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Global Core Materials Market is forecast to reach a market value of US $5,150. 7 million in 2026
Core Materials Market
, October 16, 2019 )
is a special class of composite materials, normally with low strength. However, its high thickness provides the sandwich composite high bending stiffness with overall low density. A sandwich construction consists of two high strength skins separated by a core material. These materials are sandwiched between layers of reinforcement.
Rise of Wind Power is driving the global core materials market
Wind power or wind energy is the use of air flow through wind turbines to provide the mechanical power to turn electric generators and traditionally to do other work, like milling or pumping. Wind power is a sustainable and renewable alternative to burning fossil fuels, and has a much smaller impact on the environment. Composites are used in designing of blades for large wind turbines. As Blades are the key engineering component of the wind turbines and core materials are an essential element of their construction. Modern rotor blades are made of sandwich composite structures, in which the core material is combined with glass fibres and resins. Balsa wood, PVC and PET foam are the most commonly used core materials in wind turbine applications. In the final structure, core materials form part of a sandwich structure comprising of resin (epoxy or polyester) and reinforcement (glass and/or carbon) on either side. The core primarily is a means to reduce the weight of the laminate while sustaining the out-of-plane strength and rigidity. Therefore, growing worldwide adoption of wind turbines as renewable energy source will further fuel growth in the global core materials market.
Continuous technological advancements and increase focus on renewable energy will result growth of wind energy sector and ultimately will boost global core material market during the forecast period.
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Marine Industry – The most promising growth sector of core materials
The most common core materials utilized in building boat hulls and decks include balsa wood, PVC (polyvinyl chloride) foam, SAN (styreneacrylonitrile) foam, and honeycombs made from aramid, plastic, and paper. Maritime industries include both shipbuilding and recreational craft. Increase in usage of megaships: New megaships keep outsizing older models, while emerging technologies boost efficiency and the sustainable image of the marine industry. The growing demand for the cruise tours for a different location and increasing desire of people for the luxury travel is asking the providers to add new cruise ships with more luxury features and all greater number of cruises available for different locations to give options to the people for traveling. So rise in the cruise industry will have a significant impact on the core materials demand. For instance, there are a record 42 ocean and river cruise ships under construction or on order for deliveries over the next two years (2019 - 2020). Twenty of these are large cruise ships carrying over 1,000 passengers each. Thirteen are mega cruise ships which each carry over 4,000 passengers. In addition to more than 167 cruise ships major cruise line companies have introduced since 2000. As this boom continues, 2019 - 2020 will be an outstanding year for new cruise ships.
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North America is leading in the consumption of core materials
North America Core Materials market is valued at US$ 8,420.67 Mn in 2018 and is estimated to grow at a CAGR of 1.37% over the forecast period to reach a US$ 9,341.61 Mn by 2026. The rise in the demand of clean energy by the people in the region due to rising awareness coupled with the government initiatives and the growing wind energy producing fields all around the region will drive the market positively for core materials in the following period. Big Brands in the region are also demanding the wind energy for their businesses. AWEA’s U.S. Wind Industry Fourth Quarter 2018 Market Report reveals that non-utility customers like AT&T, Walmart, ExxonMobil, and Shell Energy purchased a record 4,203 megawatts (MW) of wind power capacity in 2018 through long-term contracts, or Power Purchase Agreements (PPA). Contracted wind capacity from non-utility customers in 2018 surged 66 percent higher than the previous high-water mark in 2015. With new wind producing farm are under construction will be requiring core materials for the strong wind blades. For instance, According to the U.S. Department of Energy (DOE), the offshore wind project development pipeline includes more than 25,000 MW of planned generating capacity, with 2,000 MW expected to begin commercial operation by 2023 or sooner. The growth in the defense expenditure in the region will be the other sector will be impacting the core material market greatly. For instance, With $649 billion, US military expenditure increased—for the first time in seven years—by 4.6 per cent in 2018. The USA remained by far the largest spender in the world, accounting for 36 per cent of global military spending in 2018. Mexico military spending also grew by 10 per cent (to $6.6 billion) in 2018—the first annual increase since 2015. With the growth in the demand of commercial air travel, defense, space, and services market is boosting the market for core materials in the region. Rising air passenger traffic and the proliferation of low-cost carriers are providing a positive outlook for the industry expansion. For instance, in 2018, air passenger traffic in the U.S. rose to 1 billion with an increase of over 4.8% compared to 2017.
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