Core Material for Composites Market Size, Share, Opportunities, And Trends By Type (Honeycomb (Aluminum Honeycomb, Nomex Honeycomb, Thermoplastic Honeycomb), Wood (Balsa, Other woods), Foam (Polystyrene Foam, Polyurethane Foam, PMMA Foam)), By End-Use Industry (Aerospace & Defense, Marine, Automotive, Construction, Wind Energy, Others), And By Geography - Forecasts From 2023 To 2028

Composites are materials made by combining two or more different types of materials to create a new material that possesses superior properties compared to the original materials. The use of composites has grown significantly in recent years, with applications spanning various industries such as aerospace, automotive, marine, construction, and sports. The core material for composites refers to the material used to create a lightweight and strong structure within the composite. The core material is usually placed between two layers of reinforcement material and held in place by the matrix material. It can be made from various materials such as foam, honeycomb, balsa wood, and metal.

The choice of the core material is essential as it affects the properties of the composite, including strength, stiffness, and weight. A lightweight core material can result in a composite with a high strength-to-weight ratio, making it ideal for applications where weight reduction is critical. The composites market includes various types of composites, and the demand for composites is expected to continue to grow as industries seek to take advantage of the many benefits offered by them. The use of composites in various industries has led to the development of new and innovative core materials that enhance their properties, making them more attractive alternatives to traditional materials like metals and alloys.

The core material for composites market is driven by increased use in marine and wind energy industries and growing demand from the construction and auto industries.

Increased use in marine and wind energy industries- The use of composites in marine and wind energy industries is increasing, driven by the need for lightweight and durable materials. Core materials play a crucial role in the manufacture of wind turbine blades and marine structures, where weight reduction is critical. According to the US Department of Energy, the demand for wind energy in the US is expected to grow by 20% by 2030. The European Commission has set a target of generating 27% of its energy from renewable sources by 2030, which is expected to drive the demand for composites in wind energy applications.

Growing demand from the construction and auto industry- The construction industry is increasingly using composites for various applications such as bridges, building facades, and reinforcement structures. The use of core materials such as foam can help to improve their strength and durability. Further, the demand for lightweight materials to reduce the weight of vehicles, aircraft, and other structures is driving the growth of the core material for the composites market. Lightweighting offers several benefits, including improved fuel efficiency, reduced emissions, and increased payload capacity. The use of lightweight core materials such as foam and honeycomb can help achieve these goals. According to the US Department of Energy, reducing the weight of vehicles by 10% can result in a 6-8% improvement in fuel economy. This has led to regulations such as the Corporate Average Fuel Economy (CAFE) standards in the US, which mandate automakers to improve the fuel efficiency of their vehicles.

Key developments

In December 2022, 3A Composites Core Materials, a global leader in developing and manufacturing high-performance core materials for composite applications, launched a new product line, Engicore core materials. The product line offers customers customizable core solutions for their manufacturing processes and standard needs. The company aims to provide innovative and sustainable procurement solutions with the Engicore product line. Engicore core solutions are designed to meet the needs of next-generation composites and innovative designs while optimizing the total cost of ownership and reducing cycle times. The product line caters to various industries such as wind power, automotive, rail, aerospace, building and construction, marine, and hobby. The core solutions are made from Airex rigid foams and Baltek balsa wood, which are reportedly suitable for green energy sources.

In April 2023, the company announced its plans to expand the Engicore product line in the Americas region as well as additional plans to introduce it to other regions worldwide in the future.

Based on type, the core material for composites market is expected to witness positive growth in the wood segment.

Wooden core materials for composites are essential components that provide strength, stiffness, and durability to composite structures while minimizing their weight. The use of wood-based core materials in composites is gaining popularity due to their natural, renewable, and sustainable properties. Balsa wood is one of the most commonly used wood-based core materials. It is lightweight, strong, and has excellent mechanical properties. Balsa wood-based core materials are used in various applications, such as marine, wind energy, aerospace, and transportation. It is also known for its excellent vibration-damping properties, which make it suitable for noise reduction in many applications.

Asia Pacific accounted for a significant share of the core material for composites market.

Based on geography, the core material for composites market is segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. Asia-Pacific is a rapidly growing market for core materials for composites, driven by the region's growing industrialization, urbanization, and infrastructural development. The increasing demand for lightweight and high-performance materials in the automotive and aerospace industries is driving the demand for core materials in the region. The increasing focus on renewable energy sources is also driving the demand for core materials in the wind energy industry.

Key Market Segments

• BY TYPE

• Honeycomb

• • Aluminum Honeycomb
  • Nomex Honeycomb
  • Thermoplastic Honeycomb

• Wood

• • Balsa
  • Other woods

• Foam

• • Polystyrene Foam
  • Polyurethane Foam
  • PMMA Foam
• BY END-USE INDUSTRY

• • Aerospace & Defense
  • Marine
  • Automotive
  • Construction
  • Wind Energy
  • Others
• BY GEOGRAPHY

• North America

• • USA
  • Canada
  • Mexico

• South America

• • Brazil
  • Argentina
  • Others

• Europe

• • Germany
  • France
  • United Kingdom
  • Spain
  • Others

• Middle East And Africa

• • Saudi Arabia
  • UAE
  • Israel
  • Others

• Asia Pacific

• • China
  • India
  • South Korea
  • Indonesia
  • Thailand
  • Taiwan
  • Others

1.    INTRODUCTION

1.1.  Market Overview

1.2.  Market Definition

1.3.  Scope of the Study

1.4.  Market Segmentation

1.5.  Currency

1.6.  Assumptions

1.7.  Base, and Forecast Years Timeline

2.    RESEARCH METHODOLOGY 

2.1.  Research Data

2.2.  Assumptions

3.    EXECUTIVE SUMMARY

3.1.  Research Highlights

4.    MARKET DYNAMICS

4.1.  Market Drivers

4.2.  Market Restraints

4.3.  Porter’s Five Force Analysis

4.3.1.    Bargaining Power of Suppliers

4.3.2.    Bargaining Power of Buyers

4.3.3.    Threat of New Entrants

4.3.4.    Threat of Substitutes

4.3.5.    Competitive Rivalry in the Industry

4.4.  Industry Value Chain Analysis

5.    CORE MATERIAL FOR COMPOSITES MARKET  ANALYSIS, BY TYPE

5.1.  Introduction

5.2.  Honeycomb

5.2.1.    Aluminum Honeycomb

5.2.2.    Nomex Honeycomb

5.2.3.    Thermoplastic Honeycomb

5.3.  Wood

5.3.1.    Balsa

5.3.2.    Other woods

5.4.  Foam

5.4.1.    Polystyrene Foam

5.4.2.    Polyurethane Foam

5.4.3.    PMMA Foam

6.    CORE MATERIAL FOR COMPOSITES MARKET ANALYSIS, BY END-USER INDUSTRY

6.1.  Introduction

6.2.  Aerospace & Defense

6.3.  Marine

6.4.  Automotive

6.5.  Construction

6.6.  Wind Energy

6.7.  Others

7.    CORE MATERIAL FOR COMPOSITES MARKET, BY GEOGRAPHY

7.1.  Introduction

7.2.  North America

7.2.1.    USA

7.2.2.    Canada

7.2.3.    Mexico

7.3.  South America

7.3.1.    Brazil

7.3.2.    Argentina

7.3.3.    Others

7.4.  Europe

7.4.1.    Germany

7.4.2.    France

7.4.3.    United Kingdom

7.4.4.    Spain

7.4.5.    Others

7.5.  Middle East And Africa

7.5.1.    Saudi Arabia

7.5.2.    UAE

7.5.3.    Israel

7.5.4.    Others

7.6.  Asia Pacific

7.6.1.    China

7.6.2.    Japan

7.6.3.    India

7.6.4.    South Korea

7.6.5.    Indonesia

7.6.6.    Thailand

7.6.7.    Taiwan

7.6.8.    Others

8.    COMPETITIVE ENVIRONMENT AND ANALYSIS

8.1.  Major Players and Strategy Analysis

8.2.  Emerging Players and Market Lucrativeness

8.3.  Mergers, Acquisitions, Agreements, and Collaborations

8.4.  Vendor Competitiveness Matrix

9.    COMPANY PROFILES

9.1.  3A Composite

9.2.  Euro-Composites SA

9.3.  Evonik Industry AG

9.4.  Gurit Holding AG

9.5.  Hexcel Corporation

9.6.   Plascore Incorporated

9.7.   Saertex Gmbh Co.Kg

9.8.   BASF

9.9.   The Gill Corporation

9.10.  Hexion Inc.

3A Composite

Euro-Composites SA

Evonik Industry AG

Gurit Holding AG

Hexcel Corporation

Plascore Incorporated

Saertex Gmbh Co.Kg

BASF

The Gill Corporation

Hexion Inc.