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Core Materials Market - Forecast (2022 - 2027)

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  • 132 Pages
  • February 2022
  • Region: Global
  • IndustryARC
  • ID: 5616173
The Core Materials Market size is forecast to reach $2.5 billion by 2027, after growing at a CAGR of 14.1% during 2022-2027. Core materials are considered as the special class of composite materials, normally having low strength, but higher thickness provides the sandwich composite with high bending stiffness with overall low-density boosting demand in various industries. The key growth factors of the global core materials market are the significant increase in demand for composites from the marine industry and the rising use of composites in the aerospace end-use sector. Also, the growing market for longer and lightweight wind turbine blades, increasing offshore wind power infrastructure, wide order backlogs of all OEMs (Boeing and Airbus), continuing recovery of sales of recreational fiberglass boats, and excellent sandwich composite performance are some of the major driving factors that will drive the demand for core materials industry in the forecast era.

Core Materials Market Report Coverage

The: “Core Materials Market Report - Forecast (2022-2027)” covers an in-depth analysis of the following segments of the Core Materials Industry.
  • By Type: Honeycomb, Foam, Pseudo Cores, Wood, and Others
  • By End Use: Wind Energy Industry, Aerospace Industry, Transportation Industry, Marine Industry, Construction Industry, and Others
  • By Geography: North America, South America, Asia Pacific, Europe, and Middle East & Africa

Key Takeaways

  • The Asia-Pacific region dominated the global market share of the core materials market, owing to the growing demand for wind turbine blade manufacturing from the rising production in the wind energy industry.
  • Increasing 3D printing for honeycomb panel production is expected to generate diverse opportunities for the core materials industry during the forecast period.
  • Owing to the high demand for honeycomb core materials from the aerospace and wind energy end-use industries the market for core materials will anticipate boosting in the forecast era.
  • Higher investment costs and delays in the renewal of production tax credit (PTC) is, however, the main constraints on the global core materials market.
  • Effect of COVID-19 has a direct impact on the core materials, owing to the disruption in the supply chain, longer downtime, lockdown scenario, and temporary suspension of wind energy projects which would hamper the production and demand for core materials in the wind energy industry.

Core Materials Market Segment Analysis - By Type

Foam is majorly used in Core Materials Market. Foams are easy to process and form and have an excellent strength-to-weight ratio, which makes the core materials the most preferred type. It is commonly used in applications such as blades for wind energy, wind turbines, nacelles, and internal parts for aircraft, and boat hulls. The foam section is composed of different forms, including PET, PVC, SAN, PMI, PEI, and others. PET foam is the fastest growing foam material, and in some applications, it acts as a substitute for balsa and PVC foam. The foam core imparts strength and rigidity while remaining lightweight composite and non-composite structures. Hence due to these properties, increasing the use of foam will anticipate boosting the market for core materials in the forecast period.

Core Materials Market Segment Analysis - By End Use

Wind Energy held the largest share in the core materials market in 2019 and is projected to grow at a CAGR of 10.7% during the forecast period 2022-2027 The rise is due to the use of composites in blade construction for large wind turbines. Such blades are created by mixing core structural materials with polyester/epoxy coated with glass. In sandwich composite construction, the core materials provide high stiffness and low-density content. The weight reduction with the high strength of the required structure allows the use of core materials important in the end-use wind energy industry. Wind blades are growing in size which will push the use of core materials in the segment of wind blades. Renewal of Production Tax Credit (PTC) in the US has helped the wind energy market growth, driving the market for structural core materials. It is also projected that the wind energy end-use industry is increasing globally due to the rising demand for renewable energy.

Core Materials Market Segment Analysis - By Geography

The Asia Pacific region dominated the global core materials market in 2019 with a share of 41.6%, due to the increasingly growing demand for superior performance materials and environmentally friendly goods from the wind and aerospace industries and rising expansion in developing countries such as China and India in this region. Owing to the growing use of composites in the design of blades for large wind turbines, the wind energy segment has the largest market share on the global core materials market of all end-users. According to the Ministry of New and Renewable Energy, India, the National Wind Energy Institute (NIWE), Chennai will be the nodal agency for carrying out resource evaluation, surveys, and EEZ studies, demarcating blocks and encouraging developers to set up offshore wind farms. Ministry set a goal of 5.0 GW of offshore wind facilities by 2022 and 30 GW by 2030 to build up trust for project developers in the Indian sector.

Core Materials Market Drivers

The growing need for composites in the aerospace industry

Core materials are commonly used in the composites industry to produce rigid, but lightweight, composites products. The use of composite materials is an increasingly important innovation in the aerospace industry, as these allow designers to overcome the barriers created by using metals. Composite materials have been instrumental in weight reduction and are thus used for all structural applications and parts of both spacecraft and aircraft, from gliders and hot air balloon gondolas to fighter aircraft, space shuttle, and passenger airliners. The use of the proper core material can also improve thermal conductivity, sound insulation, and fire resistance. The idea of using relatively thin, solid face sheets bonded to thicker, lightweight core materials has allowed the industry to create strong, rigid, lightweight, and extremely durable structures. Increasing the development of composite materials with light-weight and high-temperature resistance will help in designing high-performance, economical aircraft.

Increasing adoption of core materials in the marine industry

Core materials are distinguished by their highest resistance to impact and compression, high rigidity rates, low weight, simple formability, and sustainability. Core Composites Materials provide ultra-performing composites for virtually all marine components such as hull bottoms, sides & walls, superstructures, bulkheads, and stringers to transom, floors & interiors. Owing to the consistent density, high moisture tolerance, and excellent physical properties PVC foams are commonly used core materials in the marine industry. Lightweight and rigid with excellent mechanical and structural properties, the PVC core is highly consistent in cross-section and attaches well to structures made of resin and laminate constructions. Hence due to these properties, the demand for core materials in the marine industry is estimated to boost in the forecast era.

Core Materials Market Challenges

The increasing cost of core materials will hinder the market growth

The cost of producing core materials is high due to which the cost of making a product based on core materials has also been increased by the end-use industry. Honeycomb core forms, which are computationally costly, are difficult to model and often difficult to produce. Hence, the core material may be replaced by a simple equivalent volume with elastic orthotropic properties, which acts as a restriction in the core market growth of the honeycomb. Additionally, the high cost of the center of the Nomex honeycomb also limits the market growth of core materials.

Core Materials Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Core Materials Market. In 2019, the market of Core Materials Market has been consolidated by the top five players accounting for xx% of the share. Major players in the Core Materials Market are Changzhou Tiansheng New Materials Co. Ltd, Armacell International S.A., Gurit Holding AG, Euro-Composites S.A., The Gill Corporation, Diab Group, Hexcel Corporation, Schweiter Technologies, Evonik Industries among others.

Acquisitions/Technology Launches

  • In November 2019, Evonik Industries has increased the manufacturing capacity of its core material, ROHACELL, in Alabama, USA. It is expected to help the company meet the rising demand for lightweight specialty materials from the construction sector.
  • In March 2018, Hexcel Corporation has opened its new manufacturing facility in Casablanca, for converting lightweight honeycomb materials into engineered core parts to be used for aerospace applications including engine nacelles, aircraft structures, and helicopter blades.

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Table of Contents

1. Core Materials Market - Market Overview
1.1 Definitions and Scope
2. Core Materials Market - Executive Summary
2.1 Market Revenue, Market Size, and Key Trends by Company
2.2 Key Trends by Type
2.3 Key Trends by End-Use
2.4 Key Trends by Geography
3. Core Materials Market - Landscape
3.1 Comparative analysis
3.1.1 Market Share Analysis- Top Companies
3.1.2 Product Benchmarking- Top Companies
3.1.3 Top 5 Financials Analysis
3.1.4 Patent Analysis- Top Companies
3.1.5 Pricing Analysis
4. Core Materials Market - Market Forces
4.1 Market Drivers
4.2 Market Constraints
4.3 Market Opportunities
4.4 Porters five force model
4.4.1 Bargaining power of suppliers
4.4.2 Bargaining powers of customers
4.4.3 Threat of new entrants
4.4.4 Rivalry among existing players
4.4.5 Threat of substitutes
5. Core Materials Market -Strategic analysis
5.1 Value chain analysis
5.2 Opportunities analysis
5.3 Market life cycle
5.4 Suppliers and distributors Analysis
6. Core Materials Market - By Type (Market Size -$Million)
6.1 Honeycomb
6.1.1 Aluminium Honeycomb
6.1.2 Nomex Honeycomb
6.1.3 Thermoplastic Honeycomb
6.2 Foam
6.2.1 PVC Foam
6.2.2 PET Foam
6.2.3 Polyurethane Foam
6.2.4 Polystyrene
6.2.5 Others
6.3 Pseudo Cores
6.4 Wood
6.4.1 Balsa
6.4.2 Cedar
6.5 Others
7. Core Materials Market - By End Use (Market Size -$Million)
7.1 Wind Energy
7.2 Aerospace Industry
7.3 Automotive Industry
7.4 Marine Industry
7.5 Construction Industry
7.6 Others
8. Core Materials Market - By Geography (Market Size -$Million)
8.1 North America
8.1.1 U.S.
8.1.2 Canada
8.1.3 Mexico
8.2 South America
8.2.1 Brazil
8.2.2 Argentina
8.2.3 Colombia
8.2.4 Chile
8.2.5 Rest of South America
8.3 Europe
8.3.1 U.K
8.3.2 Germany
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Netherlands
8.3.7 Russia
8.3.8 Belgium
8.3.9 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.2 India
8.4.3 ANZ
8.4.4 Japan
8.4.5 South Korea
8.4.6 Rest of Asia Pacific
8.5 ROW
8.5.1 Middle East Saudi Arabia UAE Israel Rest of Middle East
8.5.2 Africa South Africa Nigeria Rest of South Africa
9. Core Materials Market - Entropy
9.1 New Product Launches
9.2 M&A’s, Collaborations, JVs and Partnerships
10. Core Materials Market - Company Analysis
10.1 Market Share, Company Revenue, Products, M&A, Developments
10.2 Company 1
10.3 Company 2
10.4 Company 3
10.5 Company 4
10.6 Company 5
10.7 Company 6
10.8 Company 7
10.9 Company 8
10.10 Company 9
10.11 Company 10 and more