The research study conducted by Report Ocean on the “ Core Materials Market ” spans over 100+ pages and delves into various facets of this market. It analyses the business strategies adopted by emerging industry players, examines the geographical scope, dissects market segments, evaluates the product landscape, and investigates price and cost structures. This research report facilitates market segmentation based on the latest Market trends, geographical market, and technological advancements. Each section of the report is meticulously prepared to scrutinize key aspects of the market. Moreover, it includes a detailed analysis of current applications, comparing them while focusing on opportunities, threats, and conducting a competitive analysis of major companies.
Global Core Materials Market is valued at approximately USD 1,937.5 million in 2022 and is anticipated to grow with a healthy growth rate of more than 8.8% over the forecast period 2023-2030. Core materials, in the context of materials manufacturing and engineering, are defined as a class of materials used in composite structures. Typically, these materials are made of engineering materials, including foam, wood, and paper, which are significantly used as the key component in sandwich panel construction. These panels are major structural materials that is utilized for ships, boats, wind turbines, aircraft, and others. Further, such materials are usually lightweight and have the potential to deliver structural integrity, easiness, and strength to composite products while reducing weight. Hence, core materials find suitable applications in a range of industries, such as marine, automotive, energy, construction, and industrial. Moreover, the demand for memory-based foam materials increased in end-use industries in the past few years, due to a rise in application across car seats, seat foams, and others. Thus, the rising demand for memory foam has become popular, creating a massive opportunity for the expansion of the core materials market across the globe.
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The Core Materials Market is expanding because of factors such as the growing demand for lightweight components, growing manufacturing industries, and an increase in the number of patent filings for core materials among global players. In addition, the surging demand for composites across the aerospace sector is acting as a catalyzing factor for market growth across the globe. The aerospace sector is considered a significant consumer of core materials and composites, owing to their exceptional properties that meet the industry’s rigid requirements for weight reduction, high strength-to-weight ratio, stiffness, and durability. These core materials find a wide range of applications in aerospace industries, including aircraft structures, fuselages, wings, engine components, interior components, and rotor blades. As per Statista, it was estimated that the military aircraft and aerospace manufacturing sector generated the revenue of USD 243 billion in 2020, which increased and reached to USD 255.76 billion in 2021.
Furthermore, according to the International Journal of Engineering Research & Technology (IJERT), for instance, it is stated that at least 30-40% of modern airframes are presently made of these composites, and this level of adoption is rapidly rising on account of technological advancements in aircraft manufacturing. Similarly, the weight of aircraft components made of composite materials is reduced by nearly 20%. As the aerospace industry continues to prioritize the high strength and weight reduction of aircrafts, the demand for core materials market is poised to grow at a significant rate. Moreover, the emergence of PET foam, as well as the government stimulus packages and tax incentives present numerous growth prospects over the anticipated years. However, the rising concerns for sustainable production of core materials and the high cost of the foam are challenging the market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Core Materials Market study include: Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022, owing to the rise in demand for honeycomb core materials from the aerospace and wind energy industries, along with growing demand for lightweight core materials in this region. Whereas, Asia Pacific is expected to grow at the highest CAGR over the forecasting years. Factors such as the increased wind energy installation and increased transportation sector are significantly propelling the market demand across the region, particularly in China and India.
Major market players included in this report are:
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)
Recent Developments in the Market:
In February 2021, Armacell, a worldwide leader in flexible foam for the equipment insulation market and a significant provider of engineered foams, launched a novel family-brand ArmaPET. This innovative and eco-friendly PET-based foam products is likely to be marketed under the family-brand ArmaPET.
In June 2021, Diab Group acquired the SABIC’s foam production line, namely ULTEM, incorporating the ULTEM resin-based foam into its current product portfolio under the name of Divinycell U. Diab. This is expected to strengthen the Diab’s position in the market, enabling to offer even more innovating products in the field of core materials.
Global Core Materials Market Report Scope:
Historical Data: 2020 – 2021
Base Year for Estimation: 2022
Forecast period: 2023-2030
Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered: Type, Application, Region
Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Customization Scope: Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Type:
Foam
Honeycomb
Balsa
By Application:
Marine
Automotive
Aerospace
Energy
Construction
Industrial
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa
Key Questions Answered in the Market Report:
• How did the COVID-19 pandemic have an impact on the adoption of via a range of pharmaceutical and existence sciences companies?
• What is the outlook for the affect market all through the forecast length 2023-2032?
• What are the key developments influencing the have an impact on market? How will they have an impact on the market in short-, mid-, and long-term duration?
• What is the give up person appreciation toward?
• What are the key elements impacting the have an effect on market? What will be there have an impact on in short-, mid-, and long-term duration?
• What are the key possibilities areas in the influence market? What is their workable in short-, mid-, and long-term duration?
• What are the key techniques adopted via groups in the have an effect on market?
• What are the key utility areas of the influence market? Which utility is predicted to keep the very best increase attainable all through the forecast duration 2023-2033?
• What is the favoured deployment mannequin for the impact? What is the boom conceivable of quite a number deployment fashions existing in the market?
• Who are the key cease customers of pharmaceutical quality? What is their respective share in the affect market?
• Which regional market is predicted to maintain the easiest boom possible in the have an impact on market at some stage in the forecast length 2023-2032?
• Which are the key gamers in the have an impact on market?
Growth Hampering Factors in the Market:
- Environmental regulations: Stricter environmental regulations on the production and use of fossil fuels can limit the availability and use of traditional market.
- Safety concerns: Safety concerns regarding the storage and transportation of can limit their use.
- Supply chain disruptions: Disruptions in the global supply chain due to natural disasters, pandemics, or other factors can impact the availability and cost of market.
- Security concerns: Security concerns regarding the transportation and storage of market can limit their use and availability.
- Technological obsolescence: Advances in technology can make existing systems obsolete, leading to reduced demand.
- Competition from alternative fuels: The development of alternative fuels such as biofuels and hydrogen-based fuels can compete with traditional market.
- Volatility in oil prices: Fluctuations in oil prices can affect the cost of market, making it difficult for industry players to predict and plan for costs.
- Economic downturns: Economic downturns can result in reduced demand for air travel and air cargo transportation, leading to a reduction in demand for market.
- Geopolitical tensions: Political instability and tensions between nations can impact the global supply chain for market, leading to supply disruptions and price fluctuations.
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