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.
APAC was the largest core materials market, in terms of value, in 2019. The demand for these core materials in wind energy, aerospace & defense, marine, and other industries is projected to improve due to product innovation and technological advances made in this sector. The growing wind energy installations in the region is a major growth factor. These factors drive the demand for core materials during the forecast period.
To know about the assumptions considered for the study download the pdf brochure
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.
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.
Request for Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=146879627
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/core-material-market-146879627.html