With the emergence and long-term Impact of COVID-19, the Global Core Materials Market is to reach USD 3804.28 million by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Core Materials Market is poised to raise up to USD 3804.28 million by 2030. Core materials, in the context of materials manufacturing and engineering, are defined as a class of materials used in composite structures. Typically, these materials are made of engineering materials, including foam, wood, and paper, which are significantly used as the key component in sandwich panel construction. Core materials find suitable applications in a range of industries, such as marine, automotive, energy, construction, and industrial. Moreover, the demand for memory-based foam materials increased in end-use industries in the past few years, due to a rise in application across car seats, seat foams, and others.
Thus, the rising demand for memory foam has become popular, creating a massive opportunity for the expansion of the core materials market across the globe. The Core Materials Market is expanding because of factors such as the growing demand for lightweight components, growing manufacturing industries, and an increase in the number of patent filings for core materials among global players. In addition, the surging demand for composites across the aerospace sector is acting as a catalyzing factor for market growth across the globe. The aerospace sector is considered a significant consumer of core materials and composites, owing to their exceptional properties that meet the industry’s rigid requirements for weight reduction, high strength-to-weight ratio, stiffness, and durability.
These core materials find a wide range of applications in aerospace industries, including aircraft structures, fuselages, wings, engine components, interior components, and rotor blades. As per Statista, it was estimated that the military aircraft and aerospace manufacturing sector generated revenue of USD 243 billion in 2020, which increased and reached to USD 255.76 billion in 2021. Furthermore, according to the International Journal of Engineering Research & Technology (IJERT), it is stated that at least 30-40% of modern airframes are presently made of these composites and this level.
Moreover, the emergence of PET foam, as well as the government stimulus packages and tax incentives present numerous growth prospects over the anticipated years. However, the rising concerns for sustainable production of core materials and the high cost of the foam are challenging the market growth throughout the forecast period of 2023-2030.
Geographically, the global Core Materials Market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022, owing to the rise in demand for honeycomb core materials from the aerospace and wind energy industries, along with growing demand for lightweight core materials in this region. Whereas, Asia Pacific is expected to grow at the highest CAGR over the forecasting years. Factors such as the increased wind energy installation and increased transportation sector are significantly propelling the market demand across the region, particularly in China and India.
The global Core Materials Market is highly competitive owing to the presence of several key manufacturers such as Evonik Industries AG (Germany), Armacell International S.A. (Luxembourg), Plascore Incorporated (U.S.), Euro-Composites S.A. (Luxembourg), Diab Group (Sweden), 3A Composites (Switzerland), and others.
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Key findings of the study suggest:
- Global Core Materials Market is anticipated to grow with a healthy growth rate of more than 8.8% over the forecast period 2023-2030.
- In the Type segment, foam emerged as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to the growing manufacturing industries.
- Asia Pacific is expected to grow at a high CAGR followed by North America during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
By Type:
- Foam
- Honeycomb
- Balsa
By Application:
- Marine
- Automotive
- Aerospace
- Energy
- Construction
- Industrial
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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