Core Materials Global Market Report 2024

The global core materials market 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 observed in the historical period can be attributed to the demand for lightweight materials, adherence to environmental regulations, expansion in the wind energy sector, infrastructure development, and the drive for market competitiveness.

The global core materials market 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 anticipated growth in the forecast period can be attributed to the increasing focus on renewable energy, advancements in composite technologies, the electrification of transportation, a heightened emphasis on infrastructure resilience, the integration of smart building technologies, and the adoption of circular economy practices. Major trends expected in this period include the development of fire-resistant core materials, customization and tailoring of products for specific applications, and the integration of nanotechnology in the industry.

The core materials market is poised for growth, driven by the increasing demand for wind energy as an alternative and environmentally friendly power source. Foam, balsa, and honeycomb core materials are integral in the manufacturing of wind turbine blades, which play a crucial role in harnessing wind energy. With the global renewable energy supply from solar, wind, hydro, geothermal, and ocean sources increasing by nearly 8% in 2022, according to the International Energy Agency (IEA), the demand for wind turbine blades is on the rise. The U.S. power grid's transition from fossil fuels to renewables further reinforces the growth, with renewables expected to surge by approximately 380% from 2022 to 2050. The escalating demand for wind energy positions core materials as a key component in driving market growth.

The surge in demand for electric vehicles (EVs) is another factor propelling the core materials market forward. Core materials, including advanced composites and lightweight foams, are crucial in manufacturing components for electric vehicles such as body panels and interiors. As the global sales of EVs continue to rise, with 2 million electric cars sold globally in the first quarter of 2022, according to the International Energy Agency, core materials become essential in enhancing the energy efficiency and range of electric vehicles. With a projection of approximately 16.5 million electric automobiles on the world's roads by the end of 2021, the increasing demand for EVs is a significant driver for the core materials market.

A key trend in the core materials market is product innovation, with major companies focusing on developing cutting-edge solutions to gain a competitive edge. For instance, SAERTEX GmbH & Co. KG introduced SAERfoam, an innovative structural core material that combines 3D glass reinforcement with ultralight foam. SAERfoam's unique properties, such as adaptability and extremely low weight, position it as a replacement for traditional core materials like PVC, PET, and balsa. Major companies in the market are actively engaged in product developments, introducing ultra-lightweight materials for specific applications. Aerogel Core Ltd. launched ultra-light, low-carbon aerogel insulation materials for aerospace and automotive industries. Developed through graphene-based aerogels, these materials offer soundproofing and heat-shielding properties, contributing to the innovation and development of core materials.

In the landscape of strategic acquisitions, 3A Composites Core Materials acquired Solvay’s TegraCore PPSU resin-based foam. This acquisition strengthens 3A's product lineup and supports continued expansion in target markets such as aerospace, maritime, and rail. Solvay, a leading chemical company, has contributed to the development of durable, sustainable, and energy-efficient end products. The acquisition aligns with 3A's strategic goals and reinforces its position in the foam market, emphasizing the importance of strategic partnerships in the core materials industry.

Major companies operating in the core materials market report 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., China Oilfield Services 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 2023. 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 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.

This report 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 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.


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