USD 1.95 billion
Global Core Materials Market Size, Share, Growth Analysis, By Type(Foam Core Materials, Honeycomb Core Materials), By End-user(Aerospace and Defense, Wind Energy) - Industry Forecast 2024-2031
Report ID:
SQMIG15J2040 |
Region:
Global |
Published Date: March, 2024
Pages:
184
|
Tables:
64 |
Figures:
75
Global Core Materials Market Insights
Global Core Materials Market size was valued at USD 1.95 billion in 2022 and is poised to grow from USD 2.12 billion in 2023 to USD 4.13 billion by 2031, growing at a CAGR of 8.7% during the forecast period (2024-2031).
The global core materials market is a rapidly growing industry that plays a crucial role in various sectors, including aerospace, automotive, wind energy, marine, construction, and others. One of the key drivers of the global market is the increasing demand for lightweight materials in industries like aerospace and automotive. Core materials help in reducing the weight of the final product, leading to improved fuel efficiency, lower emissions, and increased performance. Moreover, the rising focus on renewable energy sources has propelled the demand for core materials in the wind energy sector for manufacturing turbine blades. The market is segmented into various types of core materials, such as foam, honeycomb, and balsa. Foam cores, including PVC, polyurethane, and polystyrene, are widely used due to their excellent thermal insulation and high strength-to-weight ratio. Honeycomb cores, made from materials like aluminum, aramid, and thermoplastics, provide exceptional mechanical strength and rigidity. Balsa wood cores are preferred for their natural properties of high strength, lightweight, and cost-effectiveness. Geographically, the global core materials market has witnessed significant growth in regions like North America, Europe, and Asia Pacific. These regions are home to major composite manufacturers and end-user industries. Technological advancements, increasing investments in research and development, and a growing focus on sustainable and eco-friendly materials are driving the market expansion.
US Core Materials Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Foam Core Materials
Fastest Growth
Foam Core Materials
Growth Rate
8.7% CAGR
Global Core Materials Market ($ Bn)
Country Share for North America Region (%)
Global Core Materials Market By Type ($ Bn)
Global Core Materials Market By Type (%)
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Global Core Materials Market Segmental Analysis
Global Core Materials Market is segmented by type, application, end-user and region. Based on type, the market can be segmented into foam core materials, honeycomb core materials, and balsa core materials. Based on end-user, the market is segmented into aerospace and defense, wind energy, marine, and automotive. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Core Materials Market Analysis by Type
By type, the market can be segmented into foam core materials, honeycomb core materials, and balsa core materials. Foam core materials have emerged as the dominating segment in the core materials market. The increasing demand for lightweight and high-strength materials across various industries has driven the growth of foam core materials. These materials offer excellent strength-to-weight ratios, making them highly desirable in industries such as aerospace, wind energy, marine, and transportation. Foam core materials are widely used in applications such as aircraft components, wind turbine blades, boat construction, and automotive parts.
While honeycomb core materials are experiencing the fastest growth in the market. Honeycomb structures consist of hexagonal cells that offer exceptional strength and stiffness while maintaining a lightweight profile. These materials find extensive applications in industries such as aerospace, automotive, construction, and packaging. The fast growth of honeycomb core materials can be attributed to their unique properties, which make them ideal for demanding applications. In the aerospace industry, honeycomb cores are widely used in aircraft components, such as floor panels, wing structures, and interior cabin parts. The automotive industry is also witnessing increased adoption of honeycomb core materials for lightweight structural reinforcements and interior components.
Core Materials Market Analysis by Application
By application, the market can be segmented into aerospace and defense, wind energy, marine, and automotive. The aerospace and defense industry emerges as the dominating segment in the core materials market. The demand for lightweight materials with high strength-to-weight ratios is critical in this industry to enhance fuel efficiency and increase payload capacity. Core materials play a crucial role in aerospace applications by providing structural integrity, thermal insulation, and vibration damping properties.
The wind energy segment represents the fastest-growing segment in the core materials market. As the world shifts toward renewable energy sources, wind energy has gained significant traction. Core materials play a vital role in wind turbine blades, providing the necessary strength, stiffness, and durability required for efficient power generation.
Global Core Materials Market By Type, 2022 (%)
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Global Core Materials Market Regional Insights
North America has emerged as a dominating region in the global core materials market. The region's dominance can be attributed to several factors, including the presence of well-established composite manufacturing industries, technological advancements, and a strong focus on aerospace and automotive sectors. The United States, in particular, has witnessed significant growth in the core materials market. The country is home to major composite material manufacturers, as well as leading aerospace and automotive companies. The demand for lightweight and fuel-efficient materials in these industries has driven the adoption of core materials. Additionally, stringent environmental regulations and the need for sustainable solutions have further boosted the market growth in the region.
Asia Pacific is witnessing rapid growth and is considered the fastest growing region in the global core materials market. The region's growth can be attributed to several factors, including the expanding aerospace and automotive industries, infrastructural developments, and increasing investments in renewable energy. Countries like China, Japan, and South Korea are leading the growth in Asia Pacific. China, in particular, has witnessed significant growth in the aerospace and automotive sectors, creating a substantial demand for core materials. The country's focus on developing high-speed rail networks and renewable energy projects has also contributed to the market growth.
Global Core Materials Market By Geography, 2024-2031
- Largest
- Fastest
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Global Core Materials Market Dynamics
Core Materials Market Drivers
Increasing demand for lightweight materials in the aerospace and automotive sectors
- One key driver propelling the growth of the global core materials market is the increasing demand for lightweight materials in the aerospace and automotive sectors. With a growing emphasis on fuel efficiency, reduced emissions, and enhanced performance, core materials play a vital role in achieving these goals. By incorporating lightweight core materials in the manufacturing process, industries can significantly reduce the overall weight of the final product, leading to improved fuel economy and performance without compromising structural integrity.
Core Materials Market Restraints
High cost associated with advanced core materials
- One significant restraint faced by the global core materials market is the high cost associated with advanced core materials. Materials such as high-performance foams and advanced honeycombs often come with a higher price tag due to their specialized properties and manufacturing processes. This cost factor can limit their widespread adoption, particularly in price-sensitive industries. Additionally, the availability of raw materials and supply chain disruptions can also pose challenges, affecting the overall production and availability of core materials in the market.
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Global Core Materials Market Competitive Landscape
The global core materials market is characterized by a mix of large multinational corporations and smaller regional players. Companies in this market focus on research and development to enhance their product portfolios and cater to the diverse needs of end-user industries. Additionally, strategic collaborations, partnerships, and mergers and acquisitions are common strategies employed by market players to expand their market presence and gain a competitive edge. Innovation, product quality, cost competitiveness, and customer service are key factors determining the success of companies operating in the core materials market.
Core Materials Market Top Player’s Company Profiles
- Diab Group (Sweden)
- Armacell International S.A. (Luxembourg)
- Solvay S.A. (Belgium)
- Evonik Industries AG (Germany)
- SGL Carbon SE (Germany)
- Toray Industries, Inc. (Japan)
- CoreLite, Inc. (US)
- Euro-Composites S.A. (Luxembourg)
- 3A Composites GmbH (Switzerland)
- Huntsman Corporation (US)
- Changzhou Tiansheng New Materials Co., Ltd. (China)
- Carbon-Core Corp. (US)
- Plascore, Inc. (US)
- Airex AG (Switzerland)
- Benecor, Inc. (US)
- Polymer Technologies, Inc. (US)
- BGF Industries, Inc. (US)
Core Materials Market Recent Developments
- In February 2024, RECARBON and 3A Composites Core Materials joined forces to continue the development of thermoplastic sandwich panels, merging their collective strengths to create cutting-edge solutions for a sustainable future.
- In June 2023, Diab Group announced a strategic partnership with a leading automotive manufacturer to develop lightweight core material solutions for electric vehicles, targeting improved range and energy efficiency.
- In April 2023, Gurit Holding AG announced the launch of Ampreg® 31, a new epoxy laminating system designed for use with foam and balsa core materials, offering improved processing and mechanical properties for composite applications.
Global Core Materials Key Market Trends
- One notable market trend in the global core materials market is the increasing focus on sustainable and eco-friendly materials. As environmental concerns continue to grow, industries are seeking alternative solutions that minimize the carbon footprint and promote a circular economy. This has led to the development and adoption of bio-based core materials, recycled materials, and materials with lower environmental impact. Companies are investing in research and development to offer innovative and sustainable core material options that meet regulatory requirements and align with the growing demand for environmentally conscious products.
Global Core Materials Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global core materials market analysis, the market is experiencing steady growth driven by the demand for lightweight and high-performance materials across various industries. The aerospace and automotive sectors are particularly significant drivers, as they seek to improve fuel efficiency, reduce emissions, and enhance overall performance. North America dominated the market due to its well-established industries and technological advancements, while Asia Pacific emerges as the fastest growing region, fueled by expanding aerospace, automotive, and renewable energy sectors. However, cost constraints and availability of advanced core materials pose challenges. The market is witnessing a trend towards sustainable materials, reflecting the growing emphasis on environmental consciousness and circular economy practices.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.95 billion |
| Market size value in 2031 | USD 4.13 billion |
| Growth Rate | 8.7% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Core Materials Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Core Materials Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Core Materials Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Core Materials Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Core Materials Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Core Materials Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Core Materials Market Report Snapshots
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