Global Core Materials Market (2020 to 2025) - Governments' Stimulus Packages and Tax Incentives Presents Opportunities

DUBLIN, June 3, 2020 /PRNewswire/ -- The "Core Materials Market by Type (Foam, Honeycomb, and Balsa), End-use Industry (Wind Energy, Aerospace & Defense, Marine, Automotive & Transportation, Construction, and Industrial), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The global core materials market size is projected to grow from USD 1.2 billion in 2020 to USD 2.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 13.5% between 2020 and 2025.

The composite skins surrounding the core material provide strength to the overall structure. Core materials are gaining wide acceptance in various end-use industries owing to their high strength and low weight, which is driving the demand for core materials in various end-use industries. However, amidst the global COVID-19 pandemic, the demand for core materials from the aforementioned industries is expected to show a sharp decline in 2020 from 2019.

Foam is the fastest-growing type of core material in the global core materials market, in terms of value. 

Foam core type is projected to register the highest CAGR, in terms of value, between 2020 and 2025. Foams are easy to process and shape and provide an excellent strength-to-weight ratio. Therefore, they are used in various end-use industries, such as wind energy, aerospace & defense, and marine. Foam cores are used to enhance the overall structure of composite products. Structural foam cores are produced from various thermoset and thermoplastic polymers, including PVC, PET, PU, PEI, SAN, and PMI. Foam cores can be produced at various densities ranging from 2 lb/ft3 (30 kg/m3) to 20 lb/ft3 (300 kg/m3) by changing the ratio of the polymer ingredients to blowing agents and adjusting gas pressure. The PET foam type core holds the largest share in the foam core materials market.

Wind energy is the largest end-use industry of core materials market, in terms of value.

The wind energy end-use industry accounted for the largest market share in 2019. Core materials are used in wind turbine blades as a sandwich panel in the composite structure. These blades are made by combining core materials and glass-reinforced polyester/epoxy. Foam and balsa are the two widely used core materials in this industry. Balsa core material, being a natural product, is used in a wide range of wind blades because of its superior mechanical properties, such as high compressive and tensile strength. The structure of balsa is very stiff, which provides compressive strength to the blade. On the other hand, the foam core material is lightweight than balsa and has good mechanical properties, which has increased its use in comparison to balsa in the wind energy industry.

APAC dominated the core materials market. 

APAC was the largest core materials market, in terms of value, in the world. APAC dominated the market in 2019, in terms of volume. The key reason for this dominance includes the demand for core materials from the wind energy end-use industry in the region. The demand for core materials in the aerospace & defense, automotive & transportation, construction, and other industries is projected to grow due to product innovation and technological advances. The growth of the core materials market in this region is further boosted by the increase in demand from China.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Core Materials Market
4.2 Core Materials Market, by End-Use Industry and Region
4.3 Core Materials Market, by End-Use Industry
4.4 Core Materials Market, by Type
4.5 Core Materials Market, by Country

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Demand from the Wind Energy Industry
5.2.1.2 Increasing Use of Composites in the Aerospace Industry
5.2.2 Restraints
5.2.2.1 Highly Capital-Extensive Market
5.2.2.2 Impact of Covid-19 on Various End-Use Industries
5.2.3 Opportunities
5.2.3.1 Emergence of PET Foam
5.2.3.2 Governments' Stimulus Packages and Tax Incentives
5.2.4 Challenges
5.2.4.1 Production of Low-Cost Honeycomb Core
5.3 Porter's Five Forces Analysis
5.3.1 Threat of New Entrants
5.3.2 Threat of Substitutes
5.3.3 Bargaining Power of Suppliers
5.3.4 Bargaining Power of Buyers
5.3.5 Intensity of Competitive Rivalry

6 Macroeconomic Overview and Key Trends
6.1 Introduction
6.2 Trends and Forecast of GDP
6.3 Trends in the Wind Energy Industry
6.4 Trends in the Aerospace Industry
6.5 Trends in the Automotive Industry
6.6 Trends in the Construction Industry

7 Core Materials Market, by Type
7.1 Introduction
7.2 Foam
7.2.1 PET Foam is Projected to Lead the Demand in the Foam Core Market
7.2.2 PET Foam
7.2.3 PVC Foam
7.2.4 SAN Foam
7.2.5 PMI Foam
7.2.6 PEI Foam
7.2.7 Others
7.3 Honeycomb
7.3.1 High Toughness and Low Weight Properties to Drive the Demand in Aerospace Applications
7.3.2 Aluminum
7.3.3 Aramid
7.3.4 Thermoplastic
7.4 Balsa
7.4.1 Strong, Tough, and Lightweight Properties Increase the Demand for Balsa Core in the Wind Energy Industry

8 Core Materials Market, by End-Use Industry
8.1 Introduction
8.2 Aerospace & Defense
8.2.1 Europe Leads the Demand for Core Materials
8.3 Wind Energy
8.3.1 APAC is the Fastest-Growing Market
8.4 Marine
8.4.1 PVC Foam is the Preferred Core Material
8.5 Automotive & Transportation
8.5.1 Automotive and Road Transport is the Fastest-Growing Segment
8.5.2 Automotive and Road Transport
8.5.3 Railway
8.6 Construction
8.6.1 Development of Lightweight Prefabricated Composites Driving the Core Materials Demand
8.7 Industrial
8.7.1 Foam Cores Are Preferred in Industrial Applications
8.8 Others

9 Core Materials Market, by Region
9.1 Introduction
9.2 North America
9.2.1 North America, by End-Use Industry
9.2.2 North America, by Type
9.2.3 North America, by Country
9.2.3.1 US
9.2.3.1.1 High Demand from the Aerospace & Defense Industry to Drive the Market
9.2.3.1.2 US, by End-Use Industry
9.2.3.2 Canada
9.2.3.2.1 Aerospace & Defense Industry is the Second-Largest Consumer of Core Materials
9.2.3.2.2 Canada, by End-Use Industry
9.3 Europe
9.3.1 Europe, by End-Use Industry
9.3.2 Europe, by Type
9.3.3 Europe, by Country
9.3.3.1 Germany
9.3.3.1.1 Germany is the Largest Wind Energy Market in Europe
9.3.3.1.2 Germany, by End-Use Industry
9.3.3.2 France
9.3.3.2.1 France is the Second-Largest Market of Core Materials in Europe
9.3.3.2.2 France, by End-Use Industry
9.3.3.3 UK
9.3.3.3.1 the UK is the Largest Offshore Wind Energy Installer in Europe
9.3.3.3.2 UK, by End-Use Industry
9.3.3.4 Italy
9.3.3.4.1 Marine is a Key End-Use Industry in Italy for Core Materials
9.3.3.4.2 Italy, by End-Use Industry
9.3.3.5 Spain
9.3.3.5.1 Aerospace & Defense is a Key Segment of the Core Materials Market in Spain
9.3.3.5.2 Spain, by End-Use Industry
9.3.3.6 Turkey
9.3.3.6.1 Automotive & Transportation is a Promising Industry in Turkey for Core Materials
9.3.3.6.2 Turkey, by End-Use Industry
9.3.3.7 Rest of Europe
9.3.3.7.1 Wind Energy is the Fastest-Growing Industry in the Region
9.3.3.7.2 Rest of Europe, by End-Use Industry
9.4 APAC
9.4.1 APAC, by End-Use Industry
9.4.2 APAC, by Type
9.4.3 APAC, by Country
9.4.3.1 China
9.4.3.1.1 the Country is the Fastest-Growing Market for Core Materials in APAC
9.4.3.1.2 China, by End-Use Industry
9.4.3.2 Japan
9.4.3.2.1 the Growing Automotive & Transportation Industryi S Boosting the Demand
9.4.3.2.2 Japan, by End-Use Industry
9.4.3.3 India
9.4.3.3.1 India is a Potential Market for Core Materials
9.4.3.3.2 India, by End-Use Industry
9.4.3.4 Australia
9.4.3.4.1 Growing Focus on Renewable Energy Sources of Energy to Drive the Market
9.4.3.4.2 Australia, by End-Use Industry
9.4.3.5 Rest of APAC
9.4.3.5.1 Rest of APAC, by End-Use Industry
9.5 RoW
9.5.1 RoW, by End-Use Industry
9.5.2 RoW, by Type
9.5.3 RoW, by Country
9.5.3.1 Brazil
9.5.3.1.1 Brazil is the Largest Market for Core Materials in RoW
9.5.3.1.2 Brazil, by End-Use Industry
9.5.3.2 Mexico
9.5.3.2.1 High Demand for Core Materials in the Wind Energy Industry
9.5.3.2.2 Mexico, by End-Use Industry
9.5.3.3 Others
9.5.3.3.1 Rest of RoW, by End-Use Industry

10 Competitive Landscape
10.1 Introduction
10.2 Competitive Leadership Mapping
10.2.1 Visionary Leaders
10.2.2 Dynamic Differentiators
10.2.3 Emerging Companies
10.2.4 Innovators
10.3 Strength of Product Portfolio
10.4 Business Strategy Excellence
10.5 Market Share Analysis
10.6 Competitive Scenario
10.6.1 New Product Launches/ Developments
10.6.2 Expansions
10.6.3 Acquisitions
10.6.4 Partnerships & Agreements

11 Company Profile
11.1 3A Composites
11.2 Diab Group
11.3 Gurit Holdings
11.4 Hexcel Corporation
11.5 Armacell International S.A.
11.6 Evonik Industries
11.7 Changzhou Tiansheng New Materials Co. Ltd
11.8 the Gill Corporation
11.9 Euro-Composites S.A.
11.10 Plascore Inc.
11.11 Other Companies
11.11.1 Sabic
11.11.2 BASF Se
11.11.3 Toray
11.11.4 Core Composites
11.11.5 I-Core Composites, LLC
11.11.6 ATL Composites
11.11.7 Jiangsu Yueke New Materials C. Ltd
11.11.8 Changzhou Utek Composite Co. Ltd.
11.11.9 Core-Lite Inc.
11.11.10 Advanced Honeycomb Technology

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