Core Materials Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Global Core Materials Market is segmented By Type (Honeycomb, Balsa, Foam), By End-Use (Aerospace, Wind Energy, Marine, Transportation, Construction), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Report Overview

The Global Core Materials Market is estimated to grow at CAGR of 8.9% during the forecast period 2024-2031

Thermal conductivity, sound insulation, and fire resistance can also be improved by the use of the proper core material. The use of core materials is also called sandwich construction. Core Materials Market is segmented by type, end-user industry, and geography. By type, the market is segmented into Honeycomb, Balsa, and Foam. By the end-user industry, the market is further segmented into Aerospace, Wind Energy, Marine, Transportation, and Construction. Whereas by geography the market is divided into North America, South America, Europe, Asia Pacific, and the Rest of the World.

Moving forward the global Core Materials Market is expected to witness significant growth owing to the range of building constructions, and growth in renovation and refurbishing activities particularly in high-growth economies such as China, India, and Southeast Asia to drive the core materials market.

Core Materials Market Insights

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Core Materials Market Dynamics

The global Core Materials Market is anticipated to witness significant growth with the range of building constructions, renovation, and refurbishing activities in fast-growing economies such as China, India, and Southeast Asia.

The construction industry in India is in full swing, some of the projects include the development of palava industrial township worth USD 4.18 bn, the Construction of EWS, LIG and MIG houses, and the development of infrastructure work under PMAY Package C in Jabalpur worth USD 1.78 bn, Construction of EWS, LIG and MIG houses and development of infrastructure work under PMAY Package A worth USD 1.76 bn are a few projects. 

When comes to the South East region rolling out its 2016-2020 infrastructure plan, Thailand is set to benefit from the stability of the current government along with the public and private sectors. The country is likely to witness an increase in its infrastructure spending over the medium term.

Vietnam plans to increase urbanization from its current 27% to 45.2% by 2020 with increased spending on infrastructure projects through foreign and private investment. The country is taking help from public-private partnerships to maintain its manufacturing hub status in the region.

Indonesia is likely to spend heavily on infrastructure till 2025. The spending matches the government spending of nearly 7% per year, and many infrastructure-related firms in the country are said to have received capital from the government. This trend comes with the Indonesian jurisdiction protecting local suppliers, especially because it comes under the earthquake-affected zone, and where local survival is important.

Therefore the range of construction activity and scope for new construction projects in the region is set to drive the Core Materials Market. 

Core Materials Market Segmentation Analysis

Based on type, the Core Materials Market is classified into Honeycomb, Balsa, and Foam. Currently, construction film is dominant in the foam segment and it accounts for approximately high market.

Foam is most frequently used as structural core material for composite laminates, delivering added strength, stiffness, and insulation, without adding weight. Generally, it is easy to handle, readily conforms to shapes, and can be bonded in layers to add thickness.

A variety of foams are used for applications that include flotation, sculpting, cavity filling, pattern making, and flow media for resin infusion.

Vinyl sheet foam is one of the most versatile core materials on the market. It is a rigid, closed-cell material that resists hydrocarbons, alkalis, dilute acids, methyl alcohol, seawater, gasoline, and diesel oil, and it is self-extinguishing.

It has been used extensively in aircraft and performance automotive structures, but it can be applied anywhere that high properties and easy handling are needed.

Based on the application, the core materials market is classified into Aerospace, Wind Energy, Marine, Transportation, and Construction. Currently, barrier application is the dominant segment and it accounts for approximately high of the market.

For better performance in the aerospace sector light, strong and resilient materials are demanded flight control surfaces, rotor blades, radomes, and satellite containment fairings are other common applications.

Foams excellent option for reducing the weight of all aircraft structural foams. Foams are well-suited sandwich structures for the aircraft wings, landing gear doors, radomes, Vertical and horizontal stabilizers, ailerons, and areas subject to surface damage.

Owing to the growing population, improving economies, and spending powers, industrialization has led to the growth in air travelers year on year, Moving forward this trend is anticipated to continue, directly contributing to the demand for core materials used in aerospace design.

Global Core Materials Market Geographical Share

Asia Pacific region is expected to grow with a high CAGR during the forecast period owing to the strong growth in the end-user industry in this region.  

Due to the rapid urbanization in the region and this trend is projected to continue in the coming years and thereby bring unprecedented demographic, economic, and social shifts.

Urban development in the region will have an important positive impact on the construction films industry. For instance one of the fast-growing economies in the region such as India have witnessed immense demand in commercial space such as office spaces, hotels, retail, and entertainment units. Annual absorption of office space in India crossed 42 mn sq ft in 2017.

Furthermore, new construction activities and housing projects are expected to drive the demand for construction films demand in the ASEAN countries. 

Boeing Co. of the United States and other major international aircraft makers are moving to build manufacturing bases in Southeast Asia. Thailand and Malaysia are eager to attract industries from overseas, in the hope of developing their economies. This is presenting opportunities for small and midsized Japanese companies that manufacture airplane parts or provide other services to start operations in the region.

Thailand is planning to build a base for the maintenance, repair, and overhaul (MRO) of aircraft in a special economic zone. Demand for MRO services is growing due to an increase in the number of airplanes flying in the region.

Europe’s Airbus has already decided to start operations in the zone, with Boeing Co., Rolls-Royce of Britain, and other companies also considering investments there. Owing to these developments, the core materials market witnessed strong demand in the region.

Core Materials Market Companies and Competitive Landscape

Some of the major players in the global Core Materials Market include Diab Group, Evonik Industries AG, Gurit Holding AG, 3A Composites, Hexcel Corporation, Armacell International S.A., Changzhou Tiansheng New Materials Co. Ltd, The Gill Corporation, Euro-Composites S.A., Plascore Incorporated.

The global Core Materials Market is partially fragmented with the presence of a good number of small regional players. key players in the market focus on new product launches, expansions, mergers & acquisitions to enhance their position in the Core Materials Market.

On August 21, 2019, Gurit announces supply contracts for core materials which have been secured with two world-leading Wind OEMs for its Composite Materials business unit. These contracts showcase the strategic focus of the company on the Wind turbine market.

The global Core Materials Market report would provide an access to an approx, 53 data tables, 44 figures and 190 pages.