The market has been estimated at USD XX billion in 2016 and is anticipated to reach USD XX billion by 2021, growing at a CAGR of XX%, during the forecast period 2016-2021.
Core materials for composites form the fundamental components of sandwich structures that are composed of two strong, stiff, and thin faces, separated by a relatively thick and lightweight core. The core material varies depending on the application. Sandwich structures, when compared to other composite structures, are lightweight (especially metallic), have high toughness, and are low cost.
The core materials for composites market is mainly driven by the growing demand for wind energy and increasing use of composite materials in the aerospace industry. Other factors include emerging application in the automotive industry and enhancing performance-based aspects. However, the factors such as high capital investment and lack of economical manufacturing process to produce large volumes of composites are likely to hinder the growth of the market.
The core materials for composites market is segmented by type into foam cores (PVC foam, polystyrene foam, polyurethane foam, polymethyl methacrylamide foam, SAN copolymer foam, and others) and honeycombs (aluminum honeycomb, nomex honeycomb, thermoplastic honeycomb, wood, balsa, and others). By end-user industry, the market is segmented into automotive, aerospace & defense, wind energy, marine, construction, consumer goods, and others (including electrical & electronics, etc.).
Geographically, the market is segmented into North America, Asia-Pacific, Europe, South America, and the Middle-East & Africa. Asia-Pacific is the largest market for core materials for composites and is likely to be the fastest-growing; owing to the increasing application of composites in the automotive industry, for benefits such as reducing weight, increasing fuel economy, and other performance related aspects.
Opportunities and Market Players
The growing demand for manufacturing innovative products and developing new manufacturing processes, to produce a sandwich structure that can weigh less and perform better, is projected to provide immense opportunities in the developing economies like China, India, and other BRIC nations.
Some of the major companies dominating the market are:
Key Deliverables in the Study