Structural Core Materials Market to Hit USD 2.64 Billion, Growing at a 6.45% CAGR by 2029

Structural Core Materials Industry Trends-Emergence of countless new opportunities for light weight composite materials in aircraft

PUNE, India, May 30, 2023 /PRNewswire/ -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Structural Core Materials Market.

The structural core materials market is expected to grow at 6.45% CAGR from 2023 to 2029. It is expected to reach above USD 2.64 Billion by 2029 from USD 1.30 Billion in 2022.

Structural core materials are incorporated into composite materials, which are widely used in the construction, automotive, civil infrastructure, aircraft, military, and corrosion-resistant equipment industries. A composite material is created by combining two or more materials with distinct properties. Composites are classified into three types: particle-reinforced composites, fiber-reinforced composites, and structural composites. Laminates and sandwich panels are the two types of structural composites. A sandwich panel is a layered composite with faces and a core.

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Industry Developments

• 24 January 2023: Evonik has launched a new category of nutraceuticals called IN VIVO BIOTICS™. These next-generation synbiotics combine probiotics – healthy gut bacteria – with other health ingredients. IN VIVO BIOTICS™ are based on scientific understanding of human health with deep knowledge of the market for food ingredients and dietary supplements. Customers working on innovative nutraceuticals and health solutions benefit from Evonik's superior expertise in biotechnology and formulation, as well as reliable delivery, excellent quality standards and scalable production.
• 28 November 2022: Evonik's Coating Additives business line has added a new deaerator to its portfolio. Specially designed for radiation cured wood coatings the new deaerator, TEGO® Airex 923, is a highly compatible 100% active organic polymer that shows improved efficiency.

North America held more than 33% of the Structural core materials market revenue share in 2022 and will witness expansion in the forecast period.

North America dominated the global market in terms of revenue in 2022, and it is expected that this trend will continue throughout the forecast period. The market in this region is expected to grow through 2029 as a result of the expansion of the wind energy, building, and automotive industries, particularly in the developed regions of the United States and Canada.

Asia Pacific is expected to have the industry's fastest growth rate, with a CAGR of 7.6% in revenue from 2023 to 2029. The expansion of the commercial and residential construction industries is expected to fuel demand for structural core materials over the forecast period. Another factor expected to have a significant impact on regional growth is the region's rapidly growing wind, automotive, and aerospace industries, particularly in China and India.

Structural Core Materials Market: Dynamics

Rising demand for clean energy around the world is expected to drive long-term growth in the global structural core materials market.

The increasing use of honeycomb core materials in the automotive and aerospace industries due to their lightweight, high stiffness, and other properties is expected to fuel the target market's growth to some extent.

Furthermore, rising demand for these materials in various end-use industries such as packaging, construction, electronics, and marine, owing to corrosion resistance, good thermal stability, and dielectric properties, is expected to fuel the growth of the structural core materials market in the long run.

Rising international trade and rising demand for lightweight materials in the aircraft structural core materials market will drive growth in the global structural core materials market.

The growing urbanisation, modernisation, and expansion of the building and construction sectors have increased demand for structural core materials. One of the major factors driving the growth of the structural core materials market is the global increase in demand for sustainable energy. Honeycomb core materials are widely used in the automotive and aerospace industries because of their advantageous properties such as heat stability, light weight, and high rigidity. This will result in future market value growth for structural core materials. There will undoubtedly be a greater demand for structural core materials as a result of the expansion and development of the various end-user verticals.

The optimal structural core materials have properties including stiffness, light weight, heat transmission or insulation, strength, and vibration or noise dampening. The type of structural core materials used is determined by the relevant nature. It is then reinforced with the structural composite. Automobile airbags, protective gear such as bulletproof vests, electronic circuit boards, communication antennae, rocket parts, aeroplanes, and missiles all use structural core materials. Many industries now prefer structural core materials over solid laminates due to their increased popularity. The market for structural core materials is expected to grow in the coming years as the aerospace industry's use of composite materials increases and end-users' acceptance of PET foams grows.

High investment and operating costs associated with structural core materials, combined with fluctuations in raw material prices, will pose a significant challenge to market growth.

The high investment and operating costs associated with structural core materials, as well as fluctuations in raw material prices, would, however, be a significant barrier to market growth. The government's strict carbon-emissions regulations will also stymie market growth. Furthermore, the renewal of the production tax credit (PTC) is delayed and uncertain, limiting market expansion.

Structural Core Materials: Market Trends

Qualities preferred in an ideal structural core material include lightness in weight, stiffness, thermal insulation/transfer, dampening of noise or vibration, and strength. The nature of the application determines the type of structural core material. After that, it is incorporated into the structural composite.

In the automobile industry, structural core materials are used to manufacture air bags. They are also used in safety equipment such as bulletproof jackets. Structured core materials are also used in communication antennas and electronic circuit boards. Structured core materials are also found in missile, rocket, and aircraft components.

Various industries have become aware of benefits of structural core materials over solid laminates. Demand for structural core materials is expected to increase at a steady pace in the near future.

Report coverage & details:

Structural Core Materials Market Player

The structural core materials market key players include DIAB Group AB, Evonik Industries AG, Gurit Holding AG, Schweiter Technologies AG, Hexcel Corporation, Armacell International Holding GmbH, Changzhou Tiansheng New Materials Co. Ltd., The Gill Corporation, Euro-Composites S.A., Plascore, Inc.

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Key Market Segments: Structural Core Materials Market

Structural Core Materials Market By Product, 2020-2029, (USD Billion), (Kilotons).

• Foam
• Honeycomb
• Balsa

Structural Core Materials Market By Outer Skin Type, 2020-2029, (USD Billion), (Kilotons).

• GFRP
• CFRP
• NFRP

Structural Core Materials Market By End-User Industry, 2020-2029, (USD Billion), (Kilotons).

• Aerospace
• Wind Energy
• Marine
• Transportation
• Construction

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 US economy, employing over 7 million people and producing nearly $1.4 trillion in structures each year. The UAE construction sector grew by 3.3 percent in 2022 and is expected to grow by 4.3% by 2022. In January 2022, the National Development and Reform Commission of China approved a total investment of CNY 485 billion (USD 72 billion) for the construction of seven projects in China. 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

Sandwich structures are preferred in the field of aerospace engineering for lightweight yet high-strength designs. The ability of cores to withstand high temperatures has increased demand for these products in the aerospace industry. According to DPIIT data, FDI inflows into India's air transport sector (including air freight) totaled US$ 2.95 billion between April 2022 and March 2023. According to the Aerospace Industry Association (AIA), USA A&D exports will total approximately $148.1 billion in 2022. According to the General Aviation Aircraft Shipment Report, approximately 2,399 aeroplanes and 674 helicopters will be shipped globally in 2022. The market for structural core materials is being driven by rising demand for both passenger and freight aircraft.

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. One of the major challenges facing the structural core materials market is reliance on raw material suppliers and the outsourcing of raw materials from other countries.  Fluctuations in foreign currency rates, as well as changing government rules and regulations on imports and exports around the world, are also expected to stymie market growth during the forecast period. Carbon fibre sheet prices in the United States, Canada, and the United Kingdom are 30%-50% higher than those in China, and some are even higher.  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.

Market-O-Nomics

• The Structural Core Material Market is expected to reach USD 3.14 billion by 2029, up from USD 2.02 billion in 2022, at a 5.6% CAGR during the forecast period.
• The growing demand for structural composites from the wind energy and aerospace industries is driving market growth.
• An increase in the number of high-speed rail projects and the installation of new wind energy turbines around the world are expected to drive market growth in the coming years.
• North America will account for 38.3% of the market in 2022. Construction, transportation, tanks, and pipes are the primary segments in the US composites industry, accounting for more than 69% of global structural core material consumption.
• Asia Pacific is expected to be the fastest-growing region, with a 6.5% CAGR through 2029.
• Balsa is in high demand for navy vessels, military aircraft and boat hulls, as well as industrial tank applications.
• Wind energy is expected to remain the most important end-use sector in terms of volume and value throughout the analysis period. According to the Global Wind Energy Council, 355 GW of new wind energy capacity will be added globally by 2029. This will increase demand for composites, boosting market revenue.

Key Question Answered

1. What is the expected growth rate of the structural core materials market over the next 7 years?
2. Who are the major players in the structural core materials market and what is their market share?
3. What are the end-user industries driving demand for market and what is their outlook?
4. What are the opportunities for growth in emerging markets such as Asia-Pacific, Middle East, and Africa?
5. How is the economic environment affecting the structural core materials market, including factors such as interest rates, inflation, and exchange rates?
6. What is the expected impact of government policies and regulations on the structural core materials market?
7. What is the current and forecasted size and growth rate of the global structural core materials market?
8. What are the key drivers of growth in the structural core materials market?
9. What are the distribution channels and supply chain dynamics in the structural core materials market?
10. What are the technological advancements and innovations in the structural core materials market and their impact on product development and growth?

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