Top Factors Driving the Global Core Materials Market | Technavio

Technavio market research analysts forecast the global core materials market to grow at a CAGR of close to 7% during the period 2018-2022, according to their latest report.

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This market research report segments the global core materials market into the following types (foam, honeycomb, and balsa) and key regions (North America, APAC, Europe, and ROW). The report covers a wide range of topics, including market drivers, trends, and challenges impacting the market’s growth.

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In this report, Technavio analysts highlight the growth and development of the shipping industry as a key factor contributing to the growth of the global core materials market:

Growth and development of the shipping industry

In the marine industry, materials such as foam and balsa are used for the construction of luxury yachts, leisure boats, sailboats, and powerboats. Foam core materials increase the durability and mechanical strength. They can endure high processing temperatures and exhibit low water absorption.

Sea trade accounts for more than 90% of the trade, which makes maritime transport crucial to the global economy. The World Trade Organization estimated that the seaborne freight accounted for more than 30% of the world transport, in 2015.

According to a senior analyst at Technavio for plastics, polymers, and elastomers, “The global seaborne trade volumes exceeded 10 billion ton in 2015. Maritime transport brings together consumers and the intermediate and capital goods industries, which makes it a prominent factor that is leading globalization. Maritime transport promotes industrial development by supporting manufacturing, trade integration, and economic growth. In 2015, dry cargo transport alone accounted for more than 70% of the total seaborne trade volumes, and the remaining share was contributed by crude oil, petroleum products, and gas.”

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Global core materials market segmentation

Of the three major types, the foam segment held the largest market share in 2017, accounting for nearly 47% of the market. The market share for this type is expected to decrease by 2022. The fastest growing type is honeycomb, which will account for nearly 40% of the total market share by 2022.

APAC was the leading region for the global core materials market in 2017, accounting for a market share of nearly 34%. By 2022, APAC is expected to register the highest growth and continue dominating the market.

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