The global structural core materials market is projected to grow from USD 1.52 billion in 2017 to USD 2.32 billion by 2022, at a CAGR of 8.8% during the forecast period. APAC is estimated to be the fastest-growing structural core materials market during the forecast period. In this region, key countries, namely, China, Japan, India, and Malaysia are witnessing a gradual increase in the use of structural core materials in wind energy, aerospace, transportation, and other industries. The growth of the structural core materials market can be attributed to the rising demand for superior performance materials and environmentally friendly products from the wind energy and aerospace industries. China leads the structural core materials market in APAC, accounting for more than half of the demand for structural core materials in the region. A high number of wind energy installations in 2016, increasing number of commercial airplane deliveries, and high-speed rail projects are driving the demand for structural core materials in the country.
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Based on type, the foam segment is expected to lead the structural core materials market, as it is used in various applications such as wind energy blades, wind turbines, and nacelles. Among the various types of foam, the most commonly used is PVC. PVC is one of the most widely used and manufactured plastics globally, mainly due to its low cost and versatility of the material itself. PVC is used in the transportation and marine industries and in sports goods among others.
Based on outer skin type, GFRP is expected to lead the structural core materials market. GFRP panels provide a strong scratch resistant surface, chemical resistance, durability, and is lightweight. It is preferred over other building materials as it saves maintenance cost and is cheaper than other outer skins. Some of the major applications of GFRP include wind blades, walls, and ceilings. CFRP is the fastest-growing segment. CFRP and honeycomb-based sandwich panels are mostly used in the aerospace industry in applications which includes interior fittings, cockpit doors, low-temperature tanks, insulating covers, radomes, helicopter rotor blades, and hull and wing components for sporting aircraft.
Based on end-use industry, the wind energy segment of the structural core materials market is estimated to grow at the highest rate during the forecast period. Nowadays, wind blades are made by combining structural core materials and glass-reinforced polyester/epoxy to make them lightweight. Foam and balsa are the two most commonly and widely used structural core materials for making blades. Renewal of Wind Production Tax Credit (PTC) in the US and increasing number of wind installations have aided in the growth of the wind energy industry since the last year, thereby driving the structural core materials market.
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To know the assumptions considered for the study, Download PDF Brochure
Based on type, the foam segment is expected to lead the structural core materials market, as it is used in various applications such as wind energy blades, wind turbines, and nacelles. Among the various types of foam, the most commonly used is PVC. PVC is one of the most widely used and manufactured plastics globally, mainly due to its low cost and versatility of the material itself. PVC is used in the transportation and marine industries and in sports goods among others.
Based on outer skin type, GFRP is expected to lead the structural core materials market. GFRP panels provide a strong scratch resistant surface, chemical resistance, durability, and is lightweight. It is preferred over other building materials as it saves maintenance cost and is cheaper than other outer skins. Some of the major applications of GFRP include wind blades, walls, and ceilings. CFRP is the fastest-growing segment. CFRP and honeycomb-based sandwich panels are mostly used in the aerospace industry in applications which includes interior fittings, cockpit doors, low-temperature tanks, insulating covers, radomes, helicopter rotor blades, and hull and wing components for sporting aircraft.
Based on end-use industry, the wind energy segment of the structural core materials market is estimated to grow at the highest rate during the forecast period. Nowadays, wind blades are made by combining structural core materials and glass-reinforced polyester/epoxy to make them lightweight. Foam and balsa are the two most commonly and widely used structural core materials for making blades. Renewal of Wind Production Tax Credit (PTC) in the US and increasing number of wind installations have aided in the growth of the wind energy industry since the last year, thereby driving the structural core materials market.
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