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Structural Core Materials Market Report
Structural Core Materials Market (Foam and Balsa) Size, Share, Trend, Forecast, Competitive, and Growth Opportunity Analysis: 2021-2026
Structural Core Materials Market (Foam and Balsa) is Segmented by End-Use Industry (Wind Energy, Marine, Ground Transportation, Aerospace & Defense and Others), by Core Material Type (PVC, PET, SAN, PMI, Balsa and Others), and by Region...
The core materials refer to the central component of sandwich construction. The well-known core materials used in sandwich construction are honeycomb, foam, and balsa. This core material absorbs the shear forces generated by out of planeloads, distributing between the skins and spreading them over a larger area, while maintaining the skins at a fixed distance. The core’s function is to support the skins so that they do not deform inwardly or outwardly to keep them in a relative position to each other. The core materials can be made of a variety of materials such as wood, aluminum, and a variety of foams.
Some of the industries, especially aerospace and automotive, were already under immense pressure, encircled by industry-specific factors. For instance, the grounding of B737 Max, P&W 1100G engine series failure (A320neo), delayed the deliveries of upcoming aircraft programs such as B777X, and revised production rates of key aircraft programs; A350XWB and B787 due to cancellation of orders, already tumbled the aviation industry growth in 2019. The outbreak of the COVID-19 pandemic further exacerbated the industry challenges.
The impact of the pandemic varies from industry to industry. For instance, wind energy and ground transportation were largely uninfluenced by the pandemic, whereas the aerospace & defense and marine markets witnessed a deep plunge in 2020. Overall, robust growth in wind turbine installations has offset the decline faced by the aerospace industry, marking an overall impressive growth in the core materials market in 2020.
The COVID-19 Pandemic is still spreading with new strains affecting the recovery trajectory in several parts of the world. Most of the major countries are squandering money to raise their vaccination rate in order to bring normalcy. The developed economies are well ahead in the race and are aiming to fully vaccinate their people by late 2021, whereas the developing nations, especially densely populated ones, such as China and India, are planning to fully vaccinate their people by late 2022.
Based on primary interviews’ results, Stratview Research estimates that the growth of the market is subjected to plateau in the year 2021, driven by the mixed performance of major markets. Wind energy, the biggest market, is anticipated to record a decline of -4.7% in 2021 in the wake of lower wind turbine installations expected in North America and Asia-Pacific. On the contrary, other major markets, such as marine, aerospace & defense, and ground transportation, are set to rebound at an impressive rate after a ginormous decline in the year 2020. As a result, the market for structural core materials is subjected to almost stay at the level of 2020 in 2021 and it is estimated to grow at a CAGR of 6.6% over the next five years (2021-2026) to reach US$ 1.3 billion in 2026.
Based on the material type, the structural core materials market is segmented as PVC (Polyvinyl chloride), PET (Polyethylene terephthalate), SAN (Styrene acrylonitrile), PMI (Polymethacrylimide), Balsa, and Others. In 2020, balsa surpassed PVC to become the most dominant core material type in the market, mainly driven by the exceptional growth in the wind energy segment. However, it is anticipated that PVC will recapture its throne in the near future and then maintaining its leadership position in the coming five years.
PET is anticipated to witness the highest growth in the foreseen future, driven by an increased acceptance in the wind energy segment. All the leading players, such as Diab and Gurit, are setting up new PET lines to tap the growing market potential.
Based on the end-use industry type, the market is segmented as wind energy, marine, ground transportation, aerospace & defense, and others. Wind energy is expected to remain the largest segment of the market over the next five years. The Global Wind Energy Council (GWEC) anticipates that about 469.3 GW of new wind energy capacity will be added from 2021 to 2025, which is equivalent to 94 GW of wind energy added each year till 2025. The demand for longer wind blades is adding a further stir in the demand for structural core materials.
Aerospace & defense, a relatively small segment before wind energy and marine, is likely to experience the highest growth in the post-pandemic market developments. An expected recovery in commercial aircraft production coupled with an incessant increase in the penetration of composite materials helps the industry stakeholders to drive the demand for core materials.
Asia-Pacific is expected to remain the largest market for structural core materials during the forecast period in terms of regions. The region is also expected to experience the fastest growth during the same period. China is estimated to remain the largest market in the region as well as in the world, driven by rising wind turbine installations, increasing demand for recreational fiberglass boats, the opening of assembly plants of Boeing and Airbus, and increasing demand for high-speed trains.
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North America is expected to remain the second-largest market during the forecast period. The region is the world’s largest structural core materials market for the marine and A&D industries. It also generates considerable demand for these materials in the wind energy and ground transportation industries.
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Research Scope |
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Trend & Forecast Period |
2015-2026 |
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Regions Covered |
North America, Europe, Asia-Pacific, Rest of the World |
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Size in 2026 |
US$ 1.3 billion |
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Countries/Subregions Covered |
The USA, Canada, Mexico, Germany, France, the UK, Russia, China, Japan, India, Latin America, the Middle East, and others |
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Figures & Tables |
>150 |
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Customization |
Up to 10% customization is available free of cost |
The global structural core materials market is segmented into the following categories.
The market for structural core materials is consolidating as the major companies are performing mergers & acquisitions. Among many acquisitions performed in the market, the acquisition of the Allusuisse Group AG including Airex division by Alcan in 2000, followed by the acquisition of Baltek in 2003 by Alcan Composites at an agreed price of US$ 35 million is still the most noticeable ones. In 2010, Alcan Composites got renamed as 3A Composites. This change follows the 2009 acquisition of Alcan by Schweiter Technologies. Furthermore, in 2021, Diab agreed to acquire SABIC’s Ultem foam production lines and in 2019, PAI Partners and KIRKBI together acquired Armacell.
The supply chain of this market comprises several nodes including raw material suppliers, structure core material manufacturers, sandwich panel suppliers, tier players, OEMs, and end-users. The following are the key players in the structural core materials market.
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The development of lightweight core materials, expansion in untapped and growing markets, and execution of mergers & acquisitions are the key strategies adopted by the major players to gain a competitive edge in the market.
This 218-page comprehensive report, from Stratview Research, on the structural core materials market is one of its kind and estimates the current as well as future growth opportunities for the market participants until 2025. 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 in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies in order to expedite their growth process.
The following are the key features of the report:
For calculating the market size, our analysts follow either Top-Bottom or Bottom-Top approach or both, depending upon the complexity or availability of the data points. Our reports offer high-quality insights and are the outcome of 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. We leverage multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentation, white papers, and articles to gather the data. More than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts are usually executed to obtain both qualitative and quantitative insights.
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Company Profiling
Market Segmentation
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The structural core materials market size is expected to witness an impressive CAGR to reach US$ 1,3 billion by 2026.
3A Composites, DIAB International AB (Ratos AB), Gurit Holding AG, Armacell International S.A., Changzhou Tiansheng New Materials Co., Ltd., Evonik Industries AG, Maricell Srl, Baoding Meiwo Science & Technology Development Co., Ltd., and Composite Essential Materials (Nida Core) are the major players in the structural core materials market.
Asia-pacific is expected to be the largest structural core materials market during the forecast period of 2021-2026.
PVC foam core is expected to remain the most dominant material type in the structural core materials market in the coming five years.
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