High Density Core Materials Market Size, Share & Industry Analysis, By Type (Balsa, PVC Foam, PET Foam, PU Foam, and Other), By Application (Renewable Energy, Marine, Building & Construction, Automotive, Rail, Aerospace, Manufacturing Industry, and Others), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

High Density Core Materials Market Report Overview

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The global high density core materials market size is expected to be USD 526 million in 2022 and is projected to touch USD 761.75 million by 2031, exhibiting a CAGR of 4.2% during the forecast period.

The production of core materials includes the production of end-grain balsa wood, PVC foam, urethane foam, and non-woven core fabrics. These thin components, which are bonded between two composite skins, form the core of a structure known as "a sandwich structure."

COVID-19 Impact: Shutdown of Manufacturing Industries Impeded Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the high density core materials market experiencing lower-than anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The closure of industrial and manufacturing activities due to the pandemic and lockdowns enforced by the government severely impeded market growth as production was halted. The restrictions imposed proved critical for industrial players and manufacturers worldwide as the industry tried to recover from the consequences of the imposed restrictions. The effect of lockdowns and strict social distancing norms on all the fields, especially science, was immense. Certain sectors of science and technology require constant research and development. Only then can they survive and have an active role in the industry.

LATEST TRENDS

"Steady Adoption of PVC Foam to Drive Market Growth "

The industry has a great demand for foam core materials because of their unique properties. Each kind of foam substance has a niche market. PVC foams, for instance, are one of the typical foam materials utilized in a variety of industries. They have good physical qualities, are closed-cell, and are moisture-resistant. PVC foams outperform other foams of a comparable density. Additionally, PVC foams come in a range of densities, from 3pcf to 25pcf. PVC foams can also be created in rigid or ductile versions. Cross-linked rigid PVC foams are more heat and solvent resistant than ductile foams and are also known as cross-linked PVC foams. They can be employed in cryogenic applications since they do not become brittle at low temperatures. These factors are expected to drive the high density core materials market growth during the forecast period.

High Density Core Materials Market Segmentation

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• By Type Analysis

By type, the market is segmented into Balsa, PVC Foam, PET Foam, PU Foam, and Other.

• By Application Analysis

Based on application, the market is classified into Renewable Energy, Marine, Building & Construction, Automotive, Rail, Aerospace, Manufacturing Industry, and Others.

DRIVING FACTORS

"Rising Demand for Balsa Material to Fuel Product Demand"

One of the main factors influencing the market is the growing demand for lightweight materials in all parts of the world. Balsa core materials are also increasingly used in aero plane construction to attain high tensile strength while reducing weight. This is fueling the market's expansion along with the expanding aerospace sector globally. Additionally, the limited availability of conventional fuels like oil, gas, and coal and growing environmental concerns are favorably affecting the installation of wind turbines and the sales of these commodities. Additionally, the expansion of the shipping industry due to improved global trade supports the global transit of commodities and raw materials, which has a beneficial impact on the market.

"Rapid Technological Advancements to Boost Market Growth"

The increased product demand from the burgeoning aerospace sector is the primary factor fueling the market for balsa core materials. The sale of commercial aircraft is increasing as a result of the expanding air services between various nations in the world. The demand for balsa wood cores, which are used to make sandwich panels for aircraft to lessen the total weight of the vehicle, has increased as a result.

RESTRAINING FACTORS

"High Prices to Impede Growth in the Market"

The material's low density and inability to absorb resins during the lamination of panels have been cited as the main commercial restraints for balsa core materials. Low density of balsa-based core materials can occasionally make them more brittle and prone to damage. Balsa wood cannot be used as a core material for panels because of their compatibility issues with resins.

High Density Core Materials Market Regional Insights

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"Asia Pacific to Dominate Market Ascribing to the Presence of Defense Industry"

Asia Pacific is anticipated to have the largest high density core materials market share. Due to the expansion of the economies of China and India, the presence of major companies, and the expansion of the wind energy sector, the region holds the greatest proportion of the global market for core materials. China is anticipated to experience the fastest growth in APAC during the projection period. It is APAC's largest core material market. The country's growing transportation industry and rising wind energy installations are the primary causes of the high core material usage. The majority of the major economies have stopped producing non-essential items. China, India, the US, Italy, France, Germany, and the UK have all stopped producing automotive and wind energy components, which has had a direct influence on the demand for core materials worldwide.

North America is anticipated to have a sizable market share. Due to product innovation and technological advancements made in this industry, the demand for these core materials is expected to increase in the wind energy, aerospace & military, marine, and other industries. A significant growth element in the area is the increase of wind energy installations. The demand for core materials is driven by these variables over the forecasted period.

KEY INDUSTRY PLAYERS

"Key Players Focusing on Innovative Technology Development to Grow in Market"

Businesses are working on developing new technology to offer more easy ways to increase product portfolio. Companies also use innovative practices and techniques to create new technologies. Companies are focused on acquisitions and investments to increase sales. Companies engaged in manufacturing fully guided missile and space vehicle and developing prototypes of guided space vehicle or missiles. The marketplace is competitive as a result of the existence of numerous huge firms. The entry of various private players entering into the industry is making the market innovative and dynamic. An extensive worldwide consumer base and the execution of operations through specialized distribution networks are other characteristics. The key companies strive to gain a higher market share by launching new products. 

List of Market Players Profiled

• Diab (Sweden)
• 3A Composite (Switzerland)
• Gurit (Switzerland)
• Evonik (Germany)
• CoreLite (U.S.)
• Nomaco (U.S.)
• Polyumac (U.S.)
• Armacell (U.S.)
• General Plastics (U.S.)
• Amorim Cork Composites (Portugal)

REPORT COVERAGE

"An overview of the product is provided along with the product description. Numerous industry elements are included in the research."

• The pandemic's aftereffects and the subsequent lockdown.
• The market's most recent trend is currently fueling expansion.
• The factors are most likely to stimulate market growth.
• The reasons the market is expected to grow more slowly.
• A comprehensive regional analysis of the market is conducted.
• Significant players and their business offices are also covered in the article.