The global core materials market size was valued at USD 2.06 billion in 2023 and is projected to grow from USD 2.18 billion in 2024 to USD 4.38 billion by 2032, exhibiting a CAGR of 8.8% during the forecast period. Asia Pacific dominated the core materials market with a market share of 38.83% in 2023. The core materials are widely used in different designs for engineering structures as they offer impact resistance, massive energy absorption, and stiffness. In these industries, designers usually focus on the structural properties required in end-use applications. Honeycomb material is used in aerospace and marine applications as the product provides good strength-to-weight ratio and offers optimum spacing between two skins of sandwich structures. Fortune Business Insights presents this information in their report titled "Global Core Materials Market, 2024–2032."
List of Key Players Profiled in the Report
- Evonik Industries AG (Germany)
- Armacell International S.A. (Luxembourg)
- Plascore Incorporated (U.S.)
- Euro-Composites S.A. (Luxembourg)
- Diab Group (Sweden)
- 3A Composites (Switzerland)
- Gurit Holding AG (Switzerland)
- Hexcel Corporation (U.S.)
- The Gill Corporation (U.S.)
- Changzhou Tiansheng New Materials Co., Ltd. (China)
Segments:
Foam Segment to Hold Large Market Share Due to its Usage in Automotive Industry
Based on type, the market is divided into foam, honeycomb, and balsa.
Due to massive usage in automotive and aerospace industries, the demand for foam segment is high. To form a structural sandwich, foam materials can be combined with composite material sheets to make it more suitable for end-use applications as foams have great dimensional density and require minimal maintenance.
Rapid Growth in the Aerospace Industry to Propel Market
Based on application, the market is segmented into marine, automotive, aerospace, energy, construction, and industrial.
The rapid growth in aerospace industry leads to the market growth of core materials. NOMEX honeycomb material contributes to a large market share in the aerospace floor panels market as the product enables durable and rigid floor structures. Furthermore, growing demand for memory foam or viscoelastic foam is anticipated to boost core material demand in the aerospace industry.
Report Coverage:
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Superior Qualities of Materials to Increase Market Growth
The material holds a significant value in the aerospace industry due to its excellent flexibility and weight reduction features. These lightweight materials may increase massive fuel efficiency and increase profitability. Hence, structural components made of materials are in high demand in the aerospace industry. These materials are used in structural manufacturing methods such as infusion, wet lamination, prepreg, RTM, press bonding, and vacuum bagging. Landing gear doors, interior components, floor beams, floorboards, and flight control surfaces are manufactured using these methods.
On the contrary, these materials are usually made of PET, PVC, and wood. The U.K. and a few other countries have imposed rules and regulations on manufacturing these polymers and cutting wood. These factors may impede the core materials market growth.
Regional Insights
Asia Pacific to Boost Growth Due to Growing Consumers
Asia Pacific holds the largest core materials market share and is expected to dominate the market during the forecast period. Countries in the region such as China and India have the highest population, making them one of the largest consumers of automotive applications. There was a high demand in the market during the COVID-19 pandemic. The market is expected to grow at a significant CAGR as core materials are one of the key raw materials for making automotive components.
Information Source: https://www.fortunebusinessinsights.com/core-materials-market-107400
Competitive Landscape
Businesses Concentrate on Maintaining Dominance by Offering New Products
Evonik Industries, a company that manufactures natural materials, has a strong presence in Europe and is the largest manufacturer of materials in Germany. Other significant players have maintained their presence by having strong distribution channels and offering various products.
The significant producers include companies such as Evonik Industries AG, Armacell International S.A., Plascore Incorporated, Euro-Composites S.A., Diab Group, 3A Composites, Gurit Holding AG, Hexcel Corporation, the Gill Corporation, and Changzhou Tiansheng New Materials Co. Ltd., which are trademark companies in the material business.
Key Industry Development:
May 2022- 3A Composites announced that the company has acquired the Solvay’s TegraCore foam. Both companies decided to continue its collaboration to further the development of core material.