The Core Materials Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Core Materials Global Market Report 2024, The core materials market size has grown rapidly in recent years. It will grow from $1.53 billion in 2023 to $1.74 billion in 2024 at a compound annual growth rate (CAGR) of 13.7%. The growth in the historic period can be attributed to demand for lightweight materials, environmental regulations, growth in wind energy sector, infrastructure development, market competitiveness..
The core materials market size is expected to see rapid growth in the next few years. It will grow to $2.85 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%. The growth in the forecast period can be attributed to rising focus on renewable energy, advancements in composite technologies, electrification of transportation, infrastructure resilience, smart building technologies, circular economy practices.. Major trends in the forecast period include development of fire-resistant core materials, customization and tailoring for specific applications, integration of nanotechnology..
Increasing demand for wind energy is driving the growth of the core materials market going forward. The demand of wind energy is increasing mainly due to an alternative energy and need to protect environment by limiting carbon footprint. Foam, balsa, and honeycomb core are the common sandwich construction used in the manufacturing of wind turbine blades. Wind energy is an essential clean resource for achieving the reduction of carbon emissions target and is also striving towards capacity additions therefore there is an increase in the need for wind turbine blades which are made from core materials. For instance, in 2022, according to the global energy review by the IEA (International Energy Agency), a France-based autonomous international government organization, renewable energy supply from solar, wind, hydro, geothermal, and ocean sources rose by close to 8%, meaning that the share of these technologies in total global energy supply is increasing. Additionally, the U.S. power grid is shifting from fossil fuels to renewables, with renewables projected to increase by about 380% from 2022 through 2050. Therefore, the rising demand for wind energy is driving the growth of the core materials market.
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The core materials market covered in this report is segmented –
1) By Type: Foam, Honeycomb, Wood
2) By Distribution Channel: Direct, Indirect
3) By End-Use Industry: Wind Energy, Aerospace and Defense, Marine, Automotive, Building and Construction, Medical, Other End-Use Industries
Product innovation is a key trend gaining popularity in the core materials market. Major companies operating in the market are focused on innovating products to gain a competitive edge in the market. For instance, in August 2021, SAERTEX GmbH & Co. KG, a Germany-based manufacturer of core materials for the production of fiber-reinforced composites launched the SAERfoam, an innovative structural core material that has unique properties such as combining 3D glass reinforcement with ultralight foam. SAERfoam can replace traditional core materials like PVC (Polyvinyl chloride), PET (Polyethylene terephthalate), and balsa because of its highly adaptable mechanical qualities and extremely low weight. The SAERfoam series includes the SAERfoam Plus edition and new regular designs SAERfoam 80 and SAERfoam 60. SAERfoam 80 was created to enhance the handling of infusion-molded constructions like boat hulls, decks, and huge industrial pieces. Mold preservation SAERfoam 60 is particularly focused on resin transfer molding (RTM).
Major Players:
- Schlumberger Ltd.
- Baker Hughes Inc.
- Halliburton Company
- Weatherford International PLC
- Gulf Energy SAOC
The core materials market report table of contents includes:
1. Executive Summary
2. Core Materials Market Characteristics
3. Core Materials Market Trends And Strategies
4. Core Materials Market – Macro Economic Scenario
5. Global Core Materials Market Size and Growth
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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