Structural Core Materials Industry Trends-Emergence of countless new opportunities for light weight composite materials in aircraft
PUNE, India, May 30, 2023 /PRNewswire/ -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Structural Core Materials Market.
The structural core materials market is expected to grow at 6.45% CAGR from 2023 to 2029. It is expected to reach above USD 2.64 Billion by 2029 from USD 1.30 Billion in 2022.
Structural core materials are incorporated into composite materials, which are widely used in the construction, automotive, civil infrastructure, aircraft, military, and corrosion-resistant equipment industries. A composite material is created by combining two or more materials with distinct properties. Composites are classified into three types: particle-reinforced composites, fiber-reinforced composites, and structural composites. Laminates and sandwich panels are the two types of structural composites. A sandwich panel is a layered composite with faces and a core.
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Industry Developments
North America held more than 33% of the Structural core materials market revenue share in 2022 and will witness expansion in the forecast period.
North America dominated the global market in terms of revenue in 2022, and it is expected that this trend will continue throughout the forecast period. The market in this region is expected to grow through 2029 as a result of the expansion of the wind energy, building, and automotive industries, particularly in the developed regions of the United States and Canada.
Asia Pacific is expected to have the industry's fastest growth rate, with a CAGR of 7.6% in revenue from 2023 to 2029. The expansion of the commercial and residential construction industries is expected to fuel demand for structural core materials over the forecast period. Another factor expected to have a significant impact on regional growth is the region's rapidly growing wind, automotive, and aerospace industries, particularly in China and India.
Structural Core Materials Market: Dynamics
Rising demand for clean energy around the world is expected to drive long-term growth in the global structural core materials market.
The increasing use of honeycomb core materials in the automotive and aerospace industries due to their lightweight, high stiffness, and other properties is expected to fuel the target market's growth to some extent.
Furthermore, rising demand for these materials in various end-use industries such as packaging, construction, electronics, and marine, owing to corrosion resistance, good thermal stability, and dielectric properties, is expected to fuel the growth of the structural core materials market in the long run.
Rising international trade and rising demand for lightweight materials in the aircraft structural core materials market will drive growth in the global structural core materials market.
The growing urbanisation, modernisation, and expansion of the building and construction sectors have increased demand for structural core materials. One of the major factors driving the growth of the structural core materials market is the global increase in demand for sustainable energy. Honeycomb core materials are widely used in the automotive and aerospace industries because of their advantageous properties such as heat stability, light weight, and high rigidity. This will result in future market value growth for structural core materials. There will undoubtedly be a greater demand for structural core materials as a result of the expansion and development of the various end-user verticals.
The optimal structural core materials have properties including stiffness, light weight, heat transmission or insulation, strength, and vibration or noise dampening. The type of structural core materials used is determined by the relevant nature. It is then reinforced with the structural composite. Automobile airbags, protective gear such as bulletproof vests, electronic circuit boards, communication antennae, rocket parts, aeroplanes, and missiles all use structural core materials. Many industries now prefer structural core materials over solid laminates due to their increased popularity. The market for structural core materials is expected to grow in the coming years as the aerospace industry's use of composite materials increases and end-users' acceptance of PET foams grows.
High investment and operating costs associated with structural core materials, combined with fluctuations in raw material prices, will pose a significant challenge to market growth.
The high investment and operating costs associated with structural core materials, as well as fluctuations in raw material prices, would, however, be a significant barrier to market growth. The government's strict carbon-emissions regulations will also stymie market growth. Furthermore, the renewal of the production tax credit (PTC) is delayed and uncertain, limiting market expansion.
Structural Core Materials: Market Trends
Qualities preferred in an ideal structural core material include lightness in weight, stiffness, thermal insulation/transfer, dampening of noise or vibration, and strength. The nature of the application determines the type of structural core material. After that, it is incorporated into the structural composite.
In the automobile industry, structural core materials are used to manufacture air bags. They are also used in safety equipment such as bulletproof jackets. Structured core materials are also used in communication antennas and electronic circuit boards. Structured core materials are also found in missile, rocket, and aircraft components.
Various industries have become aware of benefits of structural core materials over solid laminates. Demand for structural core materials is expected to increase at a steady pace in the near future.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023?2029 |
Base Year | 2022 |
Market Size in 2022 | USD 1.30 Billion |
Market Size in 2029 | USD 2.64 Billion |
CAGR | 6.45 % |
No. of Pages in Report | 125 |
Segments Covered | Material, Outer Skin Type, End User Industry, and Region |
Drivers | Growing urbanisation, modernization, and expansion of the building and construction industries have all contributed to an increase in demand for structural core materials. |
Growth in the Aerospace Industry is Propelling Demand for Core Materials | |
Restraints | Rising Concerns for Sustainable Production of Core Materials to Restrict Market Growth |
Opportunities | The development of new honeycomb manufacturing techniques is the result of technological advancements. |
The development and growth of the various end-user verticals would unquestionably increase the need for structural core materials. |
Structural Core Materials Market Player
The structural core materials market key players include DIAB Group AB, Evonik Industries AG, Gurit Holding AG, Schweiter Technologies AG, Hexcel Corporation, Armacell International Holding GmbH, Changzhou Tiansheng New Materials Co. Ltd., The Gill Corporation, Euro-Composites S.A., Plascore, Inc.
Browse the full report with Table of Contents and List of Figures at
https://exactitudeconsultancy.com/reports/16535/structural-core-materials-market/?mode=P166
Key Market Segments: Structural Core Materials Market
Structural Core Materials Market By Product, 2020-2029, (USD Billion), (Kilotons).
Structural Core Materials Market By Outer Skin Type, 2020-2029, (USD Billion), (Kilotons).
Structural Core Materials Market By End-User Industry, 2020-2029, (USD Billion), (Kilotons).
Structural Core Materials Market Drivers:
Structural core materials are produced with the help of intermediates such as carbon fiber, glass fiber, resins, honeycombs, and balsa wood. According to the Associated General Contractors (AGC), the construction industry is a significant contributor to the US economy, employing over 7 million people and producing nearly $1.4 trillion in structures each year. The UAE construction sector grew by 3.3 percent in 2022 and is expected to grow by 4.3% by 2022. In January 2022, the National Development and Reform Commission of China approved a total investment of CNY 485 billion (USD 72 billion) for the construction of seven projects in China. India has a total of US$1.4 trillion infrastructure investment budget under the National Infrastructure Pipeline (NIP). These are some of the major factors driving the market for structural core material globally.
Sandwich structures are preferred in the field of aerospace engineering for lightweight yet high-strength designs. The ability of cores to withstand high temperatures has increased demand for these products in the aerospace industry. According to DPIIT data, FDI inflows into India's air transport sector (including air freight) totaled US$ 2.95 billion between April 2022 and March 2023. According to the Aerospace Industry Association (AIA), USA A&D exports will total approximately $148.1 billion in 2022. According to the General Aviation Aircraft Shipment Report, approximately 2,399 aeroplanes and 674 helicopters will be shipped globally in 2022. The market for structural core materials is being driven by rising demand for both passenger and freight aircraft.
Structural Core Materials Market Challenges:
The raw materials required for structural core materials include carbon fiber, glass fiber, resins, honeycombs, and balsa wood, among others. One of the major challenges facing the structural core materials market is reliance on raw material suppliers and the outsourcing of raw materials from other countries. Fluctuations in foreign currency rates, as well as changing government rules and regulations on imports and exports around the world, are also expected to stymie market growth during the forecast period. Carbon fibre sheet prices in the United States, Canada, and the United Kingdom are 30%-50% higher than those in China, and some are even higher. For instance, a T300 material 200*300*1.5mm carbon fiber sheet worth is concerning $14, whereas a 200*300*2mm carbon fiber plate worth is $17, and a T700 carbon fiber material 400*500*3mm carbon fiber board worth is $66.
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