The global core material for composites market is expected to grow at a CAGR of over 8% during the forecast period of 2019 - 2024. Increasing usage of composites in the aerospace industry and growing usage in wind energy domain are going to be the driving factors for the market.
- Factors scuh as lack of economical manufacturing processes for bulk-volume applications and the market being highly capital intensive are likely to hinder the growth of the market.
- Emergence of PET foam and innovations aimed at lowering the costs of end products are likely to providing opportunities for the market to grow through the years to come.
Key Market Trends
Growing Usage in Aerospace & Defense Sector
- Composite materials are widely used in the aerospace and defense sector. The industry is one of the first to use composite materials for an ever-increasing range of applications, and remains at the technological forefront of composite development.
- These materials are highly suitable for several interior and structural applications, demonstrating a unique combination of properties, combining excellent mechanical performance, JAR/FAR fire protection regulations from fire smoke, toxicity (FST), and heat release.
- These composites are used in large structural components, in addition to interior and flooring parts in regional and non-commercial aircrafts. These materials not only increase the durability but also reduce the overall cost. Some of the applications include panel structures, cargo, pallets and vessels, and unmanned aerial vehicles (UAVs) in the Airbus and Boeing aircraft.
- The global composites for aerospace market is likely to project a 33% growth in terms of volume, over the next five years. The burgeoning demand for composites in the aerospace & defense sector is projected to boost the demand for core material for composites, during the forecast period.
United States to Dominate the North America Region
- United Stated has the largest aerospace industry in the world, one of the largest automotive, marine and construction markets, which is continuously expanding at a steady pace.
- The total commercial aircraft fleet in the country is expected to reach 8,290 in 2038, from 7,141 in 2017, owing to the growth in air cargo. Additionally, the US mainliner carrier fleet is expected to grow at an average rate of 45 aircraft per year, as the existing fleet is getting older.
- Exports of aerospace components to countries, such as France, China, and Germany, along with robust consumer expenditure in the United States, is driving the manufacturing activities in the aerospace industry.
- The United States is the second-largest producer of automotive, after China. Various automotive manufacturing companies are continuously investing in the country, amid threats from the government to increase levies on auto imports from Mexico.
- The gradual growth of the commercial construction sector, primarily in office space construction, is likely to have a positive impact on the market studied. Additionally, rise in home sales, coupled with the renovation of the existing houses, is boosting the demand for residential construction in the United States.
- The country is also one of the major manufacturers of wind turbines. The top three wind turbine manufacturers, measured by cumulative share of the US wind turbine fleet, are GE Renewable Energy, Vestas, and Siemens, with more than 75% of the share.
- Such factors has led to a significant increase in demand for core material for composites in the country and will continue to do so through the forecast period too.
The global core material for composites market is partially fragmented with the presence of many regional and global players. Some of the major players operating in the market studied include, Diab International AB, 3A Composites, and Gurit Holding AG, amongst others.
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