PUBLISHER: The Business Research Company | PRODUCT CODE: 1658922
PUBLISHER: The Business Research Company | PRODUCT CODE: 1658922
Core materials are crucial substances employed in sandwich structures, contributing to the production of lightweight and high-performance products.
The primary types of core materials include foam, honeycomb, and wood. Foam is a material characterized by the entrapment of air bubbles within a solid or liquid matrix. These core materials are distributed through both direct and indirect channels, serving a variety of industries such as wind energy, aerospace, defense, marine, automotive, building and construction, medical, and others.
The core materials market research report is one of a series of new reports from The Business Research Company that provides core materials market statistics, including core materials industry global market size, regional shares, competitors with core materials market share, detailed core materials market segments, market trends, and opportunities, and any further data you may need to thrive in the core materials industry. This core materials market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The core materials market size has grown rapidly in recent years. It will grow from $1.73 billion in 2024 to $1.97 billion in 2025 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 $3.27 billion in 2029 at a compound annual growth rate (CAGR) of 13.5%. 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.
The increasing demand for wind energy is fueling the growth of the core materials market in the coming years. This rising demand for wind energy is primarily driven by the need for alternative energy sources and the desire to protect the environment by reducing carbon footprints. Common sandwich constructions used in manufacturing wind turbine blades include foam, balsa, and honeycomb core materials. Wind energy is a vital clean resource for meeting carbon emission reduction targets and is also focused on expanding capacity, resulting in a heightened need for wind turbine blades made from core materials. For example, in 2022, the International Energy Agency (IEA), a France-based autonomous international government organization, reported that the supply of renewable energy from solar, wind, hydro, geothermal, and ocean sources increased by nearly 8%, indicating a growing share of these technologies in the total global energy supply. Furthermore, the U.S. power grid is transitioning from fossil fuels to renewable sources, with renewables expected to rise by approximately 380% from 2022 to 2050. Consequently, the growing demand for wind energy is driving the expansion of the core materials market.
The growing demand for electric vehicles is anticipated to drive the need for the core materials market in the coming years. An electric vehicle (EV) is defined as a vehicle powered by electricity instead of traditional internal combustion engines that operate on gasoline or diesel. Core materials, such as advanced composites and lightweight foams, are crucial for manufacturing components for electric vehicles, including body panels, interiors, and other structural elements. The focus on reducing the weight of EVs to improve their range and energy efficiency is expected to increase the demand for core materials within the automotive sector. For example, in July 2023, the International Energy Agency, a France-based intergovernmental organization, reported that electric vehicle sales reached 10 million in 2022, with projections of rising to 14 million in 2023. Thus, the rising demand for electric vehicles is fueling the growth of the core materials market.
Major companies in the core materials market are innovating products like InsituCore Foaming Materials to improve strength, durability, and lightweight properties across various applications. InsituCore Foaming Materials are advanced foam materials generated directly within a structure or mold during the manufacturing process, rather than being pre-formed. For example, in September 2024, L&L Products, an India-based company specializing in materials science, advanced engineering, and manufacturing process optimization, launched InsituCore L-9008 and InsituCore L-9080. These products are InsituCore Foaming Materials specifically designed for lightweight composite manufacturing. InsituCore L-9008 is a thermosetting foam material ideal for producing foam core composites, while InsituCore L-9080 is a thermoplastic foam material also intended for foam core composites.
Major companies in the core materials market are concentrating on product development, such as ultra-lightweight materials, to maintain their market position. Ultra-lightweight materials are characterized by exceptionally low weight or density while preserving structural integrity and functionality. For example, in January 2023, Aerogel Core Ltd., a UK-based company focused on ultra-lightweight materials, introduced ultra-light, low-carbon aerogel insulation materials designed for the aerospace and automotive sectors. These graphene-based aerogels, developed through research at the University of Bath in the UK, provide soundproofing and heat-shielding capabilities. The graphene-based aerogels created by the company can be used for soundproofing and heat shielding, making them suitable for applications in the aerospace and automotive industries. Aerogels, being synthetic materials with distinctive properties, are regarded as core materials across various applications, particularly when lightweight, durable, and thermally insulating materials are essential. The introduction of these aerogel insulation materials adds to the innovation and development of core materials for targeted industrial applications.
In May 2022, 3A Composites Core Materials, a manufacturing company based in Switzerland known for producing more durable, sustainable, and energy-efficient end products, acquired Solvay's TegraCore PPSU resin-based foam for an undisclosed amount. This acquisition will allow 3A to enhance its product lineup and facilitate ongoing growth in the foam's target markets, including aerospace, maritime, and rail. Solvay, a chemical company located in Belgium, develops innovative solutions aimed at making housing, food and consumer goods, batteries, smart devices, healthcare applications, and water and air purification systems safer, cleaner, and more environmentally friendly.
Major companies operating in the core materials market are Schlumberger Ltd., Baker Hughes Inc., Halliburton Company, Weatherford International PLC, Gulf Energy SAOC, Calfrac Well Services Ltd., Sanjel Energy Services Inc., Nabors Industries Ltd., Trican Well Service Ltd., Condor Energy Services Ltd., Vallourec SA, Daleel Petroleum LLC, National Energy Services Reunited Corp., China Oilfield Service Limited, C&J Energy Services Inc., China Well Cementing Services Limited, National Oilwell Varco Inc., Sledgehammer Oil Tools Pvt. Ltd., Crimson Oil Tools Pvt. Ltd., Wilco Machine & Fab Inc., Wellcare Oil Tools Services LLC, Welltec A/S, Volant Products Inc., Pioneer Energy Services Corp., Magnum Cementing Services Operations Ltd., Gulf Coast Cement shell Inc., Cementing Solutions Inc.
Asia-Pacific was the largest region in the core materials market share in 2024. The regions covered in the core materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the core materials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The core materials market consists of sales of polyvinyl chloride foam, urethane foam, non-woven core fabrics, and balsa wood. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Core Materials Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on core materials market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for core materials ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The core materials market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.