Growing Demand for Lightweight Construction to Drive Structural Core Materials Market

The global market for Structural Core Materials estimated at US$1.10 Billion in the year 2021, is projected to reach a revised size of US$2.12 Billion by 2030, growing at a CAGR of 5% over the analysis period 2021-2030.

The global structural core materials market is mainly driven by the growing demand from the automotive, aerospace, and marine sectors, according to the latest research report from Market Research Future (MRFR). Structural core materials are used in a wide array of applications to support and stabilize structures in industries such as automotive, aerospace, marine, and wind energy. Due to the vital importance of structural core materials to the integrity of the application, the global structural core materials market is expected to rise at a strong growth rate over the forecast period. The report provides a comprehensive overview of the global structural core materials market by providing a detailed analysis of all components of the market and analyzing the historical growth trajectory of the market in detail. The past growth trajectory of the global structural core materials market is of great importance to analysts, as it reveals the trends and features that will define the structural core materials market’s growth over the forecast period from 2021-2030

The aerospace sector is likely to be a key consumer of the global structural core materials market over the forecast period. The aerospace sector has become a major buyer of honeycomb and foam materials in the last few years due to the growing demand for lightweight components in the aerospace sector. Honeycomb materials are among the best lightweight structural core materials on the planet, and have thus received increasing demand from the aerospace sector over the last few years. The increasing demand for lighter airplanes, enabling more fuel savings and efficient movement, is likely to be a major driver for the global structural core materials market over the forecast period. The commercial airlines sector is likely to be especially important to the global structural core materials market, as commercial airlines have less obligations as to build quality and strength than military aircraft, where strength and durability are more valued over weight and fuel efficiency.

The automotive sector and wind energy sector are also likely to be important consumers for the global structural core materials market over the forecast period. The wind energy sector has made rapid gains in the last few years to become a key component of the overall renewable energy mix around the world. One of the major features of this growth has been the development of lightweight turbines, which has allowed for high efficiency figures in wind energy plants. Honeycomb and balsa products are widely used in wind energy applications due to their light weight. This is likely to be a major driver for the global structural core materials market.

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Competitive Analysis:

Leading players in the global structural core materials market include Evonik Industries, Plascore Inc., Armacell International, The Gill Corporation, Changzhou Tiansheng New Materials Co. Ltd., Euro Composites, Gurit Holding, Hexcel Corporation, Schweiter Technologies, and Diab Group.

In October 2019, Gurit announced plans to close its automotive component production facility in Hungary by mid-2020. This announcement followed Gurit’s earlier efforts to sell the facility. Not finding a suitable buyer, the company has now made the decision to close the plant down.

Segmentation:

The global structural core materials market is segmented on the basis of product, skin type, end use, and region.

By product, the global structural core materials market is segmented into foam, balsa, and honeycomb. The honeycomb segment holds a dominant 65% share in the global structural core materials market and is likely to remain the leading revenue generator in the global market over the forecast period.

On the basis of skin type, the global structural core materials market is segmented into glass fiber reinforced polymer, natural fiber reinforced polymer, carbon fiber reinforced polymer, and others.

By end use, the global structural core materials market is segmented into automotive, aerospace, wind energy, construction, marine, and others.

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Regional Analysis:

North America was the largest structural core materials market in 2017 and is expected to maintain its dominance over the forecast period. However, the growing automotive industry in Asia Pacific is likely to enable rapid growth of the market in Asia Pacific over the forecast period.

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