Structural Core Materials Market Research Report – Forecast to 2030

Structural Core Materials Market: Information by Product (Foam, Balsa and Honeycomb), Skin Type (GFRP, CFRP and NFRP), End-Use Industry (Aerospace, Automotive, Wind Energy, Marine) and Region - Forecast till 2030

ID: MRFR/CnM/4752-HCR | February 2023 | Region: Global | 100 Pages         

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Structural Core Materials Market

The global market for Structural Core Materials estimated at US$1.10 Billion in the year 2021, is projected to reach a revised size of US$2.12 Billion by 2030, growing at a CAGR of 5% over the analysis period 2021-2030.

Segmentation
By Product Foam Balsa Honeycomb
Skin Type GFRP CFRP NFRP
End-Use Industry Aerospace Automotive Wind Energy Marine
Key Players
Companies Profiled   Diab Group (Sweden)   Hexcel Corporation (U.S.)   Schweiter Technologies (Switzerland)   Euro Composites (Luxembourg)   Gurit Holding (Switzerland)   The Gill Corporation (U.S.)   Changzhou Tiansheng New Materials Co. Ltd. (China)   Plascore Incorporated (U.S.)   Armacell International (Luxembourg)   Evonik Industries (Germany)
Drivers
Market Driving Forces   Rising international trade   The marine sector has seen substantial growth in recent times   Growing demand for lightweight materials in aircraft   Automobiles   Marine vessels due to their high fuel efficiency
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Structural Core Materials Market Overview The global market for Structural Core Materials estimated at US$1.10 Billion in the year 2021, is projected to reach a revised size of US$2.12 Billion by 2030, growing at a CAGR of 5% over the analysis period 2021-2030. Structural core materials are used in composites which improves their physical properties. The most commonly used structural core materials are honeycomb,  foam, and  balsa. Also, Balsa has high aspect ratio. And extensively used in boat hulls, military aircraft, navy vessels, and industrial tanks. Honeycomb materials include aluminum, polypropylene, paper, and impregnated fiberglass. Honeycomb is used in applications where highly lightweight panels are required.  Market growth has been driven by increasing product demand from the automobile and aerospace sectors. Moreover, with increasing international trade, there has been substantial growth recently. And it is projected to positively impact the global structural core materials market. The increasing demand for lightweight materials in automobiles, aircraft, and marine vessels owing to their high fuel efficiency is expected to be a significant factor driving market growth. Moreover, the increasing use of structural core materials is becoming crucial in the transportation, wind energy, aerospace, construction, marine, and other industries. Furthermore, major market manufacturers are signing supply agreements with various end-use industries to secure their position in the structural core materials market.

Key Players


Some of the key players in the global structural core materials market are Diab Group (Sweden), Hexcel Corporation (U.S.), Schweiter Technologies (Switzerland), Euro Composites (Luxembourg), Gurit Holding (Switzerland), The Gill Corporation (U.S.), Changzhou Tiansheng New Materials Co. Ltd. (China), Plascore Incorporated (U.S.), Armacell International (Luxembourg), and Evonik Industries (Germany).


Global Structural Core Materials Market Share, by Product (%)


 Structural Core Materials Market Share


Regional Analysis


The market in Asia-Pacific is expected to be the fastest-growing regional market. Increasing automobile production in the region is acting as a major driver for the growth of the market. Additionally, the growing construction industry, mainly in India and China, is also driving the demand for structural core materials.  The increasing inclination toward green energy has led to the development of the wind energy industry, in turn, fueling the demand for structural core materials in the region. For instance, according to the Indian Ministry of New and Renewable Energy, the country is ranked fourth in the global wind power installed capacity and has a renewable energy target of 175 GW by the end of 2022.


North America was the largest market in 2017 and is expected to maintain its dominance during the review period. The presence of developed aerospace and automobile industries contributes substantially to the growth of the market mainly in the U.S. and Canada. Moreover, increasing government spending in the construction sector is positively affecting product demand. According to the United States Census Bureau, total construction spending in the U.S. was USD 1,191,812 in 2016 which increased to 1,246,000 by the end of 2017.


Segmentation


The global structural core materials market has been segmented by product, skin type, end-use industry, and region. On the basis of product, the market has been segregated into foam, balsa, and honeycomb. On the basis of skin type, the market has been segmented into glass fiber reinforced polymer (GFRP), carbon fiber reinforced polymer (CFRP), natural fiber reinforced polymer (NFRP), and others. On the basis of end-use industry, the market has been further segregated into aerospace, automotive, wind energy, marine, construction, and others. Based on region, the market has been segregated into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.Recent Development


One of the major manufacturers of structural core materials is Diab Group (Sweden). It stresses on excellence in consumer-centric product creation and focuses mainly on agreements, strategies, such as new product launches, partnerships, and expansions to grow. The company carries out continuous improvements in several business areas by maintaining its main focus. It helps in forming strategic moves to sustain its market position as a market leader. The structural core materials market is gaining importance though a few factors that are acting as bottlenecks in its growth. The capital-intensive nature of the industry and the requirements of uncertain wind energy industry in the US are some of the major hinderances for the growth of the structural core materials market in the global market.

Intended Audience



  • Structural core materials manufacturers

  • Traders and distributors of structural core materials

  • Research and development institutes

  • Potential investors

  • Raw material suppliers

  • Nationalized laboratories



Report Scope:

Report Attribute/Metric Details
  Market Size   2030: Significant Value
  CAGR   5% (2021–2030)
  Base Year   2021
  Forecast Period   2021–2030
  Historical Data   2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Product, Skin Type and End-Use
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Diab Group (Sweden), Hexcel Corporation (U.S.), Schweiter Technologies (Switzerland), Euro Composites (Luxembourg), Gurit Holding (Switzerland), The Gill Corporation (U.S.), Changzhou Tiansheng New Materials Co. Ltd. (China), Plascore Incorporated (U.S.), Armacell International (Luxembourg), and Evonik Industries (Germany)
  Key Market Opportunities   increasing product demand from the automobile and aerospace industries
  Key Market Drivers

  • rising international trade, the marine sector has seen substantial growth in recent times
  • growing demand for lightweight materials in aircraft, automobiles, and marine vessels due to their high fuel efficiency


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    Frequently Asked Questions (FAQ) :

    The global structural core materials market is expected to expand at a CAGR above 5% from 2021-2030.

    Massive demand from marine, automobile, and aerospace sectors is the primary driver of the global aerospace chemicals market.

    The honeycomb segment can lead the global structural core materials market in the ‘product type’ segment.

    Carbon fiber reinforced polymers can dominate in the ‘skin type’ segment in the global structural core materials market till 2027.

    Plascore Incorporated, Changzhou Tiansheng New Materials Co. Ltd., The Gill Corporation, Euro Composites, Armacell International, Hexcel Corporation, Diab Group, Gurit Holding, Schweiter Technologies, and Evonik Industries are the key players of the global structural core materials market.