CORE MATERIALS MARKET ANALYSIS

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:

• Foam
• PVC Foam
• PET Foam
• SAN Foam
• Others
• Honeycomb
• Aluminum
• Aramid
• Thermoplastic
• Balsa

On the basis of end-use industry, the core materials market is segmented into:

• Aerospace
• Wind energy
• Marine
• Transportation
• Construction
• Others

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

Key Developments

• In March 2018, Evonik Industries launched its new core material solution ROCHACRYL, an acrylic based structural foam for composite applications. The new solution is lightweight, thermally stable, environment friendly and has excellent mechanical properties. The product is launched for wind energy industry for manufacturing of turbine blades.
• In September 2019, Diab Group signed a five year core material supply contract with Vestas Wind Systems A/S (OEM for wind turbines). The supply of core material is expected to provide Diab Group net sales of US$ 220-275 million over the contract period.
• In 2016, Gurit Holding AG acquired BASF’s PET (polyethylene terephthalate) structural foam business in Italy. The acquisition will help Gurit to increase its PET production capacity in Europe and expand its structural core material product range.
• In March 2018, Hexcel Corporation opened its new manufacturing facility in Casablanca, The manufacturing plant will convert lightweight honeycomb materials in to engineered core parts which will be utilized for aerospace applications including engine nacelles, aircraft structures and helicopter blades.

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.