Market Insights
High-performance core materials constitute high-performance foam core materials: PMI, PESU, PEI, and PPSU foam and honeycombs: aramid, aluminum, thermoplastic, and other honeycombs. The high-performance core represents about one-third of the overall structural core materials market. There are a handful of prominent players that have the capabilities of supplying high-performance core materials and hold a distinct position in the market. Key market participants have a wide-geographical presence and gained excellent brand identity after dedicating eons of presence and efforts to research & development.
Honeycomb core materials are widely preferred over the eons in the aerospace & defense industry owing to their countless benefits over foam core materials. However, recent developments in high-performance foam core materials have created significant potential to replace honeycomb cores in the aerospace & defense industry. Thus, high-performance foam core materials have been witnessing excellent growth. Apart from aerospace & defense, wind energy is the next big demand generator for high-performance foam core materials.
The high-performance core materials market consecutively registered healthy growth over the trend period (2015-2019) but recorded a hefty decline of 30+% YoY in 2020 in the wake of the pandemic. The rapid spread of COVID-19 entirely turned the market table and devastated the market hope by ringing the death knell by disrupting the supply chain, deferment of orders by airlines and leasing companies, and delays in B737 Max approval. As a result of that, both giants (Boeing and Airbus) had no option except to curtail the production rates of their key programs. Airbus has truncated the production rate of its key programs (A320, A330, and A350) by one-third amid the pandemic. The industry stakeholders then were expecting the market to begin recovering from the pandemic in 2021 but the market again recorded a hefty decline due to a temporary halt in B787 aircraft deliveries led by the technical glitch and lower wind turbine installations.
The market started rebounding from 2022 onwards and is likely to cross its 2019 sales value by 2025. An expected recovery in the GDP to revitalize the positive waves, huge order backlogs by Airbus and Boeing, projected ramp-up in production rates of key aircraft programs, and huge growth in the wind turbine installations projected by the Global Wind Energy Council (GWEC) to assist the healthy recovery in the high-performance core materials market. Stratview Research reckons that the market is expected to recoup in the next five years with a healthy CAGR of 8.7% to reach a value of US$ 815 million in 2028.
Market Segments' Analysis
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Segmentations
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List of Sub-Segments
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Dominant and Fastest-Growing Segments
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Core Material-Type Analysis
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Honeycomb Core [Nomex, Aluminum, and Others] and High-Performance Foam Core [PMI, PESU, PEI, and PPSU])
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Honeycomb Core is anticipated to remain the major core material type in the years to come.
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End-Use Industry Type Analysis
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Aerospace & Defense, Ground Transportation, Wind Energy, And Others.
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Aerospace & defense is expected to maintain its dominant position in the market in years to come due to the increasing usage of high-performance foam core materials.
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Regional Analysis
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North America, Europe, Asia-Pacific, and Rest of the World
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North America is expected to remain the largest market over the next five years due to an increase in the presence of major players.
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Based on the core material type, the market is segmented into honeycomb core and high-performance foam core. Between these two-core material types, Honeycomb core is estimated to maintain its supremacy in the market over the next five years, owing to its excellent track record and excellent properties. High penetration of Nomex honeycomb in the aerospace and defense industry has led to their dominance over the other honeycomb types. Among high-performance foam cores, PMI has a higher usage in aircraft exteriors, whereas PEI, PESU, and PPSU have more prevalence in interiors.
Based on the end-use industry type, the market is segmented into aerospace & defense, ground transportation, wind energy, and others. Despite logging a massive decline in 2020 and 2021, aerospace & defense is expected to maintain its dominant position in the market in years to come. Increasing usage of high-performance foam core materials, especially PMI foam core, in certain applications of the aerospace industry, such as landing gear doors, radome, antennas, horizontal stabilizers, ailerons, helicopter blades, and pressure bulkhead stringers, coupled with continued growth is the usage of honeycomb core in the aerospace & defense industry are the major growth drivers of the market. Wind energy also holds a considerable share of the market. The excellent growth in wind energy in 2020 heavily mitigated the wreckage impact of the pandemic on the demand for core materials including high-performance core materials.
All regions mark significant declines in the demand for high-performance core materials in 2020 and 2021. Among regions, North America is expected to remain the largest market during the forecast period. The USA acts as a growth engine of the region with the presence of several leading aerospace OEMs and tier players. Asia-Pacific is projected to witness the fastest growth in the market over the next five years, with excellent growth in wind turbine installations, huge order backlogs for various aircraft programs in the region, and the expected market entry of COMAC C919.
Key Players
The supply chain of this market comprises raw material suppliers, high-performance core material manufacturers, sandwich panel manufacturers, tier players, OEMs, and end-users. The following are the key players in the high-performance core materials market (arranged alphabetically).
- 3A Composites GmbH
- Diab International AB
- Euro-Composites Corporation
- Evonik Industries AG
- Hexcel Corporation
- Plascore Inc.
- Schütz GmbH & Co. KGaA
- Showa Aircraft Industry Co., Ltd.
- The Gill Corporation
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s high-performance core materials market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for existing and new players
- Key success factors
The high-performance core materials market is segmented into the following categories.
High-Performance Core Materials Market, by Core Material Type
- Honeycomb Core
- (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- (By Honeycomb Type Analysis: Nomex Honeycomb, Aluminium Honeycomb, and Others)
- HP Foam Core
- (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- (By Foam Core Material Type Analysis: PMI Foam, PESU Foam, PEI Foam, and PPSU Foam)
High-Performance Core Materials Market, by End-Use Industry Type
- Aerospace & Defense (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Wind Energy (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Ground Transportation (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
High-Performance Core Materials Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, and The Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and The Rest of Asia-Pacific)
Rest of the World (Sub-Region Analysis: Latin America, The Middle East, and Others)
Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com
