Attractive Opportunities in the Core Materials Market

Attractive Opportunities in the Core Materials Market

Browse 116 market data Tables and 44 Figures spread through 151 Pages and in-depth TOC on “Core Materials Market”
Core Materials Market by Type (Foam, Honeycomb, and Balsa), End-use Industry (Wind Energy, Aerospace & Defense, Marine, Automotive & Transportation, Construction, and Industrial), and Region

The global core materials market size is projected to grow from USD 1.2 billion in 2020 to USD 2.3 billion by 2025, at a CAGR of 13.5%. The global core materials market is increasing due to their rising demand from composite component manufacturers, globally.

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.

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The wind energy end-use industry is expected to have the largest share in the core materials market

Core materials offer high stiffness and low-density material in sandwich composite construction. The weight reduction of the required structure with high strength makes the use of core materials vital in the wind energy end-use industry. The size of wind blades is increasing, which will drive the use of core materials in the wind blades segment. However, the demand for core materials is expected to decline in 2020, owing to the outbreak of the COVID-2019 pandemic. The disruption in the supply chain, longer downtime, lockdown scenario, and temporary suspension of wind energy projects would hamper the production and demand for core materials in the wind energy industry, globally.

APAC held the largest share in the core materials market.

APAC accounts for the largest share in the core materials market, owing to the growing economies of China and India, the presence of prominent players, and the growing wind energy industry. In APAC, China is projected to grow at the highest rate during the forecast period. It is the largest market for core materials in APAC. The increased wind energy installation and increased transportation sector in the country are the main reasons for the high consumption of core materials. The production of non-essential goods has been brought to a halt in most of the major economies. The automotive and wind energy component manufacturing in China, India, the US, Italy, France, Germany, and the UK is halted, which has directly impacted the core materials demand in these industries.

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.

3A Composites (Switzerland), Diab Group (Sweden), Gurit (Switzerland), Hexcel Corporation (US), and Armacell S.A. (Luxembourg) are the major players in the core materials market. These companies are the largest growth contributors to the global core materials market. They specialize in manufacturing core materials that have sustainable properties. For instance, 3A Composites specializes in manufacturing core materials, namely, balsa core, PVC, and PET foam products, for the core materials industry, globally.

Similarly, Gurit (Switzerland) specializes in the manufacturing of core materials, including balsa, PET foam, PVC foam, and SAN foam, globally. These companies are the key players in the global core materials market and have a wide global presence.

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