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Core Material Market Report Scope & Overview

The Core Material Market size was USD 1.56 billion in 2023 and is expected to Reach USD 4.26 Billion by 2031 and grow at a CAGR of 13.6% over the forecast period of 2024-2031.

core materials are usually made from polymeric foams, paper and wood. These materials are the primary component in sandwich panel construction. They are made using a variety of intermediates, including balsa wood, resins, honeycombs, carbon fibre, and glass fibre. core materials offer a specification such as continuity, rigidity, and strength throughout a structure without significantly adding weight. Core material are the major component of an engineering item examples include aluminium, steel, bronze, etc. The term "covering material" refers to the substance used to cover an item's surface, such as paint, films, wax, varnish, protective coatings, etc. Nomex honeycomb, aluminium honeycomb, Nomex honeycomb, balsa wood, glass fiber, and carbon fiber, can be stored and used in manufacturing of core materials, by following the safety regulations. Honeycombs are mostly used in aerospace as it is lightweight, stiff and robust in nature. Carbon fiber reinforced polymer (CFRP), Glass fiber reinforced polymer (GFRP) are to the fastest-growing skin type segment. Glass fiber are affordable and strong than carbon fiber, therefore has increasing demand in composite manufacturing.

Core Material Market Revenue Analysis

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These sandwich panel are used in wind turbines, boat, aircraft and other End Users. Therefore, these core materials are used in many sectors such as Aerospace, Consumer Goods, Marine, construction, automotive, wind energy, transportation and other industries. New techniques have been developed for producing honeycombs. This research has aided in the discovery of a number of efficient processes for producing essential materials.

Market Dynamics

Drivers

  • The rapid expansion of the aerospace and automotive sector drive demand for core materials

  • Core materials are the major component of an engineering item such as aluminium, steel, bronze, etc.

These materials are utilized in airships, unscrewed Air Vehicles, and aircraft due to their specification’s flexibility, high strength, minimum maintenance, and low thermal conductivity. Structural manufacturing methods such as wet lamination, RTM, press bonding, infusion, prepreg, and vacuum bagging make the material suitable for aerospace industries. Different materials are used to give different sandwich structures with variating features including FST insulation in the aerospace industry.

Restrain

  • Fluctuations in prices of the raw materials can hamper growth

  • The government-imposed rules and regulations on the production of reinforced polymer due to environmental concerns

The primary raw material sources used for the creation of core materials include Nomex honeycomb, aluminium honeycomb, balsa wood, and resins. Costs of production are anticipated to be significantly impacted by the prices of these raw materials.

Opportunity

  • To supply panels for certain business needs, manufacturers of these goods have agreements with aircraft manufacturers

  • Increasing demand in Aerospace, Consumer Goods, Marine, construction, automotive, wind energy, transportation, and other industries

The fastest-growing end-user is predicted to be wind energy. Blades must be made of lightweight materials to make the procedure easier. As a result, they are presently being utilized in windmills for the production of wind energy more frequently. They are utilized in both conventional and offshore windmills, and it is anticipated that this trend will persist during the projection period. With the use of an improved infusion technique, blade producers can use lightweight cores to raise quality levels and decrease cycle times.

Challenges

  • Growing concerns over the production of essential commodities may limit market expansion

  • The market expansion is anticipated to be hampered by the increasing number of replacements for core materials

Demand for core materials is high but environmental concerns and increased concern for natural resources as resources are depleting day by day due to excessive use. Many industries use the sandwich structure. Many countries have imposed rules and regulations on the production of reinforced polymer, and cutting of wood. Polymers such as PVC and PET are non-biodegradable these may affect the environment.

Impact of Russia Ukraine war

The Russian invasion of Ukraine war had a negative impact on developing countries' industrial markets in many ways. It has disrupted the supply chain. Sanction applied to Russia by other developed countries has created a bottleneck at the Russian border. Due to geopolitical tensions, political instabilities have impacted every sector. Many companies in Russia and Ukraine have been slowing down production which has bought a scarcity of materials in the market. As core materials are used in engineering items, and used in construction, marine, aerospace, and many other industries.

Impact of Recession

The recession has impacted the trade cycle and many running projects globally. As core materials are used in Aerospace, Consumer Goods, Marine, construction, automotive, wind energy, and other industries. An increase in price has lessened the profitability of producers. As many produce products on maximum profit. Also, consumers don’t prefer to purchase things during the recession as they prefer to spend on necessities expenses only. Consumers cut down their expenses on unimportant things. During the recession transportation charges, and tariffs are high which leads to a slowdown trade of commodities partially.

Market Segmentation

By Type

  • Foam

  • Honeycombs

  • Balsa

 By outer skin type

  • CFRP

  • GFRP

  • NFRP

  • Others

By End User

  • Transportation

  • Wind Energy

  • Aerospace

  • Consumer Goods

  • Marine

  • construction

Regional Analysis

North American region is expected to continue Growth in the construction, wind energy, and automotive industries, mostly in the developed regions of the U.S. and Canada. The market growth is associated with the aerospace sector. As the number of aerospace and research and developed activities has increased.

Europe’s market growth is due to rapid growth in the automotive sector. High consumers spending for cars and trucks are factor boosting the market growth. Latin America and Middle East and African core materials are used as structural material in various end-user industries and the recent demand for core materials in marine industries are also driving the market growth.

Asia Pacific is expected to be the fastest-growing market in the global in this market. Countries like China and India have many projects in construction in the residential and commercial areas.  The construction, aerospace, and Automotive sector needs steel, and aluminium which has core materials as primary substance. Hence, growth in these sectors drives demand.

 Core-Material-Market-By-Region

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Regional Coverage

North America

  • USA

  • Canada

  • Mexico

Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

Asia-Pacific

  • Japan

  • South Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of the Middle East & Africa

Latin America

  • Brazil

  • Argentina

  • Rest of Latin American

Key players

Evonik Industries AG, Armacell International S.A., Plascore Incorporated, Diab Group, 3A Composites, Gurit Holding AG, Hexcel Corporation, Euro-Composites S.A., The Gill Corporation, Changzhou Tiangseng New Materials Co. and the other key players mentioned in the final report.

Armacell International S.A-Company Financial Analysis

Recent Developments

Hexcel Corporation- In 2023 Hexcel Corporation has announce the completed expansion operational plant in Morocco of engineered core. Operations are expanding to meet increasing demand in the aerospace industry for lighter advanced composite materials.

Diab group- In 2022 due Diab group to shift in market demand in wind industry from PVC to PET core material. Large production of PET material is adjusted with PVC to meet current demand.

Core Material Market Report Scope:
Report Attributes Details
Market Size in 2023  US$ 1.56 Bn
Market Size by 2031  US$ 4.26 Bn
CAGR   CAGR of 13.6% From 2024 to 2031
Base Year  2023
Forecast Period  2024-2031
Historical Data  2020-2022
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Type (Foam, Honeycombs, Balsa)
• By outer skin type (CFRP, GFRP, NFRP, Others)
• By End User (Transportation, Wind Energy, Aerospace, Consumer Goods, Marine, construction)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles Evonik Industries AG, Armacell International S.A., Plascore Incorporated, Diab Group, 3A Composites, Gurit Holding AG, Hexcel Corporation, Euro-Composites S.A., The Gill Corporation, Changzhou Tiangseng New Materials Co.
Key Drivers • The rapid expansion of the aerospace and automotive sector drive demand for core materials.
• Core materials are the major component of an engineering item such as aluminium, steel, bronze, etc.
Market Opportunities • To supply panels for certain business needs, manufacturers of these goods have agreements with aircraft manufacturers.
• Increasing demand in Aerospace, Consumer Goods, Marine, construction, automotive, wind energy, transportation, and other industries.

 

Frequently Asked Questions

Ans. USD 4.26 billion is the projected Market size of Core Material by 2031.

Ans. The CAGR value of the Core Material Market over the forecast period is 13.6%.

Ans. Wind industry is the fastest growing region of the Core Material Market.

Ans. Opportunity

  • To supply panels for certain business needs, manufacturers of these goods have agreements with aircraft manufacturers.
  • Increasing demand in Aerospace, Consumer Goods, Marine, construction, automotive, wind energy, transportation, and other industries

Ans. USD 1.56 billion was the market size for the Core Material Market in 2023.

Table of Contents

1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges

4. Impact Analysis
4.1 Impact of Ukraine- Russia War
4.2 Impact of Ongoing Recession
4.3. Introduction
4.3.1 Impact on major economies
4.3.1.1 US
4.3.1.2 Canada
4.3.1.3 Germany
4.3.1.4 France
4.3.1.5 United Kingdom
4.3.1.6 China
4.3.1.7 Japan
4.3.1.8 South Korea
4.3.1.9 Rest of the World
4.4 Supply Demand Gap Analysis

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Core Material Market Segmentation, By Product Type
8.1 Foam
8.2 Honeycombs
8.3 Balsa

9. Core Material Market Segmentation, By Outer Skin Type
9.1 CFRP
9.2 GFRP
9.3 NFRP
9.4 Others

10. Core Material Market Segmentation, By End User
10.1 Transportation
10.2 Wind Energy
10.3 Aerospace
10.4 Consumer Goods
10.5 Marine
10.6 Construction

11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Core Material Market by Country
11.2.2North America Core Material Market by Type
11.2.3 North America Core Material Market by Outer Skin Type
11.2.4 North America Core Material Market by End User
11.2.5 USA
11.2.5.1 USA Core Material Market by Type
11.2.5.2 USA Core Material Market by Outer Skin Type
11.2.5.3 USA Core Material Market by End User
11.2.6 Canada
11.2.6.1 Canada Core Material Market by Type
11.2.6.2 Canada Core Material Market by Outer Skin Type
11.2.6.3 Canada Core Material Market by End User
11.2.7 Mexico
11.2.7.1 Mexico Core Material Market by Type
11.2.7.2 Mexico Core Material Market by Outer Skin Type
11.2.7.3 Mexico Core Material Market by End User
11.3 Europe
11.3.1 Europe Core Material Market by Country
11.3.2 Europe Core Material Market by Type
11.3.3 Europe Core Material Market by Outer Skin Type
11.3.4Europe Core Material Market by End User
11.3.5Germany
11.3.5.1 Germany Core Material Market by Type
11.3.5.2 Germany Core Material Market by Outer Skin Type
11.3.5.3 Germany Core Material Market by End User
11.3.6 UK
11.3.6.1 UK Core Material Market by Type
11.3.6.2 UK Core Material Market by Outer Skin Type
11.3.6.3 UK Core Material Market by End User
11.3.7 France
11.3.7.1 France Core Material Market by Type
11.3.7.2 France Core Material Market by Outer Skin Type
11.3.7.3 France Core Material Market by End User
11.3.8 Italy
11.3.8.1 Italy Core Material Market by Type
11.3.8.2 Italy Core Material Market by Outer Skin Type
11.3.8.3 Italy Core Material Market by End User
11.3.9 Spain
11.3.9.1 Spain Core Material Market by Type
11.3.9.2 Spain Core Material Market by Outer Skin Type
11.3.9.3 Spain Core Material Market by End User
11.3.10 The Netherlands
11.3.10.1 Netherlands Core Material Market by Type
11.3.10.2 Netherlands Core Material Market by Outer Skin Type
11.3.10.3 Netherlands Core Material Market by End User
11.3.11 Rest of Europe
11.3.11.1 Rest of Europe Core Material Market by Type
11.3.11.2 Rest of Europe Core Material Market by Outer Skin Type
11.3.11.3 Rest of Europe Core Material Market by End User
11.4 Asia-Pacific
11.4.1 Asia Pacific Core Material Market by Country
11.4.2Asia Pacific Core Material Market by Type
11.4.3 Asia Pacific Core Material Market by Outer Skin Type
11.4.4 Asia Pacific Core Material Market by End User
11.4.5 Japan
11.4.5.1 Japan Core Material Market by Type
11.4.5. 2Japan Core Material Market by Outer Skin Type
11.4.5. 3Japan Core Material Market by End User
11.4.6 South Korea
11.4.6.1 South Korea Core Material Market by Type
11.4.6.2. South Korea Core Material Market by Outer Skin Type
11.4.6.3. South Korea Core Material Market by End User
11.4.7China
11.4.7.1 China Core Material Market by Type
11.4.7.2. China Core Material Market by Outer Skin Type
11.4.7.3. China Core Material Market by End User
11.4.8 India
11.4.8.1 India Core Material Market by Type
11.4.8.2. India Core Material Market by Outer Skin Type
11.4.8.3 India Core Material Market by End User
11.4.9Australia
11.4.8.1 Australia Core Material Market by Type
11.4.8.2. Australia Core Material Market by Outer Skin Type
11.4.8.3. Australia Core Material Market by End User
11.4.10Rest of Asia-Pacific
11.4.10.1 APAC Core Material Market by Type
11.4.10.2. APAC Core Material Market by Outer Skin Type
11.4.10.3. APAC Core Material Market by End User
11.5 The Middle East & Africa
11.5.1 The Middle East & Africa Core Material Market by Country
11.5.2 The Middle East & Africa Core Material Market by Type
11.5.3The Middle East & Africa Core Material Market by Outer Skin Type
11.5.4The Middle East & Africa Core Material Market by End User
11.5.5Israel
11.5.5.1 Israel Core Material Market by Type
11.5.5.2 Israel Core Material Market by Outer Skin Type
11.5.5.3 Israel Core Material Market by End User
11.5.6 UAE
11.5.6.1 UAE Core Material Market by Type
11.5.6.2 Israel Core Material Market by Outer Skin Type
11.5.6.3 Israel Core Material Market by End User
11.5.7South Africa
11.5.7.1 South Africa Core Material Market by Type
11.5.7.2 South Africa Core Material Market by Outer Skin Type
11.5.7.3 South Africa Core Material Market by End User
11.5.8 Rest of Middle East & Africa
11.5.8.1 Rest of Middle East & Asia Core Material Market by Type
11.5.8.2 Rest of Middle East & Asia Core Material Market by Outer Skin Type
11.5.8.3 Rest of Middle East & Asia Core Material Market by End User
11.6 Latin America
11.6.1 Latin America Core Material Market by Country
11.6.2. Latin America Core Material Market by Type
11.6.3 Latin America Core Material Market by Outer Skin Type
11.6.4 Latin America Core Material Market by End User
11.6.5 Brazil
11.6.5.1 Brazil Core Material Market by Type
11.6.5.2 Brazil Core Material Market by Outer Skin Type
11.6.5.3Brazil Core Material Market by End User
11.6.6 Argentina
11.6.6.1 Argentina Core Material Market by Type
11.6.6.2 Argentina Core Material Market by Outer Skin Type
11.6.6.3 Argentina Core Material Market by End User
11.6.7 Rest of Latin America
11.6.7.1 Rest of Latin America Core Material Market by Type
11.6.7.2 Rest of Latin America Core Material Market by Outer Skin Type
11.6.7.3Rest of Latin America Core Material Market by End User

12 Company Profile
12.1 Armacell International S.A
12.1.1 Market Overview
12.1.2 Financials
12.1.3 Product/Services/Offerings
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Plascore Incorporated
12.2.1 Market Overview
12.2.2 Financials
12.2.3 Product/Services/Offerings
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 Diab Group
12.3.1 Market Overview
12.3.2 Financials
12.3.3 Product/Services/Offerings
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 3A Composites
12.4.1 Market Overview
12.4.2 Financials
12.4.3 Product/Services/Offerings
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 Evonik Industries AG
12.5.1 Market Overview
12.5.2 Financials
12.5.3 Product/Services/Offerings
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Gurit Holding AG
12.6.1 Market Overview
12.6.2 Financials
12.6.3 Product/Services/Offerings
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7. Hexcel Corporation
12.7.1 Market Overview
12.7.2 Financials
12.7.3 Product/Services/Offerings
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 Changzhou Tiangseng New Materials Co.
12.8.1 Market Overview
12.8.2 Financials
12.8.3 Product/Services/Offerings
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Euro-Composites S.A.
12.9.1 Market Overview
12.9.2 Financials
12.9.3 Product/Services/Offerings
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 The Gill Corporation
12.10.1 Market Overview
12.10.2 Financials
12.10.3 Product/Services/Offerings
12.10.4 SWOT Analysis
12.10.5 The SNS View

13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments

14. USE Cases and Best Practices

15. Conclusion

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

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Primary Research

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Data Bank Validation

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