The core material is a special class of composite materials, normally having low strength , but its higher thickness provides the sandwich composite with high bending stiffness with overall low density. A sandwich construction consists of two high strength skins separated by a core material. These materials are sandwiched between layers of reinforcement. Core materials are used to build bulk and strength for a part without adding significant weight. Parts made with core materials achieve a higher flexural strength than using skin laminates alone. Core materials also build thickness into any composite part, which in turn, build stiffens. Open- and closed-cell-structured foams like Polyvinyl Chloride, Polyurethane, Polyethylene foams, Balsa wood, and Honeycombs are commonly used core materials. Sometimes, the honeycomb structure is filled with other foams for added strength. In 2018, the Aerospace and Defense end-user industry segment accounted for the majority share in the global core materials market. As high-performance aluminum and aramid honeycomb cores are used in aircraft primary structure, as well as in interior panels and floors.
Market Dynamics
Drivers
- Rise of wind power
- Growing use of composites in aerospace industry
Restraints
- Fluctuation in raw material prices and reducing profit margins
- Environmental Regulations
Market Segmentation
Honeycomb materials include paper, aluminum, phenolic resin impregnated fiberglass, polypropylene, and aramid fiber phenolic-treated paper. Honeycomb is a sheet of cells, nested together to form panels with much the same look as a cross-section of a beehive. It is extremely flexible, and when fully expanded, it is almost entirely open space. Among sandwich core, honeycomb offers the very best strength-to-weight ratio. It is used primarily for structural applications in aerospace and high speed cars. They can also be found in many other fields, from packaging materials in the form of paper-based honeycomb cardboard, to sporting goods like skis and snowboards.
For instance, chassis of modern Formula One cars are made from honeycomb sandwich structures. The honeycomb, Flexcores and Nomex are sandwiched between two carbon skins with the purpose of creating a very stiff and strong structure that offers protection to the driver in case of a severe crash. Moreover, they are very lightweight, therefore, offering great aerodynamics. The aerodynamics of a formula one car has two vital jobs on the racetrack - producing downforce and controlling drag. Downforce pushes the car's tires into the road and helps it travel faster through the corners. Similarly, materials in aircrafts and rockets must be lightweight to allow flawless aerodynamics. This ensures the safety of pilots and passengers in an aircraft and withstand the physical forces of flying and most importantly, it can remain undamaged from sudden and extreme temperature fluctuations that occur at both high-speed and high-altitude flight.
In January 2019, Covestro and EconCore joined forces in composites development. EconCore N.V. and Covestro are combining their technologies in order to produce strong and lightweight honeycomb panels with outstanding performance. The products comply with Fire, Smoke, Toxicity (FST) requirements for public transportation applications, including railway and aerospace. With continuous technological advancements coupled with a rising aerospace industry. Honeycomb segment expected to witness significant growth over the forecast period.
Geographical Analysis
The rise in the economies of countries in the region and the growing population coupled with the urbanization and rise in disposable income of people will attach the large investments in residential construction which will drive the market for the core materials. And the region will register a higher growth in the forecast period. One-half of global construction spending is expected to come from APAC countries, with China, Indonesia, Japan, South Korea, and Malaysia exhibiting the greatest growth potential. Indonesia has the highest construction growth potential right after China. Growing at 8 to 9% annually, both residential and non-residential construction are contributing to Indonesia’s potential. Japan’s residential and infrastructure construction account for 28 to 33 percent of construction activities. Although growth is expected to slow down over the next year, natural calamities and infrastructure upgrades for the upcoming Olympics are making it a solid market.
The rise in the military expenditures by the countries in the region will be another reason. Military spending in Asia -Pacific was $507 billion in 2018 and accounted for 28 percent of global military spending. The high growth of military expenditure in the region is due to tensions and rivalry among some Asian countries. Five of the top 15 global spenders in 2018 are in this region: China (rank 2), India (rank 4), Japan (rank 9), South Korea (rank 10) and Australia (rank 13). India’s military spending rose in 2018 for the fifth consecutive year, and was 3.1 per cent higher than in 2017. Pakistan’s military spending in 2018 was $11.4 billion, making it the 20th-largest spender globally. In South Korea the upward trend in military spending since 2000 continued. In 2018 its military expenditure reached $43.1 billion, an increase of 5.1 per cent compared with 2017.
The wide use of core materials in consumer goods like electronics, furniture and others will be another driver for core materials growth in the region due to large consumption and manufacturing owing to the rise in the population.
For instance, according to the Indian Cellular Association (ICA), the annual production of mobile phones within the country has increased from 3 million devices in 2014 to 11 million devices in 2017. India now accounts for 11 percent of global mobile production, which was only 3 percent in 2014 and is growing since.
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