Increasing consumption of developing countries favor the Core Materials Market

Posted by rohan on September 25th, 2019

Market Overview:

When any product is made from composite materials, the entire object is not made from composites as this would make unduly burdensome and costly. Furthermore, there is no need for the whole object to be made from composites. So, an inner core is surrounded and encapsulated by composites. Core materials market was worth USD 1.86 billion in 2018 and is expected to grow at a CAGR of 6.2% during the forecast period to reach USD 2.51 billion by 2023. 

Market drivers and restraints:

Owing to the rising population, the consumption of most of the developing countries is increasing. The demand for inexpensive materials which are capable of replacing increasingly costly metals is rising. At this juncture, the composite materials market is seeing high growth. But in order to craft an object from composite materials, the core of these objects has to be crafted from core materials, and for that reason, the core materials market will witness an equally high growth int he future. Core materials market is on the increase as the composite materials is booming. Fast urbanization and industrialization of growing economies in Asia and Latin America are driving the core materials market.

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Report segmented as:

By type:

  • Honeycomb
  • Balsa
  • Foam

By end user:

  • Aerospace
  • Wind energy
  • Marine
  • Transportation
  • Construction

Geographical analysis:

Based on geography, the global core materials market is segmented into regions like Latin America, North America, Europe, Asia Pacific and Middle East and Africa. North America was the largest market for core materials in the year 2018. The Asia Pacific is becoming a crucial market as countries like China and India continue to grow quickly.

Important market players:

The major players operating in the world market are DIAB, Schweiter Technologies, BCOMP LTD., Carbon-Core Corp, Gurit Holding AG, Evonik Industries AG, I-Core Composites, LLC, CoreLite Inc., BONDi (Shandong) Environmental Material Company Limited, and Nord Compensati Spa.

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The Scope of the report:

This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.

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Joined: September 20th, 2017
Articles Posted: 1,346

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