Core Materials Market for Composites worth 1.72 Bn USD by 2021

Tuesday 17 May 2016, Amsterdam

The report, now available on ASDReports, "Core Materials Market for Composites by Type (Foam, Honeycomb, and Balsa), by End-Use Industry (Aerospace, Wind Energy, Marine, Transportation, Construction, and Others), and by Region - Global Forecasts to 2021", The global core materials market for composites is projected to reach USD 1.72 Billion by 2021, registering a CAGR of 8.60% between 2016 and 2021. The major factors fueling the growth of the core materials market for composites are the growing demand from the wind energy industry, growing usage of composites in the aerospace industry, and recovery of marine sector in the U.S. after the economic recession.

High use in wind energy industry expected to drive the core materials market for composites

The blades for large wind turbines have been made from various low-weight composites. According to the GWEC (Global Wind Energy Council), by 2035, the renewable energy sector is expected to generate more than 25% of the world’s electricity, and a quarter of this is expected to be derived from wind. With the increasing demand for wind energy, the demand for core materials is also rising for manufacturing of the wind energy blades as these materials are economical and have low-density and high performance.

Foam: The largest core type for core materials

Foam is the most common core material used in composites due to its ready availability and low cost. Foam core materials are used in sandwich construction of wind mill blades, and they impart strength and stiffness while keeping the composite structure lightweight. PVC, PET, and SAN foam are the most popular core materials used in wind energy turbines. These foams are used in various applications such as wind energy blades, nacelles, and so on, depending on their resin compatibility, usage temperature, manufacturing aspects, and costs. The demand for lightweight and fuel-efficient vehicles in the transportation industry is also driving the demand for foam. Apart from this end-use industries, they are also employed in marine and other industries.

Asia-Pacific is the key market for core materials

The Asia-Pacific region is expected to be the largest market for core materials due to the increased demand from wind energy and aerospace industry. In addition, easy availability of raw materials, low labor costs, growing manufacturing industries, new product developments, capacity expansions, and new plant establishments by various leading players are few factors leading to the growth of the core materials market for composites in this region.

Some of the leading manufacturers of core materials for composites include Diab Group (Sweden), Hexcel Corporation (U.S.), 3A Composites (Switzerland), Euro-Composites S.A. (Luxembourg), Gurit Holding AG (Switzerland), The Gill Corporation (U.S.), Changzhou Tiansheng New Materials Co. Ltd. (China), Plascore Incorporated (U.S.), Armacell International S.A. (Luxembourg), and Evonik Industries AG (Germany). These players adopted various organic and inorganic developmental strategies.

This report covers the market by value and volume for core materials for composites and forecasts the market size till 2021. The report segments the market on the basis of type, end-use industry, and region. It also provides company profiles and competitive strategies adopted by the major market players in the global core materials market for composites.