Increasing demand for core materials for composites are driving the core materials market
Asia-Pacific is largest core materials market for composites, in terms of volume, and this dominance of the region is expected to continue till 2022. Key countries in the region, namely, China, Japan, India, and Malaysia, among others, are witnessing a gradual increase in the use of core materials in wind energy, aerospace, transportation, and other industries. The growth of the core materials market for composites can be attributed to the rising demand for superior performance materials, and environment friendly products from wind energy and aerospace industries. China leads the core materials’ market in Asia-Pacific, accounting for more than half of the demand for core materials in the region. The high number of wind energy installations in 2016, increasing number of commercial airplane deliveries, and high-speed rail projects are driving the demand for core materials in the country.
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Based on type, the foam segment is expected to lead the core materials market for composites, as they are used in various applications, such as wind energy blades, wind turbines, and nacelles, among others. Among various types of foam, the most commonly used is PVC. PVC is one of the most widely used and manufactured plastics globally, mainly due to its low cost and versatility. PVC are used in transportation and marine industries, and in sports goods, among others.
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Based on end-use industry, the wind energy segment of the core materials market for composites is estimated to grow at the highest rate during the forecast period. Nowadays, wind blades are made by combining core materials and glass-reinforced polyester/epoxy to make them lightweight. Foam and balsa are the two most commonly and widely used core materials for making blades. Renewal of Wind Production Tax Credit (PTC) in the U.S. and increasing number of wind installations aided in the growth of the wind energy industry last year, thereby driving the core materials market for composites.
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