PUNE, India, June 20, 2017 /PRNewswire/ --
The report "Core Materials Market for Composites by Type (Foam, Honeycomb, and Balsa), End-Use Industry (Aerospace, Wind Energy, Marine, Transportation, Construction), and Region - Global Forecasts to 2022", published by MarketsandMarkets™, the global core materials market for composites is projected to grow from USD 1.17 Billion in 2016 to USD 1.92 Billion by 2022, at a CAGR of 8.77% between 2017 and 2022.
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Increase in use of honeycomb core materials in the aerospace industry expected to drive the core materials market for composites
The aerospace end-use industry segment led the core materials market for composites, in terms of value, in 2016. This can be attributed to the high demand for honeycomb core materials from the next generation aircraft. The aerospace industry has witnessed several changes in its components manufacturing in the past few decades. The use of wood and metal for manufacturing aircraft components has been replaced by various lightweight composites. Thus, the demand for core materials is increasing with the increasing penetration of composites in the aerospace industry. Some of the aircraft components manufactured using core materials are cabin linings, ceiling panels, air ducts, overhead compartments, winglets, and fins.
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Based on type, the foam segment is estimated to lead the core materials market for composites during the forecast period
Foam is the most common core material used in composites due to its easy availability and low cost. Foam core materials are used in sandwich construction of windmill blades, and they impart strength and stiffness while keeping the composite structure lightweight. The 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 and nacelles, among others, depending on their resin compatibility, temperature, manufacturing aspects, and costs. The demand for lightweight and fuel-efficient vehicles in the transportation industry is also driving the demand for foam. Moreover, they are used in various end-use industries, including marine.
Asia-Pacific is the key core materials market for composites
In terms of value and volume, the Asia-Pacific Core Materials Market for composites is projected to grow at the highest rate between 2017 and 2022, due to the increased demand for these materials from wind energy and aerospace industries. In addition, easy availability of raw materials, low labor cost, growing manufacturing industries, new product developments, capacity expansions, and new plant establishments by various leading players are driving the core materials market for composites in the region.
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Some of the leading manufacturers are 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 between 2011 and 2017.
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