Core Materials Market Size-(2023-2028):

The Global Core Materials Market was worth US$ 3.7 billion in 2022 and is anticipated to reach a valuation of US$ 5.5 billion by 2028 and is predicted to register a CAGR of 15.2% during 2023-2028.

MARKET OVERVIEW:

The market for core materials is growing due to the demand from manufacturers of composite components worldwide. Core materials are extensively employed in aerospace and wind power devices to strengthen the materials. Core materials are generally low-strength materials; however, their greater thickness gives the sandwich compound great flexural rigidity with low density. They are used in a wide range of industries, including marine, wind, and automotive. The core material is inserted between the reinforcing layers, bonding it, with an equal covering arrangement on each side of the core material, ensuring maximum benefit. The core material is a special class of composite materials, usually low strength, but its greater thickness gives the sandwich compound high flexural rigidity and low overall density.

Globally, growth in the U.S. marine market, increased demand for the wind energy market, and increasing adoption of compounds in the end-use aerospace industry are the main drivers of growth in the global materials market. base. Also, the increased adoption of core materials for new applications and emerging economies such as China, India and others will create new opportunities for the global market for core materials. However, the higher investment cost and the delay in the renewal of the production tax credit (PTC) are the main limitations of the world market for basic materials. The foam segment is expected to experience the fastest growth due to its hardness, elongation properties, increased resistance to heat and humidity, and its ability to keep the composite structure light.

MARKET DRIVERS:

Some of the main drivers of the core materials market include strong demand from the wind and aerospace industries and the recovery of the US maritime industry after the economic downturn, among others. Characterized by their low strength and high thickness, the core materials provide a sandwich compound with high flexural rigidity and low overall density. The sandwich compound often comprises three layers, namely the laminate of the skin of the face, the core or the central material and the laminate of the skin of the back. The core material increases the section modulus, giving rigidity and strength to the sandwich composite.

Many core materials are available in the market, such as polyurethane foam, polyvinyl chloride (PVC) foam, polymethacrylimide (PMI), polystyrene foams, honeycomb core, wood core, non-woven core fabrics, raft, foam syntactic and others. Due to their excellent physical properties and resistance to high temperatures and humidity, core materials find application in many industries. The main factor responsible for the growth of the core materials market is the increased demand for lightweight materials in various end-use sectors. Additionally, growth in the aerospace industry in various regions has fueled market growth. The increase in wind energy installations and the increase in the transportation sector in the country are the main reasons for the high consumption of basic materials.

MARKET RESTRAINTS:

However, the high cost of materials is expected to hamper market growth. An increasing number of alternatives for core materials hampers the industry expansion to a certain limit.

MARKET OPPORTUNITIES:

Commodity mergers and acquisitions and technological advancements should offer lucrative opportunities for market growth. The core materials market is growing at a significant rate due to the growth of the wind industry, the increasing use of basic materials in the aerospace and space industries, and increased investment in the marine industry.

MARKET CHALLENGES:

The production of non-essential goods has stopped in most of the major economies. The gap and uncertainty in the renewal of the production tax credit (PTC) and the highly capital-intensive industry restrict the expansion of the worldwide market.

CORE MATERIALS MARKET REPORT COVERAGE:

Market Segmentation:

Core Materials Market On the Basis of Type:

• Honeycomb
• Balsa
• Foam

Foam is becoming particularly popular in the manufacturing sector as it imparts strength and greatly reduces the weight of the end product. During the forecast period, the Foam segment is expected to grow with the highest CAGR.

Core Materials Market On the basis of End-user industry:

• Aerospace
• Wind Energy
• Marine
• Transportation
• Construction

Due to the ubiquitous nature of composite material usage, the core materials market also has a wide number of applications. Windmills have their blades made with composites and they are the leading market segment in this category. Wind Energy was the largest market by value in 2020 and is expected to retain the lead during the analysis period owing to the shift towards renewable energy.

Market Regional Analysis:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

North America was the biggest market for core materials in 2018. The Asia Pacific is becoming an increasingly important market as countries like China and India continue to grow rapidly. North America is the largest market in the world for Core Materials.

Market Key Players:

1. DIAB International AB
2. Evonik Industries
3. Rockwell Collins, Inc.
4. Schweiter Technologies
5. Gurit Holding AG
6. Hexcel Corporation
7. The Gill Corporation.