According to the new market research report Core Materials Market for composites is estimated to reach USD 1.9 billion by 2022, registering a CAGR of 8.7% during the forecast period. The growing demand from the wind energy and aerospace industries and the recovery of the marine sector in the US are driving the growth of this market.
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Asia-Pacific is largest core materials market for composites, in terms of volume, and this dominance of the region is expected to continue till 2022. Key countries in the region, namely, China, Japan, India, and Malaysia, among others, are witnessing a gradual increase in the use of core materials in wind energy, aerospace, transportation, and other industries. The growth of the core materials market for composites can be attributed to the rising demand for superior performance materials, and environment friendly products from wind energy and aerospace industries. China leads the core materials’ market in Asia-Pacific, accounting for more than half of the demand for core materials in the region. The high number of wind energy installations in 2016, increasing number of commercial airplane deliveries, and high-speed rail projects are driving the demand for core materials in the country.
Based on type, the foam segment is expected to lead the core materials market for composites, as they are used in various applications, such as wind energy blades, wind turbines, and nacelles, among others. Among various types of foam, the most commonly used is PVC. PVC is one of the most widely used and manufactured plastics globally, mainly due to its low cost and versatility. PVC are used in transportation and marine industries, and in sports goods, among others.
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Core materials are extensively used in composite laminates, as they aid in increasing a laminates stiffness and decreasing its density.
Agreements, partnerships, & joint ventures and expansions accounted for a share of 41.0% and 38.0%, respectively, among others in the core materials market for composites between 2011 and 2016. New product & technology launches and merger & acquisitions are the other growth strategies which together accounted for 22.0% of all the development strategies of the core materials market for composites.
The major core materials 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 companies have adopted various organic and inorganic growth strategies such as agreements, partnerships, & joint ventures, expansions, new product & technology launches, and mergers & acquisitions.
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Diab Group (U.S.) is engaged in developing, manufacturing, sales, and marketing of core materials for sandwich composite structures. It accounted for the 16% share of all the development activities undertaken in the core materials market for composites. The company follows dynamic growth strategies with agreements, partnerships, expansions, and new product launches as the major growth strategies to enhance its regional presence. For instance, the company signed a partnership agreement with Nexam Chemical to develop high performance PET foam.
Hexcel Corporation (U.S.) is engaged in manufacturing, sales, and marketing of honeycomb and foam core materials. It is one of the major players that have established a strong foothold in the core materials market for composites. The company has a broad and diversified core materials product portfolio, which ensures its consistent growth in the global core materials market for composites. The company is focused on agreements and expansions as its key growth strategies to meet the growing demand of its customers. The company established a new manufacturing facility in Casablanca, Morocco to cater to the increasing demand of honeycomb materials. This approach by the company is aimed at providing secondary structures of aircraft, nacelles, and helicopter blades to the aerospace industry.
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