Core Materials Market worth $3.0 billion by 2028 - At a CAGR of 13.5%

The market for core materials is likely to grow significantly over the next years, rising from USD 1.6 billion in 2023 to USD 3.0 billion by 2028. Over the course of the projection period, this growth is anticipated to occur at a compound annual growth rate (CAGR) of 13.5%. 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. Materials or substances utilized as the interior or central part of a building or product are known as core materials. These materials frequently serve as insulation, structural support, or in other specialized capacities. Core materials might vary based on the particular use, but some common core materials are foams, honeycomb, and balsa wood.

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As the largest end-use industry of core materials, wind energy stands out and stimulates significant demand and innovation in the core materials market. Wind power has become a key component in the transformation to a sustainable energy landscape as a result of the global trend towards renewable energy sources. In order to achieve maximum performance and endurance, wind turbine blades must be constructed with lightweight yet robust frameworks, which is where core materials come into play. The core of contemporary wind turbine blades is made of sandwich composite structures, which frequently make use of materials like foam cores or fiberglass-reinforced composites to maximize energy extraction while enduring the rigors of operation. With government incentives and environmental concerns driving the continued global proliferation of wind farms, there will be an increasing need for sophisticated core materials specifically designed to meet the demands of wind energy applications. The focus on efficiency improvement and technological innovation highlights the critical role that wind energy plays as the primary end-user industry for core materials, influencing the direction of the renewable energy sector and the larger materials business landscape.

Prominent players, include 3A Composites (Switzerland), Diab Group (Sweden), Gurit (Switzerland), Hexcel Corporation (US), Armacell S.A. (Luxembourg), Euro-Composites S.A. (Luxembourg), and Changzhou Tiansheng New Materials Co. Ltd. (China). These companies have enhanced their positions in the global core materials market over the past few years by implementing strategies like acquisition, growth agreements and partnerships, and the launch and development of new products.

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Gurit Holdings AG – In the core materials industry, Gurit Holdings AG is a well-known player, recognized for its creative ideas and steadfast dedication to quality. Gurit is a major worldwide provider of cutting-edge core materials and has a significant influence on a number of industries, including wind energy, construction, aerospace, marine, and automotive. Gurit has a long history that dates back several decades. Throughout that time, it has consistently pushed the limits of composite technology, gaining a reputation for dependability, quality, and innovative research and development. Gurit has been constantly working on its R&D to maintain its market share, for instance in January 2024 Gurit launched Gurit Kerdyn FR+. It is a PET recycled structural foam with Class C – EN13501 test and certification. It offers good compressive strength and stiffness. Additionally, Gurit® Kerdyn™️ FR aligns with the Marine, Civil and Transportation markets’ needs for materials with good Fire, Smoke and Toxicity (FST) properties.

Hexcel Corporation – As one of the market leaders in core materials, Hexcel Corporation is renowned for its innovative contributions and unwavering commitment to the advancement of composite technology. Hexcel is a world leader in advanced composites and is essential to many different industries, such as wind energy, aerospace, automotive, marine, and industrial applications. Hexcel has a long history of pushing the limits of innovation and establishing new benchmarks for sustainability, dependability, and performance. The company’s broad selection of core materials, which includes a variety of foam, honeycomb, and composite solutions, meets the changing needs of clients all over the world. Hexcel is a reliable partner for businesses looking for cutting-edge solutions because of its unrelenting dedication to research and development and unmatched experience in materials science. Hexcel is gaining market share by expansion. For instance, in May 2023 Hexcel Corporation announced the grand opening of a completed expansion at its engineered core operations plant in Morocco to meet the growing demand for lightweight advanced composite materials for the aerospace industry.