Chicago, May 10, 2024 (GLOBE NEWSWIRE) -- The projected growth of the Core Materials Market is substantial, with estimates indicating a rise from USD 1.6 billion in 2023 to USD 3.0 billion by 2028, representing a compound annual growth rate (CAGR) of 13.5% over the forecast period, as per the recent study by MarketsandMarkets™. Numerous industries, including wind energy, maritime, automotive & transportation, aerospace & military, construction, and industrial areas, use core materials. The core materials business is quickly advancing thanks to strong end-user demand.
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Browse in-depth TOC on “Core Materials Market”.
290 - Market Data Tables
62 - Figures
270 - Pages
List of Key Players in Core Materials Market:
- 3A Composites (Switzerland)
- Diab Group (Sweden)
- Gurit (Switzerland)
- Hexcel Corporation (US)
- Armacell S.A. (Luxembourg)
- Euro-Composites S.A. (Luxembourg)
- Changzhou Tiansheng New Materials Co. Ltd. (China)
Drivers, Restraints, and Opportunities in Core Materials Market:
- Driver: Demand for core materials in wind turbine blades and solar panels
- Restrain: Difficulty in recycling core materials
- Opportunity: Growing demand for core materials in medical industry and 3D printing
- Challenge: Developing low-cost technologies
Key Findings of the Study:
- The foam core material type segment accounted for the largest share in core materials market, in terms of value and volume.
- The wind energy end-use industry is expected to be the fastest growing industry during the forecast period.
- Asia Pacific is the largest and the fastest growing regional market during the forecasted period.
- Increasing number of wind energy installations to boost the market.
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Based on Type, Core materials are categorized into balsa, foam, and honeycomb segments. Foam takes the lead among these and is the most popular option in the core materials industry. It is preferred because of its adaptability and affordability in a range of end-use sectors. Additional categories for foams include PET, PVC, SAN, PMI, PEI, and others. The most common of them is PET foam, which is made from recycled PET bottles and is known for being environmentally friendly. However, balsa wood, from which balsa core is made, has long been used in wind blade and boat building applications.
Based on End-Use Industry, the wind energy, marine, aerospace & military, automotive & transportation, construction, industrial, and other segments (sporting goods and healthcare) comprise the core materials market. The market for core materials was dominated by the wind energy industry. Core materials are essential to many applications in the wind energy sector, such as spinners, nacelles (platforms and coverings), and rotor blades (shear web, shells, and edge close-outs). These core materials are essential to the composite wind blade because they provide the necessary low density, high stiffness, and thickness, which improves performance and longevity.
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By Region wise, Asia Pacific was the leading market for the core materials market in 2022. Due to its aggressive renewable energy targets and large expenditures in wind power infrastructure, China is becoming one of the region's most important markets, which has increased demand for core materials to previously unheard-of levels. China's relentless quest for clean energy solutions has resulted in a significant increase in the production of wind turbine components, particularly rotor blades, nacelles, and spinners—all of which heavily rely on core materials for structural integrity and performance optimization. China is currently the world's largest market for wind energy installations. Furthermore, the wind energy industries in other Asia Pacific nations, such Japan and India, are expanding significantly, which is fuelling the rising need for core materials.
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