Core Materials Market Report, By Type (Balsa, Foam and Honeycomb), End-Users (Aerospace & Defense, Automotive & Transportation, Construction, Industrial, Marine, Wind Energy) and Geography - Global Market Share, Trend Analysis & Forecast

Core materials are the materials used in aerospace and wind energy equipment for improving the strength of the materials. Core materials are generally low strength materials; however, its greater thickness offer the sandwich composite a high bending stiffness with low density. Core materials are used in a wide range of industries including marine, wind energy, and automotive. The core material is inserted between the layers of reinforcement, thus sticking it in, with an equal cover arrangement on either sides of the core material, which ensures maximum benefit.

Core Materials Market Outlook

• Some of the major drivers for the core materials market include significant demand from wind energy & aerospace industries and recovery of the U.S. marine industry from economic recession, among others
• Core materials offer high stiffness and low-density material in sandwich composite construction
• However, rising number of substitutes for core materials hinders the market growth to a certain extend

Core Materials Market Trends

• The weight reduction of the required structure with high strength makes the use of core materials vital in the wind energy end-use industry
• The size of wind blades is increasing, which will drive the use of core materials in the wind blades segment
• However, the demand for core materials is expected to decline in 2020, owing to the outbreak of the COVID-2019 pandemic
• The disruption in the supply chain, longer downtime, lockdown scenario, and temporary suspension of wind energy projects would hamper the production and demand for core materials in the wind energy industry, globally

Core Materials Market COVID-19 Impact

• The global pandemic of Coronavirus (COVID-19) has triggered stock market instability, tight border controls, and worldwide lockdown, leading the chemical industry, as well as large companies and governments, to restock supply chains
• The whole world is experiencing severe impact on social and financial sectors, and all global industries are facing challenges during the COVID-19 pandemic
• Rising support from governments and several companies can help in the fight against this highly contagious disease
• There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic

Core Materials Market Regional Trends

The global market is studied for the key regions such as, North America, Europe, Asia Pacific and Rest of the World. North America comprises of U.S., Canada and Mexico. Whereas, Europe covers UK, France, Germany, Italy, Spain and Rest of Europe. The key countries included under Asia Pacific are China, India, Japan and Rest of Asia Pacific. The Rest of the world include Latin America and Middle East & Africa. North America is estimated to hold the largest market share during the forecast period. Presence of aerospace original equipment manufacturers in the region drives the demand for lightweight core materials. In addition, the elevated number of wind turbine installations drives the market growth in North America. 

Asia Pacific is estimated to be the fastest growing region for core materials market and is expected to witness exponential growth over the forecast period as well. The projected growth rate is a result of significant use of core materials in aerospace and wind energy industries, primarily in India and China. Europe experiences substantial demand for lightweight core materials for use in the aerospace industry. Moreover, Europe, being one of the most attractive tourist destinations, is projected to witness a high demand growth for core materials for various infrastructural developments.

Core Materials Market Segmental Highlights

• The report analyses the global core materials market based on type, end-users and geography
• The core materials market, based on its types, can be segmented into categories such as balsa, foam and honeycomb
• The major and prominent end-users in the product market are aerospace & defense, automotive & transportation, construction, industrial, marine, wind energy and others (sporting goods and healthcare)

Core Materials Market Key Players

The key companies in the core materials market are 3A Composites, Diab Group, Gurit Holdings, Hexcel Corporation, Armacell International S.A., Evonik Industries, Changzhou Tiansheng New Materials Co. Ltd, The Gill Corporation, Euro-Composites S.A., Plascore Inc., Sabic, Basf Se, Toray, Core Composites, I-Core Composites, Llc, Atl Composites, Jiangsu Yueke New Materials C., Ltd, Changzhou Utek Composite Co., Ltd., Core-Lite Inc. and Advanced Honeycomb Technology 

New core materials product launches and strategic acquisitions is primarily focused by many industry players so as to maintain competitive edge in the market. Furthermore, many companies are looking to engage in new geographical areas to cater the growing demand for core materials in the market. In March 2018, Evonik Industries launched its new core material solution ROCHACRYL, an acrylic based structural foam for composite applications. The new solution is lightweight, thermally stable, environment friendly and has excellent mechanical properties. The product is launched for wind energy industry for manufacturing of turbine blades.