Market Insights

The structural core materials market was valued at US$ 842.4 million in 2024 and is likely to grow at a CAGR of 4.2% in the long run to reach US$ 1134.8 million in 2031.

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Market Dynamics

Introduction

Core materials refer to the central component of sandwich construction. The well-known core materials used in sandwich construction are honeycomb, foam, and balsa. These core materials absorb the shear forces generated by out-of-plane loads, distributing between the skins and spreading them over a larger area while maintaining the skins at a fixed distance.

The core’s function is to support the skins so that they do not deform inwardly or outwardly to keep them in a relative position to each other. The core materials can be made of a variety of materials such as wood, aluminum, and a variety of foams. This study comprises only foam core and balsa core and completely excludes all kinds of honeycomb core materials.

Market Drivers

The market drivers include:

• Expected Increase in Aircraft Fleets: Growing air travel demand and fleet modernization programs are driving increased procurement of fuel-efficient, next-generation aircraft by both commercial and defense industries.
• Expected Recovery in Automotive Production: Easing supply chain constraints and rising EV adoption are expected to boost global automotive output, supporting upstream demand for components, materials, and electronics.
• Expected Rise in Wind Turbine Installations: Global renewable energy targets and supportive government policies are accelerating wind power projects, fueling demand for turbine components, composites, and specialty materials.

Segment Analysis

By Core Material Type

“PET core is expected to hold major market share and will be the fastest-growing core material of the market during the forecast period.”

The Structural Core Materials Market is segmented into PVC, PET, SAN, PMI, Balsa, and other core materials. Among these, PET core is expected to maintain its dominance over the next six years with the fastest growth during the forecast period, mainly driven by the exceptional growth in wind energy. PET core is also anticipated to witness the fastest growth in the foreseen future, driven by an incessant replacement of PVC foam and SAN to PET foam core, especially in wind energy and transportation industries. All the leading players, such as Diab and Gurit, are setting up new PET lines to tap the growing market potential.

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By End-Use Type

“Wind energy is expected to remain the biggest demand generator of the core materials market during the forecast period.”

The market is segmented into wind energy, marine, ground transportation, aerospace & defense, and other End-Use Industries. Driven by the rising demand for longer wind blades, the wind energy sector is expected to remain the largest consumer of structural core materials over the next six years. According to The Brinckmann – 2024 Global Wind Supplier Forecast, approximately 570 GW of new wind capacity is projected to be added between 2025 and 2028, further accelerating core material demand.

Regional Analysis

“Asia-Pacific will continue as the largest market for structural core materials, with Europe as the second-largest during the forecast period.”

In terms of regions, Asia-Pacific is expected to remain the largest market for structural core materials during the forecast period. China is estimated to remain the largest market in the region as well as in the world, driven by rising wind turbine installations, increasing demand for recreational fiberglass boats, the opening of assembly plants of Boeing and Airbus, and increasing demand for high-speed trains.

Europe is expected to remain the second-largest market during the forecast period. The region is also expected to grow at the fastest pace in the market during the same period, due to an increasing focus of the EU on offshore wind turbine installations as well as healthy growth in the aerospace & defense industry.

The region is witnessing phenomenal changes in the usage of core materials across all the end-use industries with the incessant replacement of PVC and SAN to PET core. Armacell and Gurit are the leading suppliers of PET core materials, based in the region.

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Key Players

The market for structural core materials is consolidating as the major companies are performing mergers & acquisitions. Among many acquisitions performed in the market, the acquisition of the Allusuisse Group AG including the Airex division by Alcan in 2000, followed by the acquisition of Baltek in 2003 by Alcan Composites at an agreed price of US$ 35 million is still the most noticeable one. In 2010, Alcan Composites got renamed 3A Composites. This change follows the 2009 acquisition of Alcan by Schweiter Technologies.  Furthermore, in 2021, Diab agreed to acquire SABIC’s Ultem foam production lines and in 2019, PAI Partners and KIRKBI together acquired Armacell.

The supply chain of this market comprises several nodes including raw material suppliers, structure core material manufacturers, sandwich panel suppliers, tier players, OEMs, and end-users.

Here is the list of the Top Players (Based on Alphabetical Order)

• 3A Composites Gmbh (Schweiter Technologies AG)
• Gurit Holdings AG
• Diab International AB
• Armacell International S.A.
• Baoding Weise New Materials Technology Co., Ltd. (China)
• Changzhou Tiansheng New Materials Co., Ltd. (China)
• Evonik Industries AG
• Maricell S.r.l.

Note: The above list does not necessarily include all the top players in the market.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s structural core materials market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants and investors in identifying the low-hanging fruit available in the market and formulating growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 10 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept so that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market, covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The global structural core materials market is segmented into the following categories

By Core Material

• PVC 
• PET 
• SAN 
• PMI 
• Balsa 
• Other Core Materials 

By End-Use Type

• Wind Energy 
• Marine 
• Ground Transportation 
• Aerospace & Defense 
• Other end-use industries

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Middle East, Latin America, and Others)

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respected clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances

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