Core materials are the materials used in aerospace and wind energy equipment for improving the strength of the materials. Core materials are generally low strength materials; however, its greater thickness offer the sandwich composite a high bending stiffness with low density. Core materials are used in a wide range of industries including marine, wind energy, and automotive. The core material is inserted between the layers of reinforcement, thus sticking it in, with an equal cover arrangement on either sides of the core material, which ensures maximum benefit.
Some of the major drivers for the core materials market include significant demand from wind energy & aerospace industries and recovery of the U.S. marine industry from economic recession, among others. However, rising number of substitutes for core materials hinders the market growth to a certain extend.
Core Materials Market Taxonomy
On the basis of type, the core materials market is segmented into:
On the basis of end-use industry, the core materials market is segmented into:
PVC foam is a polymer foam in which air is trapped inside the foam, which, in turn, increases the volume to weight ratio of the foam. PET is lightweight, thermal resistant, and of great strength. SAN is a circular structure thermoplastic core with high strength and impact resistance. Honeycomb core materials are available in a wide range, from low stiffness and strength to high stiffness and strength. These can be used in domestic internal doors as well as in aircrafts.
Core Materials Market Outlook
North America is estimated to hold the largest market share during the forecast period Presence of aerospace original equipment manufacturers in the region drives the demand for lightweight core materials. In addition, the elevated number of wind turbine installations drives the market growth in North America
Asia Pacific is estimated to be the fastest growing region for core materials market and is expected to witness exponential growth over the forecast period as well. The projected growth rate is a result of significant use of core materials in aerospace and wind energy industries, primarily in India and China
Europe experiences substantial demand for lightweight core materials for use in the aerospace industry. Moreover, Europe, being one of the most attractive tourist destinations, is projected to witness a high demand growth for core materials for various infrastructural developments
The Latin America market has witnessed a slowdown owing to the political turmoil existing in major markets of Argentina, Brazil, Colombia, and Venezuela. On the other hand, the market in Africa is expected to experience strong growth rate over the forecast period owing to the forecasted economic growth in the region
The key participants of the core materials market adopt varied organic and inorganic strategies in order to sustain in the market. Some of the examples of market players in the core materials market include Evonik Industries AG, Diab Group (Ratos), Gurit Holding AG, Hexcel Corporation, Armacell International S.A., 3A Composites, Changzhou Tiansheng New Materials Co. Ltd, Euro-Composites S.A., The Gill Corporation, and Plascore Incorporated.