Top Factors Driving the Global Core Materials Market | Technavio

LONDON–(BUSINESS WIRE)–#Polymers—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.

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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