Core materials are used in a variety of end-use industries, including wind energy, marine, automotive & transportation, aerospace & defense, construction, and industrial. Led by strong end-user demand, the core materials industry is growing at a rapid pace. 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. 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% during the forecast period.
Over the past few years, companies have strengthened their positions in the global core materials market by adopting strategies, such as new product launch/ development, expansion, agreement/partnership, and acquisition. From 2016 to 2020, expansions and agreements have been the key strategies adopted by the market players to maintain their growth in the global core materials market. For instance, in December 2019, Gurit has signed a three-year supply contract with Chinese wind blade manufacturers to supply core materials, the major product being PET foam. This contract is expected to generate approximately USD 26 million in revenue for the company, which will help the company to strengthen its PET foam business. The core materials business of these companies is severely affected due to the outbreak of COVID - 19 pandemic. The reduced demand for composites from several OEMs and disruption in the supply chain have compelled the composites manufacturing companies to operate at partial capacities, resulting in reduced demand for core materials.
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The major manufacturers profiled in this report include 3A Composites (Switzerland), Diab Group (Sweden), Gurit (Switzerland), Hexcel Corporation (US), Armacell S.A. (Luxembourg), Euro-Composites S.A. (Luxembourg), and Changzhou Tiansheng New Materials Co. Ltd. (China). These companies adopted various organic and inorganic growth strategies. For instance, in November 2019, Diab Group and SKAPS India entered in a partnership to establish a manufacturing facility in India. This facility will manufacture PET foam to fulfill the growing demand for core materials from wind energy and other industries.
3A Composites (Switzerland), Diab Group (Sweden), Gurit (Switzerland), Hexcel Corporation (US), and Armacell S.A. (Luxembourg) are the major players in the core materials market. These companies are the largest growth contributors to the global core materials market. They specialize in manufacturing core materials that have sustainable properties. For instance, 3A Composites specializes in manufacturing core materials, namely, balsa core, PVC, and PET foam products, for the core materials industry, globally.
Similarly, Gurit (Switzerland) specializes in the manufacturing of core materials, including balsa, PET foam, PVC foam, and SAN foam, globally. These companies are the key players in the global core materials market and have a wide global presence.
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
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