Core Materials Market Worth $2.3 Billion by 2025 - Exclusive Report by MarketsandMarkets™
25 May, 2020, 11:30 BST
CHICAGO, May 25, 2020 /PRNewswire/ -- According to the new market research report "Core Materials Market by Type (Foam, Honeycomb, and Balsa), End-use Industry (Wind Energy, Aerospace & Defense, Marine, Automotive & Transportation, Construction, and Industrial), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Core Materials Market size is projected to reach USD 2.3 billion by 2025, at a CAGR of 13.5.5%, during the forecast period.
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Owing to an increase in demand for lightweight and high stiffness materials from the wind energy and aerospace & defense industries, the global core materials market is expected to witness significant growth during the forecast period. However, the outbreak of COVID-19 has created ripples in the aerospace industry, leading to reduced demand for these materials. For instance, Airbus has temporarily halted the production of A320 and A350 models in Tianjin from early February. Due to the lockdown scenario in Europe and North America, the demand for core materials from automotive, aerospace & defense, and wind energy industries have declined sharply in the first quarter of 2020.
Foam core material to have a significant market share in the global core materials market during the forecast period.
Foam is the most preferred and cost-effective core material used in major end-use industries. Foams are easy to process and shape and provide an excellent strength-to-weight ratio. Therefore, they are used in various end-use industries, such as wind energy, aerospace, marine, and others. Foam cores are used to enhance the overall structure of composite products. Structural foam cores are produced from various thermoset and thermoplastic polymers, including PVC, PET, PU, PEI, SAN, and PMI. Foam cores can be produced at various densities ranging from 2 lb/ft3 (30 kg/m3) to 20 lb/ft3 (300 kg/m3) by changing the ratio of the polymer ingredients to blowing agents and adjusting gas pressure. The PET foam type core holds the largest share in the foam core materials market.
The wind energy industry is expected to account for the largest share in the global core materials market during the forecast period, in terms of value.
Wind energy is the major end-use industry for the core materials market. Core materials are used in wind turbine blades as a sandwich panel in the composite structure. These blades are made by combining core materials and glass-reinforced polyester/epoxy. Foam and balsa are the two widely used core materials in this industry. Balsa core material, being a natural product, is used in a wide range of wind blades because of its better mechanical properties, such as high compressive and tensile strength. The structure of balsa is very stiff, which provides compressive strength to the blade. On the other hand, the foam core material is lightweight than balsa and has superior mechanical properties, which has increased its use in comparison to balsa in the wind energy industry.
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Amid the COVID-2019 pandemic, travel bans, disrupted supply chain, and deferred maintenance have affected the global wind energy industry. The global wind energy capacity installations have suffered a setback, reducing the demand for core materials in 2020, post which the demand would surge on account of increased demand from wind turbine blade manufacturers.
APAC to account for the largest market share in the core materials market during the forecast period.
APAC was the largest core materials market, in terms of value, in 2019. The demand for these core materials in wind energy, aerospace & defense, marine, and other industries is projected to improve due to product innovation and technological advances made in this sector. The growing wind energy installations in the region is a major growth factor. These factors drive the demand for core materials during the forecast period.
The key players in the market include 3A Composites (Switzerland), Diab Group (Sweden), Gurit (Switzerland), Hexcel Corporation (US), Armacell International S.A. (Luxembourg), Euro-Composites S.A. (Luxembourg), and Changzhou Tiansheng New Materials Co. Ltd. (China). These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the core materials market.
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