A report by Transparency Market Research, titled, “Structural Core Materials Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024,” prognosticates this market to showcase a steady growth in forthcoming years due to a rising demand for strong materials used for different applications in various industrial sectors.
An assortment of industries that are involved in automobiles, machine manufacturing, chemical plants, and others, mainly depict a high demand for strong and durable materials. Thus, these companies are majorly responsible for driving the global structural core materials market. Preference from manufacturers for using lightweight, stiff, as well as strong materials to produce quality products has also been substantially driving the global structural core materials market.
A mushrooming automobile industry is one of the topmost growth propelling factors for this market, mainly as structural core materials are used during the manufacturing of air bags. These materials also find wide applications in production of safety gears such as bulletproof jackets, communication antennae, and electronic circuit boards, consequently pushing the global structural core materials market’s growth. Lastly, a widespread use of these materials in the aerospace industry, especially to manufacture rockets and missiles, could stoke the market during next few years.
However, high initial costs needed for setting up the groundwork needed to extract, process, refiner, and supply the structural core materials is substantially restraining the global structural core materials market. This is mainly from the perspective of small-scale businesses who may not have enough capital needed to set up the systems, thus discouraging them significantly. Nevertheless, ongoing innovations and research carried out by key players in the market could decrease the cost needed for operating the material manufacturing processes, thereby opening a positive growth door for the market.
Talking about the geographical outlook, the global structural core materials market is mainly spread across North America, Latin America, the Middle East and Africa, South America, and Asia Pacific. Of these, a rapidly advancing industrial environment covering various work sectors in North America demands the use of structural core materials in this region, consequently making it hold a leading position in this market.
However, a ballooning automobile, construction, and information technology-based industries as well as a rapidly developing civil infrastructure in Asia Pacific could make this region depict maximum growth in forthcoming years. Lastly, Europe is also expected to witness a steady growth in the market, mainly due to expanding aerospace, automotive, and defense sectors, which demand a high usage of structural core materials.
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The market shows a highly competitive vendor landscape, due to the presence of numerous companies. With more new entrants expected to appear in the market in next few years, the competition could become more intense. Gurit, Matrix Composite Materials Company Ltd., 3A Composites, Airex AG, Hexcel Corporation, DIAB Group, Composites One, Saertex GmbH & Co. KG., and Euro-Composites, are few key players operating in the global structural core materials market.