“The core materials market is projected to register a CAGR of 13.5% during the forecast period.”
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 Compound Annual Growth Rate (CAGR) of 13.5% between 2020 and 2025.Core materials are the key components in sandwich structure composites that provide thickness and high stiffness with low density. The composite skins surrounding the core material provide strength to the overall structure. Core materials are gaining wide acceptance in various end-use industries owing to their high strength and low weight, which is driving the demand for core materials in various end-use industries.However, amidst the global COVID-19 pandemic, the demand for core materials from the aforementioned industries is expected to show a sharp decline in 2020 from 2019.
“Foam is the fastest-growing type of core material in the global core materials market,in terms of value.”
Foam core type is projected to register the highest CAGR, in terms of value, between 2020 and 2025.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& defense, and marine. 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.
“Wind energy is the largest end-use industry of core materials market, in terms of value.”
The wind energy end-use industry accounted for the largest market share in 2019.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 superior 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 good mechanical properties, which has increased its use in comparison to balsa in the wind energy industry.
“APAC dominated the core materials market.”
APAC was the largest core materials market, in terms of value, in the world. APAC dominated the market in 2019, in terms of volume. The key reason for this dominance includes the demand for core materials from the wind energy end-use industry in the region. The demand for core materials inthe aerospace & defense, automotive& transportation,construction, and other industries is projected to grow due to product innovation and technological advances. The growth of the core materials market in this region is further boosted by the increase in demand from China.
This study has been validated through primary interviews conducted with various industry experts, globally. These primary sources have been divided into the following three categories:
- By Company Type – Tier 1- 40%, Tier 2- 40%, and Tier 3- 20%
- By Designation – C Level- 20%, Director Level- 40%, and Others- 40%
- By Region – North America- 20%, Europe- 40%, Asia Pacific (APAC) – 30%, Rest of World -10%
The report provides a comprehensive analysis of company profiles listed below:
- 3A Composites (Switzerland)
- DiabGroup (Sweden)
- Gurit (Switzerland)
- Hexcel Corporation (US)
- Armacell International S.A. (Luxembourg)
- Euro-Composites S.A. (Luxembourg)
- Changzhou Tiansheng New Materials Co. Ltd. (China)
- Evonik Industries AG (Germany)
- The Gill Corporation(US)
- Plascore Inc. (US)
Research Coverage
This report covers the global core materials market and forecasts the market size until 2025. It includes the following market segmentation:Type (foam, honeycomb, and balsa),End-use Industry (wind energy, aerospace & defense, marine, automotive & transportation, construction, and industrial),and Region (Europe, North America, APAC, and RoW). Porter’s Five Forces analysis, along with the drivers, restraints, opportunities, and challenges,have been discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global core materials market.
Key benefits of buying the report:
The report is expected to help market leaders/new entrants in this market in the following ways:
- This report segments the global core materials market comprehensively and provides the closest approximations of the revenues for the overall market and the sub-segments across different verticals and regions.
- The report helps stakeholders understand the pulse of the core materials market and provides them with information on key market drivers, restraints, challenges, and opportunities.
- This report will help stakeholders to understand competitors better and gain more insights to better their position in their businesses. The competitive landscape section includes the competitor ecosystem, new product development, agreement, and acquisition.
Reasons to buy the report:
The report will help leaders/new entrants in this market by providing them with the closest approximations of the revenues for the overall core materials market and the sub-segments. This report will help stakeholders to understand the competitive landscape and gain more insights and position their businesses and market strategies in a better way.
