2. UK
    3. France
    4. BENELUX
    5. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. Rest of APAC
  • MEA
    1. Saudi Arabia
    2. UAE
    3. Rest of MEA
  • Latin America
    1. Brazil
    2. Rest of LATAM

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