CHICAGO, July 31, 2019 /PRNewswire/ -- According to the new market research report "Core Materials Market for Composites by Type (Foam, Honeycomb, and Balsa), End-Use Industry (Aerospace, Wind Energy, Marine, Transportation, Construction), and Region - Global Forecasts to 2022", published by MarketsandMarkets™, the global market for composites is projected to grow from USD 1.17 Billion in 2016 to USD 1.92 Billion by 2022, at a CAGR of 8.77% between 2017 and 2022.
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The aerospace industry leads the core materials market for composites
The aerospace industry is estimated to be the largest end-use industry of the Core Materials Market for composites. It is also projected to be one of the fastest-growing end users. This dominance is attributed to high demand for honeycomb core materials from next-generation aircraft.
The aerospace industry has witnessed several changes in components manufacturing in the past few decades, and the demand for core materials is increasing with the increasing penetration of composites in the aerospace industry. Core materials are used mainly in the manufacturing of cabin linings, ceiling panels, air ducts, overhead compartments, winglets, and fins.
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Expansion of the wind energy industry is increasing the demand for foam core materials.
The foam core material segment is witnessing the highest growth in the overall market. It is also the most commonly used core material in composites due to its ready availability and low cost. The foam core material is used widely in a sandwich construction of windmill blades. These foams are used in turbine blades, nacelles, and others in the wind energy industry. The demand for lightweight and fuel-efficient vehicles in the transportation industry is also supporting the growth of the foam segment.
Asia Pacific is witnessing high growth within the core materials market.
Asia Pacific is projected to be the fastest-growing market for core materials for composite between 2017 and 2022. In terms of volume, the region is the largest market. However, North America is the largest market in terms of value. The market in Asia Pacific is driven significantly by the rapid expansion of the wind energy industry. Various leading players are investing in the region due to the easy availability of raw materials, low labor costs, and the growth of manufacturing industries.
Some of the leading manufacturers of core materials for composites include Diab Group (Sweden), Hexcel Corporation (US), 3A Composites (Switzerland), Euro-Composites S.A. (Luxembourg), Gurit Holding AG (Switzerland), The Gill Corporation (US), Changzhou Tiansheng New Materials Co. Ltd. (China), Plascore Incorporated (US), Armacell International S.A. (Luxembourg), and Evonik Industries AG (Germany). These players adopted various organic and inorganic developmental strategies.
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