Structural Core Materials Market - Forecast(2024 - 2030)
Structural Core Materials Market Overview
Structural Core
Materials market size is forecast to reach US$3.3
billion by 2027, after growing at a CAGR of 8.8%
during 2022-2027. Structural core materials are generally incorporated into
composite materials, which are used in various end-use industries such as
construction, transportation, and wind energy among others. They are generally
used as sound insulations, thermal insulations and offer various properties
such as fire resistance and corrosion resistance among others. The growth in the
transportation and aerospace industry is one of the major factors driving the
market growth for the structural core material market during the forecast
period. The adoption of composite materials in end-use industries is also
supporting market growth. According to the data published by Global Wind Energy
Council (GWEC), China installed about 52 gigawatts of new wind power capacity
in 2020, which is further driving the structural core materials market. However,
fluctuation in raw material prices is likely to hamper the market growth during
the forecast period 2022-2027. According to the U.S. Census Bureau,
Construction spending during July 2021 was estimated at a seasonally adjusted
annual rate of US$1,568.8 billion, which is above the revised June estimate of
US$1,563.4 billion. However, fluctuation in raw material prices is likely to
hamper the market growth during the forecast period 2022-2027. Balsa wood Core has a honeycomb-like cell and provides
optimal properties including high compressive, flexural, and shear strength
along with stiffness.
COVID-19 Impact
The COVID-19
pandemic is impacting different industries; one of the few industries that were
primarily hit to some extent was the composite material industry. The demand
for the Structural Core Materials is low during the covid-19 crises. The delay
in manufacturing activities and construction activities in both developed and
developing nations impacted the market growth for structural core materials
during covid-19. However, the structural core materials industry faced problems
related to the supply chain, lack of workforce, and lack of raw materials
supply among others.
Report Coverage
The report: “Structural Core Materials Market – Forecast
(2022-2027)” by IndustryARC, covers an in-depth analysis of the following
segments of the Structural Core Materials industry.
Key Takeaways
- The Asia Pacific is expected to register the highest CAGR of 9.9% during the forecast period (2021-2026). Rapid urbanization, emerging economies, and increasing construction activities are the major factors driving the market growth.
- The wind energy segment is expected to hold a major market share between the forecast period 2020-2026.
- The increasing market for aerospace and the increasing growing importance of PET foam among end -users are the key factors driving the Structural Core Materials market
Figure: Asia Pacific Structural Core Materials Market Revenue, 2021-2027 (US$ Billion)
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Structural
Core Materials Market Segment Analysis - By Type
The foam
segment accounted for approximately 36% of the
market share in 2020 and is estimated to grow at a significant CAGR during the
forecast period. Foam core imparts strength and stiffness while keeping the
composite and non-composite structures lightweight. Foams core materials are
widely incorporated in building panels due to their ease of bonding to complex shapes.
The balsa segment is expected to register the highest growth rate between the
forecast period 2022-2027. Balsa-type core materials are used in the marine
industry for shipbuilding and boat building.
They offer high compressive properties and offer good acoustic
absorption properties.
Structural
Core Materials Market Segment Analysis - By Outer Skin Type
The GFRP
segment accounted for approximately 23% of the
market share in 2020 and is estimated to grow at a significant CAGR during the
forecast period. GFRP type is widely used in wind turbine blades because it
reduces the overall weight, and increases blades efficiency. According to the
article published by The Nation Institute of Wind Energy, non-conventional
energy received an FDI inflow of US$ 9.1 billion between April 2000 and
December 2019 in India. The institute also stated that by 2028, India can see an
investment worth US$ 500 billion in renewable energy. The growing FDI in the renewable
energy industry is supporting the market growth for the GFRP type segment. CFRP
segment is expected to grow at a high CAGR during the forecast period. CFRP type is replacing other outer skins in
sandwich panels in various applications due to its superior properties such as
high strength-to-weight ratio, rigidity, corrosion resistance, and good tensile
strength among others.
Structural
Core Materials Market Segment Analysis – By Application
The wind energy
segment accounted for more than 18% of the
market share in 2020 and is estimated to grow significantly during the forecast
period. The growing usage of composites in designing blades for large wind
turbines is one of the major factors driving the market growth during the
forecast period. The growing demand for clean and renewable energy globally is
also supporting the market growth for the wind energy segment. According to the
facts published by Wind Europe, in 2019 wind energy supplied around 15% of
total European Union electricity, and the figure is expected to increase during
the forecast period. The construction industry is also estimated to hold a significant
share during the forecast period. Growing foreign investments in the
construction industry are also supporting market growth. According to the data
published by FDI India, Indian real estate attracted approximately US$5 billion
in institutional investments in 2020, and they also mentioned the Institutional
real estate investments in India increased by 21% in the first quarter (2021)
to US$922 million.
Structural
Core Materials Market Segment Analysis - By Geography
Asia Pacific region held a significant share in the Structural Core Materials market in 2020, up to 36%, owing to the rapid growth in construction in the region. The presence of developing nations such as India and China is driving the market growth in the region. Abundant raw material sources and availability of a workforce also support the regional demand. According to the 2021 World Investment Report published by UNCTAD, FDI inflows into China increased by 6% in 2020, to USD 149 billion, up from USD 141 billion in 2019. According to FDI India, approximately US$26.08 billion FDI equity Inflows in Construction Development during April 2000 – March 2021.
Structural Core Materials Market Drivers:
Growing demand from the construction industry
Structural core materials are produced with the help of intermediates such as carbon fiber, glass fiber, resins, honeycombs, and balsa wood. According to the Associated General Contractors (AGC), the Construction industry is a significant contributor to the U.S. economy, and the U.S. Construction has more than 7 million employees and creates nearly $1.4 trillion worth of structures each year. The UAE construction sector recorded growth of 3.3 percent in 2019, and it is expected to register 4.3% by 2021. The National Development and Reform Commission of China planned to build infrastructure projects in China and approved a total investment of CNY 485 billion (~USD 72 billion) in January 2019 for the construction of seven projects. India has a total of US$1.4 trillion infrastructure investment budget under the National Infrastructure Pipeline (NIP). These are some of the major factors driving the market for structural core material globally.
Growing demand from the aerospace industry
In
the field of aerospace engineering, sandwich structures are preferred for lightweight
yet high-strength designs. The high-temperature resistance property of cores
has further driven the demand for these products in the aerospace industry. According
to the data released by the Department for Promotion of Industry and Internal
Trade (DPIIT), FDI inflow in India’s air transport sector (including air
freight) reached US$ 2.95 billion between April 2000 and March 2021. According
to Aerospace Industry Association (AIA), In 2019, USA A&D exports
registered approximately US$148.1 billion. According to General Aviation
Aircraft Shipment Report, about 2,399 airplanes and 674 Helicopter shipments happen
in 2020 globally. The growing demand for both passenger and freight aircraft is
driving the market for structural core materials market.
Structural
Core Materials Market Challenges:
The raw materials required for structural
core materials include carbon fiber, glass fiber, resins, honeycombs, and balsa
wood, among others. Depending on raw material suppliers and outsourcing raw
materials from other countries is one of the major challenges facing by structural
core materials market. Fluctuation in
foreign currency rates and changing government rules and regulations on imports
& exports across the globe is also likely to hamper the market growth
during the forecast period. Carbon fiber sheet price in the US or Canada or the
UK is 30%-50% higher than China suppliers, and some are even more. For
instance, a T300 material 200*300*1.5mm carbon fiber sheet worth is concerning
$14, whereas a 200*300*2mm carbon fiber plate worth is $17, and a T700 carbon
fiber material 400*500*3mm carbon fiber board worth is $66.
Structural Core Materials Market Landscape
Technology launches,
acquisitions, and R&D activities are key strategies adopted by players in
the Structural Core Materials market. Major players in
the Structural
Core Materials market include
- Diab Group
- Hexcel Corporation
- Schweiter Technologies
- Evonik Industries
- Gurit Holding
- Armacell International
- The Gill Corporation
- Changzhou Tiansheng New Materials Co. Ltd.
- Honicel Group
- Carbon Core Corp
- Euro-Composites
- SABIC
- BASF
- Other Companies
Recent Developments
- In June 2021, Diab has agreed to acquire Sabic’s Ultem foam production line and incorporate it into its Divinycell range. Plans are for Diab to develop the material technology further.
- In December 2021, Saertex GmbH & Co. KG’s (Saerbeck, Germany) launched SAERfoam is a structural core material combining ultralight foam (PU/PE/PIR) combined with 3D glass reinforcement. Featuring customizable mechanical properties and very low weight, SAERfoam is able to act as a replacement for conventional core materials such as PVC, PET and balsa.
Relevant Reports
Non-Honeycomb Sandwich Panel Core Materials Market -
Forecast(2021 - 2026)
Report Code: CMR 66128
Honeycomb Core Materials Market - Forecast(2021 –
2026)
Report
Code: CMR 96342
For more Chemicals and Materials related reports, please click here
LIST OF TABLES
1.Global Structural Core Materials Market By Outer Skin Type Market 2023-2030 ($M)2.Global Structural Core Materials Market By Type Market 2023-2030 ($M)
2.1 Foam Market 2023-2030 ($M) - Global Industry Research
2.1.1 SAN Foam Market 2023-2030 ($M)
2.2 Honeycomb Market 2023-2030 ($M) - Global Industry Research
2.2.1 Aluminum Market 2023-2030 ($M)
2.2.2 Aramid Market 2023-2030 ($M)
2.2.3 Thermoplastic Market 2023-2030 ($M)
2.2.4 Paper Market 2023-2030 ($M)
2.3 Balsa Market 2023-2030 ($M) - Global Industry Research
3.Global Structural Core Market By End-Use Industry Market 2023-2030 ($M)
3.1 Aerospace Market 2023-2030 ($M) - Global Industry Research
3.2 Wind Energy Market 2023-2030 ($M) - Global Industry Research
3.3 Marine Market 2023-2030 ($M) - Global Industry Research
3.4 Transportation Market 2023-2030 ($M) - Global Industry Research
3.5 Construction Market 2023-2030 ($M) - Global Industry Research
4.Global Structural Core Materials Market By Outer Skin Type Market 2023-2030 (Volume/Units)
5.Global Structural Core Materials Market By Type Market 2023-2030 (Volume/Units)
5.1 Foam Market 2023-2030 (Volume/Units) - Global Industry Research
5.1.1 SAN Foam Market 2023-2030 (Volume/Units)
5.2 Honeycomb Market 2023-2030 (Volume/Units) - Global Industry Research
5.2.1 Aluminum Market 2023-2030 (Volume/Units)
5.2.2 Aramid Market 2023-2030 (Volume/Units)
5.2.3 Thermoplastic Market 2023-2030 (Volume/Units)
5.2.4 Paper Market 2023-2030 (Volume/Units)
5.3 Balsa Market 2023-2030 (Volume/Units) - Global Industry Research
6.Global Structural Core Market By End-Use Industry Market 2023-2030 (Volume/Units)
6.1 Aerospace Market 2023-2030 (Volume/Units) - Global Industry Research
6.2 Wind Energy Market 2023-2030 (Volume/Units) - Global Industry Research
6.3 Marine Market 2023-2030 (Volume/Units) - Global Industry Research
6.4 Transportation Market 2023-2030 (Volume/Units) - Global Industry Research
6.5 Construction Market 2023-2030 (Volume/Units) - Global Industry Research
7.North America Structural Core Materials Market By Outer Skin Type Market 2023-2030 ($M)
8.North America Structural Core Materials Market By Type Market 2023-2030 ($M)
8.1 Foam Market 2023-2030 ($M) - Regional Industry Research
8.1.1 SAN Foam Market 2023-2030 ($M)
8.2 Honeycomb Market 2023-2030 ($M) - Regional Industry Research
8.2.1 Aluminum Market 2023-2030 ($M)
8.2.2 Aramid Market 2023-2030 ($M)
8.2.3 Thermoplastic Market 2023-2030 ($M)
8.2.4 Paper Market 2023-2030 ($M)
8.3 Balsa Market 2023-2030 ($M) - Regional Industry Research
9.North America Structural Core Market By End-Use Industry Market 2023-2030 ($M)
9.1 Aerospace Market 2023-2030 ($M) - Regional Industry Research
9.2 Wind Energy Market 2023-2030 ($M) - Regional Industry Research
9.3 Marine Market 2023-2030 ($M) - Regional Industry Research
9.4 Transportation Market 2023-2030 ($M) - Regional Industry Research
9.5 Construction Market 2023-2030 ($M) - Regional Industry Research
10.South America Structural Core Materials Market By Outer Skin Type Market 2023-2030 ($M)
11.South America Structural Core Materials Market By Type Market 2023-2030 ($M)
11.1 Foam Market 2023-2030 ($M) - Regional Industry Research
11.1.1 SAN Foam Market 2023-2030 ($M)
11.2 Honeycomb Market 2023-2030 ($M) - Regional Industry Research
11.2.1 Aluminum Market 2023-2030 ($M)
11.2.2 Aramid Market 2023-2030 ($M)
11.2.3 Thermoplastic Market 2023-2030 ($M)
11.2.4 Paper Market 2023-2030 ($M)
11.3 Balsa Market 2023-2030 ($M) - Regional Industry Research
12.South America Structural Core Market By End-Use Industry Market 2023-2030 ($M)
12.1 Aerospace Market 2023-2030 ($M) - Regional Industry Research
12.2 Wind Energy Market 2023-2030 ($M) - Regional Industry Research
12.3 Marine Market 2023-2030 ($M) - Regional Industry Research
12.4 Transportation Market 2023-2030 ($M) - Regional Industry Research
12.5 Construction Market 2023-2030 ($M) - Regional Industry Research
13.Europe Structural Core Materials Market By Outer Skin Type Market 2023-2030 ($M)
14.Europe Structural Core Materials Market By Type Market 2023-2030 ($M)
14.1 Foam Market 2023-2030 ($M) - Regional Industry Research
14.1.1 SAN Foam Market 2023-2030 ($M)
14.2 Honeycomb Market 2023-2030 ($M) - Regional Industry Research
14.2.1 Aluminum Market 2023-2030 ($M)
14.2.2 Aramid Market 2023-2030 ($M)
14.2.3 Thermoplastic Market 2023-2030 ($M)
14.2.4 Paper Market 2023-2030 ($M)
14.3 Balsa Market 2023-2030 ($M) - Regional Industry Research
15.Europe Structural Core Market By End-Use Industry Market 2023-2030 ($M)
15.1 Aerospace Market 2023-2030 ($M) - Regional Industry Research
15.2 Wind Energy Market 2023-2030 ($M) - Regional Industry Research
15.3 Marine Market 2023-2030 ($M) - Regional Industry Research
15.4 Transportation Market 2023-2030 ($M) - Regional Industry Research
15.5 Construction Market 2023-2030 ($M) - Regional Industry Research
16.APAC Structural Core Materials Market By Outer Skin Type Market 2023-2030 ($M)
17.APAC Structural Core Materials Market By Type Market 2023-2030 ($M)
17.1 Foam Market 2023-2030 ($M) - Regional Industry Research
17.1.1 SAN Foam Market 2023-2030 ($M)
17.2 Honeycomb Market 2023-2030 ($M) - Regional Industry Research
17.2.1 Aluminum Market 2023-2030 ($M)
17.2.2 Aramid Market 2023-2030 ($M)
17.2.3 Thermoplastic Market 2023-2030 ($M)
17.2.4 Paper Market 2023-2030 ($M)
17.3 Balsa Market 2023-2030 ($M) - Regional Industry Research
18.APAC Structural Core Market By End-Use Industry Market 2023-2030 ($M)
18.1 Aerospace Market 2023-2030 ($M) - Regional Industry Research
18.2 Wind Energy Market 2023-2030 ($M) - Regional Industry Research
18.3 Marine Market 2023-2030 ($M) - Regional Industry Research
18.4 Transportation Market 2023-2030 ($M) - Regional Industry Research
18.5 Construction Market 2023-2030 ($M) - Regional Industry Research
19.MENA Structural Core Materials Market By Outer Skin Type Market 2023-2030 ($M)
20.MENA Structural Core Materials Market By Type Market 2023-2030 ($M)
20.1 Foam Market 2023-2030 ($M) - Regional Industry Research
20.1.1 SAN Foam Market 2023-2030 ($M)
20.2 Honeycomb Market 2023-2030 ($M) - Regional Industry Research
20.2.1 Aluminum Market 2023-2030 ($M)
20.2.2 Aramid Market 2023-2030 ($M)
20.2.3 Thermoplastic Market 2023-2030 ($M)
20.2.4 Paper Market 2023-2030 ($M)
20.3 Balsa Market 2023-2030 ($M) - Regional Industry Research
21.MENA Structural Core Market By End-Use Industry Market 2023-2030 ($M)
21.1 Aerospace Market 2023-2030 ($M) - Regional Industry Research
21.2 Wind Energy Market 2023-2030 ($M) - Regional Industry Research
21.3 Marine Market 2023-2030 ($M) - Regional Industry Research
21.4 Transportation Market 2023-2030 ($M) - Regional Industry Research
21.5 Construction Market 2023-2030 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Structural Core Materials Market Revenue, 2023-2030 ($M)2.Canada Structural Core Materials Market Revenue, 2023-2030 ($M)
3.Mexico Structural Core Materials Market Revenue, 2023-2030 ($M)
4.Brazil Structural Core Materials Market Revenue, 2023-2030 ($M)
5.Argentina Structural Core Materials Market Revenue, 2023-2030 ($M)
6.Peru Structural Core Materials Market Revenue, 2023-2030 ($M)
7.Colombia Structural Core Materials Market Revenue, 2023-2030 ($M)
8.Chile Structural Core Materials Market Revenue, 2023-2030 ($M)
9.Rest of South America Structural Core Materials Market Revenue, 2023-2030 ($M)
10.UK Structural Core Materials Market Revenue, 2023-2030 ($M)
11.Germany Structural Core Materials Market Revenue, 2023-2030 ($M)
12.France Structural Core Materials Market Revenue, 2023-2030 ($M)
13.Italy Structural Core Materials Market Revenue, 2023-2030 ($M)
14.Spain Structural Core Materials Market Revenue, 2023-2030 ($M)
15.Rest of Europe Structural Core Materials Market Revenue, 2023-2030 ($M)
16.China Structural Core Materials Market Revenue, 2023-2030 ($M)
17.India Structural Core Materials Market Revenue, 2023-2030 ($M)
18.Japan Structural Core Materials Market Revenue, 2023-2030 ($M)
19.South Korea Structural Core Materials Market Revenue, 2023-2030 ($M)
20.South Africa Structural Core Materials Market Revenue, 2023-2030 ($M)
21.North America Structural Core Materials By Application
22.South America Structural Core Materials By Application
23.Europe Structural Core Materials By Application
24.APAC Structural Core Materials By Application
25.MENA Structural Core Materials By Application
26.Diab Group, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Evonik Industries, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Gurit Holding, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Schweiter Technologies, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Hexcel Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Armacell International, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Changzhou Tiansheng New Materials Co. Ltd., Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.The Gill Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Euro-Composites, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Plascore, Sales /Revenue, 2015-2018 ($Mn/$Bn)