Core Materials for Composites Market Trends Show 8.29% CAGR Through 2030

► Core Materials for Composites Market Anticipated to Reach USD 2.48 Billion by 2030

The global core materials for composites market, valued at USD 1.42 billion in 2023, is projected to grow at a compound annual growth rate (CAGR) of 8.29%, reaching approximately USD 2.48 billion by 2030. This growth is driven by increasing demand for lightweight and high-strength materials across industries such as aerospace, automotive, and wind energy.

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► Competitive Landscape and Regional Demand

Key players in the market include Diab International AB, 3A Composites, Gurit Holding AG, Euro-Composites SA, and Hexcel Corporation. North America holds a dominant market position, accounting for over 35.34% of the global share, primarily due to robust demand in the aerospace and automotive sectors in the United States.

► Regional Insights: Mergers, Acquisitions, and Key Developments

◘ United States: Growth and Consolidation

The U.S. core materials market was valued at USD 1.94 billion in 2022 and is projected to grow at a CAGR of 8.8% during the forecast period. Companies are focusing on mergers and acquisitions to enhance their market presence and technological capabilities. For instance, Heidelberg Materials has been expanding its footprint in the U.S. market through strategic acquisitions, aiming to capitalize on favorable conditions under the current administration.

◘ Asia Pacific: Opportunities and Trends

The Asia Pacific region is experiencing significant growth in the core materials for composites market, driven by rapid industrialization and increasing investments in aerospace and wind energy sectors. Countries like China and India are at the forefront, with China and India acting as the growth engines of the region.

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◘ Europe: Innovation and Updation

Europe remains a significant player in the market, with companies investing in research and development to produce advanced composite materials. For example, Syensqo has transitioned to focus on pioneering research and new technologies, emphasizing electrification and lightweight materials.

◘ Middle East and Africa: Emerging Trends and Opportunities

The Middle East and Africa are gradually recognizing the potential of core materials for composites, particularly in the construction and automotive sectors. Investments are being made to explore the use of composite materials to enhance infrastructure and transportation systems.

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► Market Segmentation: In-Depth Analysis:

◘ by Type

Foam
Honeycomb
Wood

In 2023, the foam category accounted for 58.10% of the market share for core materials used in composites. Their extensive use in the automotive and aerospace industries is what is driving this expansion. It can be constructed by assembling foam components and composite material sheets to form a structural sandwich. The growing need for challenging lightweight systems from the wind energy and aerospace industries, as well as low water absorption materials for marine construction, is anticipated to propel the market for core materials for composites.

◘ by End Use Industry

Aerospace and Defense
Marine
Construction
Wind Energy
Automotive
Consumer Goods
Others

The market for core materials for composites is anticipated to develop at the quickest CAGR in the automotive sector between 2024 and 2030. The increasing demand for lightweight and fuel-efficient automobiles is a result of rising oil prices brought on by the depletion of oil resources. Because of the increasing need for lightweight cars, which is predicted to raise demand for the raw materials needed to create composites, the industry is encouraged to adopt composite materials.

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► Learn about the top players driving innovation in the Market :

◘ North America
1. Hexcel Corporation
2. Owens Corning
3. Huntsman Corporation
4. DuPont de Nemours, Inc.
5. 3M Company
6. Albaugh LLC

◘ Europe
1. Solvay S.A.
2. BASF SE
3. Kufner Group
4. SABIC Europe

◘ Asia-Pacific
1. Teijin Limited
2. Toray Industries
3. Mitsubishi Chemical Corporation

◘ Middle East
1. SABIC
2. Others

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