LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global foam core materials market predicts a CAGR of more than 6% during the period 2018-2022.
The report segments the global foam core materials market by end-user (wind energy, construction, and marine) and by geography (APAC, North America, Europe, and ROW). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global foam core materials market, according to Technavio chemicals and materials researchers:
- Growth in the shipping industry: a major market driver
- Green bonds fueling demand for the market: a key market trend
- APAC dominated the global foam core materials market with more than 37% share in 2017
- Carbon-Core, CoreLite, Diab, Evonik, Gurit, and SCHWEITER TECHNOLOGIES are some of the players in the market
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Growth in the shipping industry: a major market driver
Growth in the shipping industry is one of the major factors driving the global foam core materials market. Maritime transport is important to the world’s economy as more than 90% of the trade is carried out through the sea route. In 2015, the World Trade Organization (WTO) estimated that the seaborne freight accounted for more than 30% of the world transport. In 2015, the estimated world seaborne trade was 10 billion tons in terms of volume. With the increase in globalization, the maritime transport facilitates industrial development by supporting growth in the manufacturing industries, promoting trade integration, and aiding economic growth. In 2015, dry cargo shipments accounted for a share of more than 70% of the total seaborne trade in terms of volume.
According to a senior analyst at Technavio for research on specialty chemicals, “In 2016, the global commercial marine fleet consisted of more than 90,000 vessels with a combined capacity of over 1.8 billion dead-weight tons. Many ship-owners are from countries in APAC such as China, Japan, and Singapore. The fleet is anticipated to increase in the next five years. The rise in the sea trade activities is expected to drive the demand for new vessels and consequently, increase the demand for foam core materials used in the construction of ships during the forecast period.”
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APAC: largest foam core materials market
APAC dominated the global foam core materials market in 2017, accounting for a market share of more than 37%. It was followed by North America that contributed to a share of close to 26%. Europe contributed to a market share of more than 20%, and the remaining 17% of the market share was contributed by ROW.
Green bonds fueling demand for the market: a key market trend
Green bonds are tax-exempted bonds that are reserved for green investments. Many banks have issued green bonds to gain access to a specific set of global investors who invest in green ventures. For instance, the Korean Development Bank had issued a green corporate bond for the renewable energy projects worth USD 300 million in July 2017. Furthermore, the National Bank of Australia had issued green bonds in the connection to a range of seventeen wind and solar farms. These green bonds are anticipated to promote the growth of the global wind energy market. The issuing of such bonds is driving the installation of wind turbines. In addition, these bonds allow companies to be a part of the liquid green bonds asset class thereby allowing admission into a broader investor base by providing a reduced cost of capital.
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