Structural Core Materials Market To Reach $3.84 Billion By 2030

Structural Core Materials Market Growth & Trends

The global structural core materials market size is expected to reach USD 3.84 billion by 2030, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 6.5% during the forecast period. As the wind energy sector continues to flourish, structural core materials are anticipated to rake in a healthy share in the revenue pie. Rising consumer disposable income of people in countries such as the U.S., India, and China is leading to the expansion of the aerospace and automotive industries, thereby boosting the need for structural core materials for parts and components manufacturing. 

In terms of revenue, aerospace was the largest end-use segment, accounting for about 38.0% of the global market in 2016. In the field of aircraft and helicopter engineering, sandwich structures are the preferred choice for lightweight yet high-strength designs. High-temperature resistance of cores has further facilitated the demand for these products.

Booming aerospace and construction industries worldwide are unfolding several growth opportunities for the structural core materials market. However, the prices of raw materials used for manufacturing could play a crucial role in overall production costs in the future.

DIAB International AB, a major player in the market, tripled its production capacity of advanced foam cores to meet increasing demand from the aerospace industry worldwide. A few companies acquired and merged with each other to enhance their product offerings and expand their global reach. For instance, Gurit Holding AG acquired BASF’s PET structural foam business with the intention of strengthening Gurit’s range of structural core material products. Such strategic initiatives reflect the intensifying competition in the structural core materials market.

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Structural Core Materials Market Report Highlights

• The honeycomb segment accounted for the dominant share of 62.8% in 2023. This growth is attributable to the increased demand for this raw material in the aerospace, automotive, marine, and construction industries

• Carbon Fiber Reinforced Polymer (CFRP) registered the largest market share in 2023. These polymers considerably outperform glass and other fibers in terms of tensile strength, low thermal expansion, and high stiffness

• Glass Fiber Reinforced Polymer (GFRP) is expected to grow at a CAGR of 7.7% during the forecast period

• Aerospace held a dominant share of 36.4% in 2023 primarily due to the alarming need for fuel efficiency and emission reduction

• The North America structural core materials dominated the market with a share of 36.6% in 2023 owing to the region’s industrial landscape and technological advancements

Structural Core Materials Market Segmentation

Grand View Research has segmented the global structural core materials market on the basis of  product, skin, end-use, and region :

Structural Core Materials Product Material Outlook (Revenue, USD Million, Volume in Kilotons, 2018 - 2030)

• Foam

• Balsa

• Honeycomb

Structural Core Materials Skin Material Outlook (Revenue, USD Million, Volume in Kilotons, 2018 - 2030)

• Glass fiber reinforced polymer (GFRP)

• Carbon fiber reinforced polymer (CFRP)

• Nylon fiber reinforced polymer (NFRP)

• Others

Structural Core Materials End-use Material Outlook (Revenue, USD Million, Volume in Kilotons, 2018 - 2030)

• Aerospace

• Automotive

• Wind Energy

• Marine

• Construction

• Others

Structural Core Materials Regional Outlook (Revenue, USD Million, Volume in Kilotons, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • Japan

  • India

• Latin America

  • Brazil

• Middle East and Africa (MEA)

  • Saudi Arabia

List Of Key Players in the  Structural Core Materials Market

• DIAB International AB

• Evonik Industries AG

• Gurit Services AG

• Schweiter Technologies AG

• Hexcel Corporation

• ARMACELL

• Changzhou Tiansheng New Materials Co. Ltd.

• The Gill Corporation

• EURO-COMPOSITES

• SABIC