Core Material Kitting Market
This comprehensive report, from Stratview Research, assesses the global core material kitting market over the trend period of 2013 to 2018 and the forecast period of 2019 to 2024. The report estimates the current and future market penetration of core materials in composite applications. The report further studies all the major core material suppliers with in-house kitting capabilities as well as independent companies offering kitting solutions to part fabricators and OEMs. The vital information provided in the report can be decisive for market participants as well as investors for the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies.
The next five years for the core material kitting market are going to be vigorous with sizeable growth opportunities for the market participants. It is estimated that the global core material kitting market would reach an estimated value of US$ 550.1 million in 2024. Core material kitting is an essential part of composite sandwich construction. The kitting of core materials can be performed by part fabricators in-house as well as outsourced to independent kitting solution providers or core material suppliers that are also offering kitting services. Several factors bolstering the demand for core material kitting are organic growth of major composite-driven markets coupled with increased penetration of composite materials, increasing demand for lightweight core materials, and excellent benefits of core materials kitting.
The key market trends shaping the competitive landscapes are the execution of mergers and acquisitions and higher involvement of core material suppliers in kitting services. For instance; Gurit Holding AG, one of the largest core material providers, acquired JSB Group A/S for an equity value of DKK 520 million in October 2018. JSB Group was the leading core material kitting service provider for the wind energy segment. The acquisition consequentially aided Gurit’s capability as well as its positioning in the kitting market.
Composites have an excellent track record in the aerospace, wind, marine, and transportation industries as they offer numerous benefits over the rivals including high strength-to-weight ratio, excellent corrosion resistance, excellent fatigue strength, and excellent durability at a lesser weight. Composite structures can be fabricated through a wide array of processes/technologies. One of the most widely used processes for part fabrication is sandwich construction. In sandwich construction, a structure is made of three layers: low-density core inserted between two relatively thin skin layers or laminates. It is used in applications which require extremely high mechanical properties along with low weight. The purpose of the sandwich structure is to achieve a stiff and light component simultaneously.
Core material kitting is a process of cutting the core material into desired shapes of components, flattening surfaces, digitizing data, developing the kit, managing the material supply, and organizing the kit, with an aim to save time and money, resulting into increased productivity and profitability. Core material kitting offers faster and easier dry layup in molds, with ease in assembly, exact fit, and minimum wastage. It eliminates on-site shaping and cutting, reducing build times, save labor and material cost, with consistently high quality in less time.
The market is segmented based on the end-use industry type as wind energy, aerospace & defense, marine, transportation, construction, and others. Wind energy is expected to remain the largest market for core material kitting during the forecast period. Rising demand for an alternative source of energy has led to an increased focus of various governments and non-government institutions towards the wind energy sector. Increasing wind turbine installation coupled with longer rotor blades has resulted in a greater penetration of sandwich panels constructed with foam and balsa core materials. This factor is acting as the prime driver for the core material kitting market in the wind energy.
Based on the core material type, the market is segmented as foam, honeycomb, and balsa. Foam core is further bifurcated into PVC, PET, and others. Similarly, honeycomb core is bifurcated into nomex honeycomb, aluminum honeycomb, and others. Foam core is expected to remain the largest segment of the market during the forecast period. Foam core is widely used in wind energy and marine composite parts, owing to its low specific weight and high mechanical rigidity and stiffness. Honeycomb core is expected to witness the highest growth during the same period, driven by its extensive usage in the aerospace & defense industry.
In terms of regions, North America is expected to remain the largest market for core material kitting during the forecast period. The USA is the growth engine of the region’s market with the presence of major OEMs, tier players, core material suppliers, and kitting service providers. Some of the major markets including marine, aerospace & defense, and construction are dominated by the region.
Asia-Pacific is expected to experience the highest growth in the market during the forecast period. The highest growth of Asia-Pacific is mainly attributable to the consequential growth in wind turbine installation coupled with regional expansion of major core material suppliers in the region; growing penetration of composites in the transportation industry; opening of assembly plants of Boeing and Airbus for B737, A320, and A330 aircraft programs; upcoming indigenous aircraft program such as C919 and CR929; and expanding construction sector.
The supply chain of this market comprises raw material suppliers, core material suppliers, kitting service providers, tier players, and end users. Some of the key players in the core material kitting market are JSB Group A/S (now a part of Gurit Holding), Hexcel Corporation, DIAB Group, Gurit Holding AG, 3A Composites GmbH, and Argosy International Inc. Development of highly optimized core material kit, higher involvement of core material manufacturers in kitting services, and execution of mergers & acquisitions are the key strategies adopted by the major players to gain a competitive edge in the market.
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The market is segmented into the following categories:
Core Material Kitting Market, By End-User Type
Core Material Kitting Market, By Core Material Type
Core Material Kitting Market, By Process Type
Core Material Kitting Market, By Region
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