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(Transportation-News.com, October 24, 2019 ) Market Overview
• Thermal conductivity, sound insulation, and fire resistance can also be improved by use of the proper core material. The use of core materials is also called sandwich construction.
• Moving forward the global Core Materials Market is expected to witness significant growth owing to the range of building constructions, growth in renovation and refurbishing activities particularly in high-growth economies such as China, India, and Southeast Asia to drive core materials market.
Market Dynamics
• The global Core Materials Market is anticipated to witness significant growth with the range of building constructions, renovation and refurbishing activities in fast growing economies such as China, India, and Southeast Asia.
• Construction industry in India is in full swing, some of the projects includes development of palava industrial township worth USD 4.18 bn, Construction of EWS, LIG and MIG houses and development of infrastructure work under PMAY Package C in Jabalpur worth USD 1.78 bn, Construction of EWS, LIG and MIG houses and development of infrastructure work under PMAY Package A worth USD 1.76 bn are a few projects.
• When comes to South East region rolling out its 2016-2020 infrastructure plan, Thailand is set to benefit from the stability of the current government along with public and private sector. The country is likely to witness increase in its infrastructure spending over the medium term.
• The country is taking help from public-private partnerships to maintain its manufacturing hub status in the region.
• Indonesia is likely to spend heavily in infrastructure till 2025. The spend matches the government spend of nearly 7% per year, and many infrastructure-related firms in the country are said to have received capital from the government. This trend comes with the Indonesian jurisdiction protecting local suppliers, especially because it comes under earthquake affected zone, and where local survival is important.
• Therefore the range of construction activity and scope for new construction projects in the region is set to drive the Core Materials Market.
Market Segmentation
• Based on type, Core Materials Market is classified into Honeycomb, Balsa, and Foam. Currently construction films is the dominant by foam segment and it accounts for approximately XX% of the market.
• Foam is most frequently used as structural core material for composite laminates, delivering added strength, stiffness, and insulation, without adding weight. Generally, it is easy to handle, readily conforms to shapes, and can be bonded in layers to add thickness.
• Variety of foams used for applications that include flotation, sculpting, cavity filling, pattern making, flow media for resin infusion.
• Vinyl sheet foam is one of the most versatile core materials on the market. It is a rigid, closed cell material that resists hydrocarbons, alkalis, dilute acids, methyl alcohol, sea water, gasoline, diesel oil, and it is self extinguishing.
• It has been used extensively in aircraft and performance automotive structures, but it can be applied anywhere that high properties and easy handling are needed.
• Based on application, core materials market is classified into Aerospace, Wind Energy, Marine, Transportation and Construction. Currently barrier application is the dominant segment and it accounts for approximately XX% of the market.
Geographical Analysis
• The Asia Pacific Core Materials Market size was worth USD XX million in 2018 and is estimated to reach USD XX million by 2026, at a CAGR of XX% during the forecast period. Asia Pacific region is expected to grow with high CAGR during the forecast period owing to the strong growth in the end user industry in this region.
• Due to the rapid urbanization in the region and this trend is projected to continue in coming years and thereby to bring unprecedented demographic, economic and social shifts.
• Urban development in the region will have an important positive impact on the construction films industry. For instance one of the fast growing economies in the region such as India have witnessed immense demand in commercial space such as office spaces, hotels, retail, entertainment units. Annual absorption of office space in India crossed 42 mn sq ft in 2017.
• Furthermore, new construction activities, housing projects are expected to drive the demand for construction films demand in the ASEAN countries.
• Boeing Co. of the United States and other major international aircraft makers are moving to build manufacturing bases in Southeast Asia. Thailand and Malaysia are eager to attract industries from overseas, in the hope of developing their economies. This is presenting opportunities for small and midsized Japanese companies that manufacture airplane parts or provide other services to start operations in the region.
• Thailand is planning to build a base for the maintenance, repair and overhaul (MRO) of aircraft in a special economic zone. Demand for MRO services is growing due to an increase in the number of airplanes flying in the region.
• Europe’s Airbus has already decided to start operations in the zone, with Boeing Co., Rolls-Royce of Britain and other companies also considering investments there. Owing to these developments, core materials market to witness strong demand in the region.
Competitive Analysis:
• Some of the major players in the global Core Materials Market includes Diab Group, Evonik Industries AG, Gurit Holding AG, 3A Composites, Hexcel Corporation, Armacell International S.A., Changzhou Tiansheng New Materials Co. Ltd, The Gill Corporation, Euro-Composites S.A., Plascore Incorporated.
• Global Core Materials Market is partially fragmented with the presence good number of small regional players. key players in the market focus on new product launches, expansions, mergers & acquisitions to enhance their position in the Core Materials Market.
• On August 21 2019, Gurit announces supply contracts for core materials which have been secured with two world leading Wind OEMs for its Composite Materials business unit. These contracts showcases the strategic focus of the company towards Wind turbine market.
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