Core Materials Market Size to Reach USD 3,288.1 Million in 2028 | Rising Demand for Lightweight Aircraft and stringent Regulations to Curb Air Pollution Are Significant Factors Driving Industry Demand, says Emergen Research

VANCOUVER, BC., Oct. 26, 2021 /PRNewswire/ -- The global core materials market size was USD 1,217.8 Million in 2020. Increasing use of composite materials in production of wind turbines, rising demand for lightweight aircraft, growth in the automotive industry, rapid urbanization and construction activities in developing countries, and increasing use of core materials to manufacture medical devices are factors driving market revenue growth.

Drivers: Expanding applications for core materials in wind energy sector

Rising usage of composite materials in production of wind turbines used in renewable energy production is driving market revenue growth. Composites, including fiberglass and carbon fiber, produced via sandwich construction find application as reinforcing materials in several uses in the wind energy sector. High stiffness and strength of these composite materials, along with design flexibility and low weight, make them ideal materials for use in turbines, including blade reinforcements & laminates, blade root joints, spar caps, carrots, and spacers. Also, composites find usage in access structures such as platforms and ladders, and as insulation materials in generators. Demand for composite turbine construction is increasing owing to rising need to produce wind energy more cost-efficiently and increase operational life cycle of turbines. 

Restraints: High cost of core materials

High cost of core materials is a key factor expected to hamper market growth over the forecast period. Core materials that generally offer various benefits in processes adds to the cost of final product. Also, requirement of substantial investment for innovations in core material characteristics and high cost of certain raw materials are restricting market revenue growth. 

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Growth Projections

The global core materials market size is expected to reach USD 3,288.1 Million at a revenue CAGR of 13.2% in 2028. Increasing investments by market players in development of core materials with improved and new characteristics is a key driver of market revenue growth. Market players are focusing on novel core materials such as conformable foam, thermoformable honeycomb, and agglomerated cork. Such core materials offer benefits associated with ease of producing curved shapes and fitting into molds. Also, recycled Polyethylene Terephthalate (PET) is used to manufacture core materials to lower cost of composite structures. These renewable bio-based polymers are gaining popularity as these materials are totally in line with sustainability practices.

COVID-19 Direct Impacts

COVID-19 pandemic has a significant impacted core materials market growth, owing to imposed lockdown and restrictions and disruption of supply chain influencing raw material procurement for core material production. Also, halt in automotive manufacturing and construction projects, slowdown of major applications areas for core materials, and drastic decline in air travel affected aircraft demand, thus leading to major decrease in revenue.

Current Trends and Innovations

Rising demand for core materials in manufacturing composite products with increased stiffness and strength through sandwich construction is a factor fueling market revenue growth. Use of core materials helps to distribute load shear stresses over a wider area and withstands compressive and shear forces much better as compared to single-faced laminates.

Geographical Outlook

Core materials market in Europe contributed a significantly robust revenue share to the global market in 2020, attributed to growth of end-use industries such as automotive, wind energy, construction, and medical. Additionally, stringent regulations to curb air pollution, rising focus on use of sustainable materials, and presence of aircraft manufacturers such as Airbus is driving market growth in the region.

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Strategic Initiatives

In December 2019, EconCore, which is a firm engaged in offering technological solutions for thermoplastic honeycomb sandwich material production, made an announcement about entering into licensing contract with Kotobukiya Fronte, which is producer of automotive interior components.

Some Key Highlights From the Report

• Among the product type segments, wood segment revenue is expected to expand at a significantly rapid rate over the forecast period. Balsa wood possesses directionally aligned cells (for greater stress endurance in a specific direction) and high-aspect ratio. Balsa is used in products, including pleasure boat hulls, navy vessels, wind turbine blades, military aircraft, automotive, and corrosion-resistant industrial tanks.
• Linear polyvinyl chloride foam core is primarily used in marine industry, owing to its distinctive mechanical properties enabling substantial deflection before failure. Linear polyvinyl chloride has reduced static features and excellent impact absorption capability.
• Among the application segments, building & construction segment contributed a significantly large revenue share in 2020. Foam insulation is widely used in residential and commercial buildings for effective insulation against heat, cold, and moisture. Also, foam is used to provide sound insulation because of its effectiveness in absorbing noise coming from any direction.
• Some major players in the market report include Hexcel Corporation, Evonik Industries AG, Euro-Composites SA, 3A Composites, the Gill Corporation, BASF SE, Plascore Inc., Gurit Holdings, Toray Industries Inc., and Armacell International SA.

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Emergen Research has segmented the global core materials market on the basis of product type, distribution channel, application, and region:

• Product Type Outlook (Revenue, USD Million; 2018–2028)
• Foam
      a.  Polystyrene Foam
      b.  Polyvinyl Chloride Foam
      c.  Polyurethane Foam
      d.  Others
• Honeycomb
      a.  Aluminum Honeycomb
      b.  Thermoplastic Honeycomb
      c.  Nomex Honeycomb
      d.  Others
• Wood
      a.  Balsa
      b.  Others
• Distribution Channel Outlook (Revenue, USD Million; 2018–2028)
• Direct
• Indirect
• Application Outlook (Revenue, USD Million; 2018–2028)
• Wind Energy
• Aerospace & Defense
• Marine
• Automotive
• Building & Construction
• Medical
• Others

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• Regional Outlook (Revenue, USD Million; 2018–2028)
• North America
      a.  U.S.
      b.  Canada
      c.  Mexico
• Europe
      a.  Germany
      b.  U.K.
      c.  France
      d.  Italy 
      e.  Spain
      f.  Sweden
      g.  BENELUX
      h.  Rest of Europe
• Asia Pacific
      a.  China
      b.  India
      c.  Japan
      d.  South Korea
      e.  Rest of APAC
• Latin America
      a.  Brazil
      b.  Rest of LATAM
• Middle East & Africa
      a.  Saudi Arabia
      b.  UAE
      c.  South Africa
      d.  Israel
      e.  Rest of MEA

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