DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
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.
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 in the 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.
- Increasing Demand from the Wind Energy Industry
- Increasing Use of Composites in the Aerospace Industry
- Highly Capital-Extensive Market
- Impact of Covid-19 on Various End-Use Industries
- Emergence of PET Foam
- Governments' Stimulus Packages and Tax Incentives
- Production of Low-Cost Honeycomb Core
- 3A Composites
- Diab Group
- Gurit Holdings
- Hexcel Corporation
- Armacell International S.A.
- Evonik Industries
- Changzhou Tiansheng New Materials Co. Ltd
- The Gill Corporation
- Euro-Composites S.A.
- Plascore Inc.
- BASF Se
- Core Composites
- I-Core Composites, LLC
- ATL Composites
- Jiangsu Yueke New Materials Co. Ltd
- Changzhou Utek Composite Co. Ltd.
- Core-Lite Inc.
- Advanced Honeycomb Technology
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