The global core materials for composites market is expected to register a CAGR of 7.63% during 2018 to 2023 (the forecast period). Asia-Pacific accounted for the largest share, accounting to more than 35% of the global market in 2017, and is likely to be the fastest -growing region through the forecast period.
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 2018-2023.
The automotive industry was primarily expected to drive the growth in the global core material for composites market in 2017. Depleting oil resources led to increased oil prices globally, thereby, boosting the demand for lightweight and fuel efficient vehicles in the global market. The increasing demand for such vehicles globally, encourages the application of composite materials in the industry, which is expected to drive the demand for core materials for composites, over the forecast period.
Asia-Pacific accounted for the largest share, accounting to more than 35% of the global market in 2017. 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.
Major Players: 3A Composites, Hexcel Corporation, Evonik Industries AG, Diab International AB, and Euro-Composites S.A., amongst others.
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