Core Material for Composites Market size is forecast to reach $1.96 billion by 2025, after growing at a CAGR of 8.5% during 2020-2025. The increasing number of patents filed for core materials by global players, growing manufacturing industries, and continuous agreements, expansions, partnerships & joint ventures, new product & technology launches, and mergers & acquisitions activities undertaken by various companies are key factors for growth of the global core materials market for composites.
By Type – Segment Analysis
Foam segment is dominating the core materials for composites market. PVC foam is expected to be the fastest-growing sub-segment, under the foam core segment of the composite material market. PVC foams are closed-cell, lightweight, high strength, moisture resistant, and have superior physical properties compared to other foams of similar density. Increasing demand for complex lightweight systems from the aerospace and wind energy industries, and low water absorbance materials in marine construction are expected to drive the market for PVC foam, through the forecast period.
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By End User Industry – Segment Analysis
The automotive industry was primarily expected to drive the growth in the global core material for composites market in 2019. The growing depletion of oil resources have increased oil prices globally, thereby, boosting the demand for lightweight and fuel-efficient vehicles in the global market. The increasing demand for light weight vehicles globally, encourages the application of composite materials in the industry, which is expected to drive the demand for core materials for composites.
Geography – Segment Analysis
Asia-Pacific accounted for the largest share, accounting to more than xx% of the global market in 2019. The market for Asia-Pacific is expected to dominate the market for core materials for composites, due to the growth of the end-user industries and uses of lightweight composite in aerospace & defense and automotive industries for benefits, such as reducing weight, increasing fuel economy, and other performance-related aspects.
Drivers – Core Material for Composites Market
The growing demand of innovative materials with high mechanical properties by various end use verticals.
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. In APAC, various developing countries such as India, China, and Malaysia, the growing wind energy projects, high speed rail projects have increased the demand of core materials, specifically with thermal conductivity, sound insulation, and fire resistance, in order to build light weight body with high mechanical properties. These factors are driving the growth of the market.
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Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Core Material for Composites market. In 2019, the market of Core Material For Composites has been consolidated by the top five players accounting for xx% of the share. Core Material for Composites Market top 10 companies are Diab International AB, 3A Composites, Gurit Holding AG, Changzhou Tiansheng New Materials Co. Ltd, Armacell International S.A., Hexcel Corporation, Euro-Composites S.A., The Gill Corporation, Plascore Incorporated, Evonik Industries AG and Saertex GmbH & Co.KG, among others.
The lack of economical manufacturing processes for bulk-volume applications and the market being highly capital intensive, are likely to hinder the growth of the market.
The growing usage of PET foam and innovations aimed at lowering the costs of end products are likely to provide opportunities for the market to grow through the years to come.
Construction Composites Market
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