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Core Material Market Trends and Forecast

The future of the global core material market looks promising with opportunities in wind energy, marine, construction, aerospace & defense, and transportation end uses. The global core material market is expected to reach an estimated $2.2 billion by 2028 with a CAGR of 8.6% from 2022 to 2028. The major drivers for this market are increasing use in production of boats, in transportation, wind turbines blades, and structural composite panels.
  • Lucintel forecasts that wind energy will remain the largest end use and also witness the highest growth due to increase in the diameter of rotors is driving the demand for core materials in this industry.
  • Foam core by product type core material will remain the largest segment and balsa core is expected to witness the highest growth over the forecast period due to its superior mechanical properties.
  • Asia Pacific is expected to remain the largest market over the forecast period due to rising demand from electronics and defense industries, growth in the end uses and increasing focus on high performance core material. Europe is expected to witness the highest growth rate over the forecast period.
Core Material Market by End Use, and Product Type

Asia Pacific is expected to remain the largest market in the Core Material Market

  1. 1. United States: The US core material market is witnessing significant growth, fueled by initiatives from companies like Hexcel Corporation and Owens Corning. Both companies have announced plans to expand their production capacities for advanced core materials used in aerospace and marine applications. The government's National Composites Center is providing grants to support research and development in core material technologies, aiming to enhance domestic manufacturing capabilities.
    2.Germany: German companies such as Evonik Industries and     DIAB Group are driving innovation in the core material market with a focus on lightweight and sustainable solutions for automotive and wind energy sectors. Government initiatives like the High-Tech Strategy 2025 promote investments in composite materials, aiming to strengthen Germany's position in advanced manufacturing.
    3.China: China's core material market is rapidly expanding, led by companies like     SINOYQX and Jiaxing Huanyu. These companies are targeting growth in sectors such as construction and transportation, supported by government policies promoting technological innovation and infrastructure development. The China Composites Expo serves as a platform for showcasing advancements in core material technologies. 
    4.Brazil: Brazilian companies like Embraer and Marcopolo are investing in research and development of core materials for aerospace and automotive industries. Government initiatives such as the National Program for Support of Aerospace Development aim to stimulate innovation and competitiveness in the sector. Additionally, partnerships with universities and research institutions drive collaborative R&D efforts.
    5.Japan: Japanese companies including     Toray Industries and Mitsubishi Chemical Corporation are pioneering advancements in core material technologies, focusing on applications in electronics and renewable energy sectors. The government's Green Growth Strategy promotes investments in clean energy technologies, creating opportunities for innovation and market growth. Collaboration with international partners enhances Japan's position in the global core material market. 

Emerging Trends in the Core Material Market

Emerging trends, which have a direct impact on the dynamics of the industry, includes introduction of hybrid system, replacement of conventional metal structures with composites.
A total of 107 figures / charts and 82 tables are provided in this 212-page report to help in your business decisions. A sample figure with insights is shown below. 
Core Material Market by Segments
 

Core Material Market by Segment

The study includes a forecast for the global core material market by end use, product type, and region as follows:

Core Material Market by End Use [Value ($M) and Volume (M lbs) Shipment Analysis for 2023 – 2028]:

Core Material Market by Product Type [Value ($M) and Volume (M lbs) Shipment Analysis for 2023 – 2028]:

Core Material Market by Region [Value ($M) and Volume (M lbs) Shipment Analysis for 2023 – 2028]:

  • North America
  • Europe
  • Asia Pacific
  • The Rest of the World

List of Core Material Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies core material companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the core material companies profiled in this report includes.

Recent Developments in the Core Material Market 

  1. Increased Demand in Aerospace and Defense: The core material market is experiencing increased demand from the aerospace and defense sectors for applications such as aircraft interiors, sandwich panels, and composite structures. This demand is driven by factors such as lightweighting initiatives, fuel efficiency requirements, and the need for high-performance materials. (Source: Aerospace industry reports, defense procurement announcements)
  2. Advancements in Composite Core Materials: Continuous research and development efforts are leading to advancements in composite core materials, resulting in materials with improved strength, stiffness, and fire resistance properties. Core material manufacturers are developing innovative formulations and manufacturing techniques to meet the performance requirements of diverse applications. (Source: Composite materials research, materials science journals)
  3. Focus on Sustainable Solutions: Sustainability considerations are driving innovations in the core material market, with manufacturers developing eco-friendly materials and production processes. Bio-based cores, recycled materials, and renewable energy sources are being utilized to reduce environmental impact and meet regulatory requirements. (Source: Sustainability reports, industry conferences)
  4. Expansion in Wind Energy Sector: The wind energy sector represents a growing market for core materials used in wind turbine blades. Core materials such as foam and balsa wood are used as structural reinforcements in blade construction, contributing to lightweight and efficient designs. The expansion of wind energy projects worldwide drives demand for core materials. (Source: Wind energy industry reports, renewable energy initiatives)
  5. Technological Advancements in Marine Applications: Core materials play a critical role in marine applications such as boat building, yacht construction, and marine composites. Advancements in core material technology, including improved buoyancy, water resistance, and durability, contribute to the development of high-performance marine vessels and structures. (Source: Marine industry publications, boat show exhibitions)
  6. Market Expansion in Asia-Pacific Region: The Asia-Pacific region is emerging as a significant market for core materials, driven by rapid industrialization, infrastructure development, and increasing demand from end-use industries such as automotive, construction, and wind energy. Core material manufacturers are expanding their presence in the region to capitalize on growth opportunities. (Source: Market analysis reports, industry insights)

Features of Core Material Market

  • Market Size Estimates: Core material market size estimation in terms of value ($M) and volume (M lbs).
  • Trend and Forecast Analysis: Market trends (2017-2022) and forecast (2023-2028) by various segments and regions.
  • Segmentation Analysis: Market size by end use and product type.
  • Regional Analysis: Core material market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
  • Growth Opportunities: Analysis of growth opportunities in different end use, product type, and regions for the core material market.
  • Strategic Analysis: This includes M&A, new product development, and competitive landscape for the core material market.
  • Analysis of competitive intensity of the industry based on Porter’s Five Forces model.

FAQ

Q1. What is the core material market size?
Answer: The global core material market is expected to reach an estimated $2.2 billion by 2028.   
Q2. What is the growth forecast for core material market?
Answer: The core material market is expected to grow at a CAGR of 8.6% from 2022 to 2028.    
Q3. What are the major drivers influencing the growth of the core material market?
Answer: The major drivers for this market are increasing use in production of boats, in transportation, wind turbines blades, and structural composite panels.           
Q4. What are the major end uses for core material?
Answer: Wind energy and marine are the major end uses for core material. 
Q5. What are the emerging trends in core material market?
Answer: Emerging trends, which have a direct impact on the dynamics of the industry, includes introduction of hybrid system, replacement of conventional metal structures with composites.
Q6. Who are the key core material companies?
Answer: Some of the key core material companies are as follows:
Q7: In core material market, which region is expected to be the largest in next 5 years?
Answer: Asia Pacific is expected to remain the largest region and Europe witness the highest growth over next 5 years  
Q8. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost.
 

This report answers following 11 key questions

Q.1 What are some of the most promising potential, high growth opportunities for the global core material market by end use (wind energy, marine, construction, aerospace and defense, transportation, and others), product type (balsa core, honeycomb, and foam core) and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q. 2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are the emerging trends in this market and the reasons behind them?
Q.7 What are the changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via material or product substitution?
Q.11 What M & A activities have taken place in the last 5 years in this market?

For any questions related to core material market or related to core material market size, core material market analysis, core material suppliers, core material manufacturers, core material raw materials, core material cost, core material market trend and forecast, core material applications, write Lucintel analyst at email: helpdesk@lucintel.com We will be glad to get back to you soon.
Table of Contents
 
1. Executive Summary
 
2. Global Core Material Market Dynamics
2.1: Introduction, Background, and Classifications
2.2: Supply Chain
2.3: Industry Drivers and Challenges
 
3. Market Trends and Forecast Analysis from 2017 to 2028
3.1: Macroeconomic Trends and Forecasts
3.2: Global Core Material Market Trends and Forecast
3.3: Global Core Material Market by End Use 
3.3.1: Wind Energy
3.3.2: Marine
3.3.3: Construction
3.3.4: Aerospace and Defense
3.3.5: Transportation
3.3.6: Others
3.4: Global Core Material Market by Product Type 
3.4.1: Balsa Core
3.4.2: Honeycomb
3.4.3: Foam Core
 
4. Market Trends and Forecast Analysis by Region 
4.1: Global Core Material Market by Region
4.2: North American Core Material Market
4.2.1: North American Market by End Use
4.2.2: North American Market by Product Type
4.3: European Core Material Market
4.3.1: European Market by End Use
4.3.2: European Market by Product Type
4.4: APAC Core Material Market
4.4.1: APAC Market by End Use
4.4.2: APAC Market by Product Type
4.5: ROW Core Material Market
4.5.1: ROW Market by End Use
4.5.2: ROW Market by Product Type
 
5. Competitor Analysis
5.1: Product Portfolio Analysis
5.2: Operational Integration
5.3: Geographical Reach
5.4: Porter’s Five Forces Analysis
 
6. Growth Opportunities and Strategic Analysis
6.1: Growth Opportunity Analysis
6.1.1: Growth Opportunities for the Global Core Material Market by End Use
6.1.2: Growth Opportunities for the Global Core Material Market by Product Type
6.1.3: Growth Opportunities for the Global Core Material Market by Region
6.2: Emerging Trends in the Global Core Material Market
6.3: Strategic Analysis
6.3.1: New Product Development
6.3.2: Capacity Expansion
6.3.3: Mergers and Acquisitions
 
7. Company Profiles of Leading Players
7.1: DIAB
7.2: Gurit
7.3: 3A Composites
7.4: Armacell
7.5: Hexcel
7.6: The Gill Corporation
7.7: Euro Composites
 
.

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107 figures/charts and 82 tables are provided in this 212 - page report
Lucintel has been in the business of market research and management consulting since 2000 and has published over 1000 market intelligence reports in various markets / applications and served over 1,000 clients worldwide. This study is a culmination of four months of full-time effort performed by Lucintel's analyst team. The analysts used the following sources for the creation and completion of this valuable report:
  • In-depth interviews of the major players in this market
  • Detailed secondary research from competitors’ financial statements and published data 
  • Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
  • A compilation of the experiences, judgments, and insights of Lucintel’s professionals, who have analyzed and tracked this market over the years.
Extensive research and interviews are conducted across the supply chain of this market to estimate market share, market size, trends, drivers, challenges, and forecasts. Below is a brief summary of the primary interviews that were conducted by job function for this report.
 
Thus, Lucintel compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. Lucintel then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process. The figure below is a graphical representation of Lucintel’s research process. 
 

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