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  • Structural Core Materials Market Forecast Analysis | 2023-2028

    Structural Core Materials Market Forecast Analysis | 2023-2028

    Structural Core Materials Market Forecast Analysis | 2023-2028
    Report code - SRAM195 Published On : May,2023 No. of Pages: 140
    Structural Core Materials Market Size, Share, Trend, Forecast, Competitive Analysis, and G See more...

    Market Insights

    The structural core materials market is estimated to grow at a CAGR of 6.4% during the forecast period to reach US$ 1.3 billion in 2028.

    Snapshot

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    What are structural core materials?

    Structural core materials refer to the central component of sandwich construction. The well-known core materials used in sandwich construction are honeycomb, foam, and balsa. These core materials absorb the shear forces generated by out-of-plane loads, 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. This study comprises only foam core and balsa core and completely excludes all kinds of honeycomb core materials.

    Structural Core Materials Market Report Overview

    Market Size in 2028

    USD 1.3 Billion

    Market Growth (2023-2028)

    CAGR of 6.4%

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    COVID-19 Impact Analysis

    The impact of the pandemic varied 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.

    While the industry was on its path to recovery from the pandemic in 2021, the continuous strain on the supply chains, skyrocketing raw material prices, and disruptions to business caused by measures to combat the pandemic had disrupted the market with the sharp decline in the wind turbine installations during the second half of the year and the temporary halt in deliveries of B787 aircraft program troubling the aerospace & defense industry in 2021.

    On the contrary, other major markets, such as marine, rebounded at an impressive rate after a ginormous decline in the year 2020.  The market has also suffered a decline in 2022, mainly due to lower wind turbine installations in North America, Asia-Pacific, and the Rest of the World except Europe. However, the decline was partially offset by the healthy recovery in the other end-use industries of the market.

    Based on primary interview results, Stratview Research estimates that the market is subjected to a plateau in the year 2023, driven by growth in all the major markets. Wind energy, the biggest market, is anticipated to record over 47% YoY growth in 2023 with an expected exponential increase in wind turbine installations in Asia-Pacific and the Rest of the World. Other major markets, such as aerospace & defense, marine, and ground transportation, continue their path to recovery. 

    Market Dynamics

    The market is driven by a host of factors, some of which are noted below:

    • Growing Wind Turbine Installation.
    • Upcoming Aircraft Program in recent years.
    • Recovery in The USA’s Powerboat Sale.
    • Increasing Demand for Longer Yet Lightweight Wind Turbine Blades.
    • Increasing Penetration of Composites in Advanced Aircra.
    • Excellent Performance of Sandwich Composite.
    • Increasing Use of Recyclable Materials.

    Segment Analysis

    Segmentations

    List of Sub-Segments

    Dominant and Fastest-Growing Segments

    Core Material Type

    PVC, PET, SAN, PMI, Balsa, and Others

    PET foam core is likely to remain dominant in the market over the next five years, mainly driven by the exceptional growth in wind energy.

    End-Use Industry Type

    Wind Energy, Marine, Ground Transportation, Aerospace & Defense, and Others

    Wind energy is expected to remain the biggest demand generator of core materials over the next five years.

    By Region

    North America, Europe, Asia-Pacific, and RoW.

    North America is expected to remain the largest market for structural core materials during the forecast period.

    Core Material Trends

    The market is segmented into PVC, PET, SAN, PMI, Balsa, and Others. Among these core material types; PET foam core occupied a market share of more than 25% in 2022 & is likely to remain dominant in the market over the next five years, mainly driven by the exceptional growth in wind energy.

    PET core is also anticipated to witness the fastest growth in the foreseen future, driven by an incessant replacement of PVC foam and SAN to PET foam core, especially in wind energy and transportation industries. All the leading players, such as Diab and Gurit, are setting up new PET lines to tap the growing market potential.

    End-Use Industry Trends

    The market is segmented into wind energy, marine, ground transportation, aerospace & defense, and others. Wind energy accounted for a market share of more than 55% in 2022 & is expected to remain the biggest demand generator of core materials over the next five years. The Global Wind Energy Council (GWEC) anticipates that about 682 GW of new wind energy capacity will be added from 2023 to 2027, which is equivalent to more than 136 GW of wind energy added each year till 2027.

    The demand for longer wind blades is adding a further stir to the demand for structural core materials. Aerospace & Defense, a relatively smaller segment compared to wind energy and marine, is likely to experience the fastest growth in the post-pandemic market developments.

    An expected recovery in the production rates of key commercial aircraft programs coupled with an incessant increase in the penetration of composite materials is likely to create a huge demand for core materials in the coming years.

    Structural Core Materials Market Segmentation

    Want to get more details about the segmentations, Click here.

    Regional Analysis

    Asia-Pacific dominated the market with a share of more than 35% in 2022 & is expected to remain the largest market for structural core materials during the forecast 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.

    Europe is expected to remain the second-largest market during the forecast period. The region is also expected to grow at the fastest pace in the market during the same period, due to an increasing focus of the EU on offshore wind turbine installations as well as healthy growth in the aerospace & defense industry.

    The region is witnessing phenomenal changes in the usage of foam core materials across all the end-use industries with the incessant replacement of PVC foam and SAN to PET foam core. Armacell and Gurit are the leading suppliers of PET foam core materials, based in the region.

    Structural Core Materials Market By Region

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    Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The market is segmented into the following categories.  

    By Core Material Type

    • PVC Foam Core
    • PET Foam Core
    • SAN Foam Core
    • PMI Foam Core
    • Balsa Core
    • Others

    By End-Use Industry Type

    • Wind Energy
    • Marine
    • Ground Transportation
    • Aerospace & Defence

    By Region

    • North America (Country Analysis: The   USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
    • Asia-Pacific (Country Analysis: Japan, China, India, and the Rest of Asia-Pacific)
    • Rest of the World (Country Analysis: Brazil, Argentina, and Others)

    Key Players

    The following are the key players in the market:

    • 3A Composites GmbH (Schweiter Technologies AG)
    • Diab International AB
    • Gurit Holdings AG
    • Armacell International S.A.
    • Changzhou Tiansheng New Materials Co. Ltd. (China)
    • Evonik Industries AG
    • Maricell S.r.l.

    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 the 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 one.

    In 2010, Alcan Composites got renamed 3A Composites. This change follows the 2009 acquisition of Alcan by Schweiter Technologies. 

    In 2021, Diab agreed to acquire SABIC’s Ultem foam production lines and in 2019, PAI Partners and KIRKBI together acquired Armacell.

    Research Methodology

    This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s structural core materials market realities and future market possibilities for the forecast period.

    The report segments and analyzes the market in the most detailed manner 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.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the structural core materials market

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Customization Options

    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.

    Frequently Asked Questions (FAQs)

    Structural Core materials refer to the central component of sandwich construction. The well-known core materials used in sandwich construction are honeycomb, foam, and balsa. These core materials absorb the shear forces generated by out-of-plane loads, distributing between the skins and spreading them over a larger area while maintaining the skins at a fixed distance.

    The market is estimated to reach US$ 1.3 billion in 2028.

    3A Composites GmbH, Diab International AB, Armacell International S.A., Gurit Holding AG, Changzhou Tiansheng New Materials Co., Ltd., Evonik Industries AG, and Maricell Srl are some of the key players in the market.

    The market is estimated to grow at a CAGR of 6.4% during the forecast period.

    Asia-Pacific is expected to remain the largest market for structural core materials during the forecast period.

    Asia-Pacific dominated the market with a share of >35% in 2022 & is estimated to grow at the fastest rate in the coming five years. The expected increase in wind turbine installations and the opening of Boeing and Airbus manufacturing facilities to address the huge market potential are likely to drive the regions market.

    The study period of this market report is 2017-2028.