The global structural core materials market size is expected to reach USD 2.80 billion by 2025, according to a report by Grand View Research, Inc. The industry is projected to advance at a CAGR of 5.9% over the forecast period. Structural core materials are produced by utilizing intermediates such as carbon fiber, glass fiber, resins, honeycombs, and balsa wood. These raw materials are used to manufacture structural core materials for the aerospace, automotive, wind energy, marine, construction, and other industries. The continued developments in the wind energy sector have expanded the growth avenues for structural core materials. Additionally, rising consumer disposable income of people in countries such as the U.S., India, and China is leading to the expansion of the aerospace and automotive industries, thereby boosting the need for structural core materials for parts and components manufacturing.
The ideal structural core material should display qualities such as lightness in weight, stiffness, thermal insulation/transfer, dampening of noise or vibration, and strength. In the field of aircraft and helicopter engineering, sandwich structures are the preferred choice for lightweight yet high-strength designs. High-temperature resistance of cores has further facilitated the demand for these products. Besides this, the product also finds use in the automotive sector, in the manufacturing of airbags in cars. Major industry players are engaging in R&D investments to improve the application scope of structural core materials, while also discovering various cost-effective methods of manufacturing these products. The regulatory framework for structural core materials is governed by legislations such as the Toxic Substances Control Act of 1976 (TSCA); the Comprehensive Environmental Response, Compensation, and Liability Act (CERLA); Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH); and the European Union (EU).
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Structural Core Materials Market Report Highlights
• Major products in the structural core materials market include foam, balsa, and honeycomb. Out of these, the honeycomb segment accounts for a substantial market share owing to properties such as high stiffness and specific strength, making them desirable in critical industries such as aerospace
• The wind energy end-use segment is poised to experience the fastest growth at 8.4% CAGR in terms of revenue in the structural core materials market over the forecast period, owing to the increasing number of wind farms in emerging economies
• The carbon FRP skin type segment is projected to be worth more than USD 1.15 billion by 2025. The segment is poised to experience steady growth over the forecast period owing to superior properties offered by carbon fiber-based materials in lightweight and high-strength constructions
• The Asia Pacific region is likely to progress at the highest CAGR of 7.6% in terms of revenue over the forecast period, owing to the rapid growth of the aerospace, automotive, and wind energy industries in the region, notably in India and China
• The COVID-19 pandemic has impacted the structural core materials market, mainly owing to the negative developments in the aerospace and defense sectors as these areas saw heavy decline in revenues; however, the wind energy sector has largely escaped unscathed, thus presenting a positive aspect for industry growth in the coming months
• Players such as Rockwell Collins, DIAB International, Evonik Industries, Gurit Holding, Schweiter Technologies, Hexcel Corporation, and The Gill Corporation are notable names in the global structural core materials market
• Companies are leaning into partnerships, mergers and acquisitions, and product launches, in order to gain a competitive edge in the market. For example, in July 2020, Gurit announced an investment plan of over CHF 20 million for supporting the wind energy sector in India, through the set-up of core material kitting facilities and production sites in various regions by 2022
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Structural Core Materials Market Segmentation
Grand View Research has segmented the global structural core materials market on the basis of product, skin type, end use, and region:
Structural Core Materials Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
Structural Core Materials Skin Type Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
Structural Core Materials End-Use Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
• Wind energy
Structural Core Materials Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• Central & South America
• Middle East & Africa
• Saudi Arabia
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Grand View Research is a market research and consulting company headquartered in San Francisco, which offers syndicated research reports, customized research reports, and consulting services to clients across a number of industries, including healthcare, materials, chemicals, energy, technology, and food and beverage, among others.
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