Core Materials Market By Type (Honeycomb, Foam and Balsa), By End-Users (Wind Energy, Automotive, Construction, Aerospace & Defense, Transportation, and Others), and By Region - Trends, Analysis and Forecast till 2034

Core Materials Market accounted for USD 1.9 Billion in 2024 and is estimated to be USD 2.7 Billion by 2034 and is anticipated to register a CAGR of 4.00%. 

Core Materials are three-component thermo-chromic compounds that contain three components: color developer, color former, and solvent. Core materials are produced in various forms, such as PVC foam, end grain balsa wood, non-woven core fabrics, urethane foam, and various types of honeycomb materials.

Rising demand from composite component manufacturers has become a major contributor to target market growth. Rising demand from wind energy industries and use of composites in aerospace industries have further facilitated the growth of the target market. An increase in the emergence of pet foam is expected to boost the demand for Core Materials market growth in the coming years.

Rising Aerospace Industries to Fuel Market Growth

Rising aerospace industries have become a major factor in target market growth. Composites are versatile and used for aircraft, spacecraft, fighter planes, hot air balloon gondolas, space shuttles, and gliders for passenger airlines. High strength, radar transparency, minimal maintenance, low thermal conductivity, and greater flexibility of core materials have boosted their demand from aerospace industries. Nomex and aluminium honeycomb cores are most commonly used in aerospace applications. However, growth in aerospace industries has fueled the Core Materials market growth.

For instance, in March 2023, according to AIAA (American Institute of Aeronautics and Astronautics), Boeing announced to increase its 737 MAX production rates above current rate of 31 Jets every month and thus, completing its final submission of certification of 737 MAX 7 for new model by Federal Aviation Administration.

Restrains:

High cost to incorporate cores has restrained the Core Materials market growth. However, some disadvantages such as, limited evidence on effectiveness of core material, incomplete adhesion with proof of leakage and when heated shrinks on cooling has hindered the Core Materials market growth.

Core Materials Market is segmented based on Type, End-Users and Region.

• Type Insight

On the basis of Type, Core Materials Market is segmented into Honeycomb, Foam and Balsa. Foam type is expected to dominate the target market growth due to its massive usage in aerospace and automotive industries. Foam material are combined with composite material sheet in structural sandwich form making it more suitable for end-user industries.

• End-Users Insights

On the basis of End-Users, Core Materials Market is segmented into Wind Energy, Automotive, Construction, Aerospace & Defense, Transportation, and Others. Wind energy end-user industries are expected to dominate the target market growth due to increase in size of wind blades, high use of core material to provide stiffness, strength and continuity without increasing weight of product which has made the core materials a major part in end-user industries.

• Regional Insights:

On region the Core Materials Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific market is estimated to witness a significantly high revenue share over the forecast period, owing to its growing population. Moreover, high disposable income, the presence of major key players, growing wind energy industries, rapidly growing automotive industries, an increased transportation sector, and high consumption of core materials are anticipated to increase demand for core materials in the region.

For instance, (reuters.com), according to data from GEM (Global Energy Monitor), East Asia remained top in wind power production with project development pipeline which will expand current wind power with capacity of 65% by end of 2030. Further, China has remained largest wind producer, and its current wind generation capacity of 278,876 MW (megawatts), balloon by 400,000 MW project is under construction and will be complete till 2034.

The North American market is expected to grow significantly over the forecast period due to rising aerospace industries, increased research and development activities, and the presence of major key players, which are expected to boost the demand for core materials in the region.

Core Materials Market  Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study, has segmented the Core Materials Market report based on Type, End-Users and Region:

Core Materials Market, By Type:

• Honeycomb
• Foam
• Balsa

Core Materials Market, By End-Users:

• Wind Energy
• Automotive
• Construction
• Aerospace & Defense
• Transportation
• Others

Core Materials Market, By Region:

• North America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
  • U.S.
  • Canada

The key players operating the Core Materials Market includes, Diab Group, 3A Composites, Evonik Industries AG, Armacell International S.A., The Gill Corporation, Gurit, Euro Composites S.A., Hexcel Corporation, Changzhou Tiangsheng New Materials, Plascore Inc., and others.

• In March 2023, 3A Composites launched new Engicore business line made from Baltek balsa wood and Airex rigid foams for North and South American markets. New launched Engicore business line is suitable for green energy sources such as, aerospace, automotive, building & construction, rail, marine and others.
• In March 2022, Evonik Industries AG, invested double digit million Euro sum to build new production plant with modern facilities for high performance foams in Darmstadt. With this huge investment Evonik has continued in investing sustainable products for consumers.
• In August 2022, The Gill Corporation launched new “Gillcore HF” fiberglass honeycomb core produced with woven fiberglass cloth reinforced with phenolic resin for improving moisture resistance and are suitable for high temperature applications which requires high moisture areas.
• In March 2022, Sumitomo Electric launched new “Z2C” new core alignment fusion splicer. New launched device is robust in high humidity, high temperature, low-temperature and high altitude environment.
• In January 2022, Unilin Technologies launched new PVC free core technologies for flooring industries at surfaces: P-SPC and XPC. New launched core type helps in increasing sustainability and to improve performance to the table.

• Diab Group
• 3A Composites
• Evonik Industries AG
• Armacell International S.A.
• The Gill Corporation
• Gurit
• Euro Composites S.A.
• Hexcel Corporation
• Changzhou Tiangsheng New Materials
• Plascore Inc.