U.S. Core Materials Market Size, Share & COVID-19 Impact Analysis, By Type (Foam, Honeycomb, and Balsa), By Application (Marine, Automotive, Aerospace, Energy, Construction, and Industrial), and Country Forecast, 2023-2030

The U.S. core materials market size was USD 1.94 billion in 2022 and is projected to grow at a CAGR of 8.8% during the forecast period.

The core materials are usually considered the engineering structural item used to produce sandwich structures. This sandwich structure makes the aircraft lightweight and long-lasting. Thus, the utilization of core materials, especially in the aerospace industry, has been high over the past years. The strong presence of aircraft manufacturers in the U.S. creates a massive product demand. As a result, the consumption of the product is high in the country and is expected to remain dominant during the forecast period.

The temporary halt on the air-travel due to the COVID-19 pandemic hindered market growth in the U.S. The reduction in industrial transportation activity further led to the market decline. However, the market is stabilizing with the steady growth in the aerospace industry.

U.S. Core Materials Market Trends

Rising Demand for the Memory Foam from the End-use Industries is the Prominent Trend

Memory-based foam has gained popularity over the past years in the U.S. after its introduction to the end-use industries. The foam provides the utmost benefits, including excellent motion absorption, pressure relief, and body-hugging comfort, particularly when used as the core materials in automobile and aircraft chair seats. Additionally, these foam are prescribed by doctors in the country to improve posture and decrease back, hips, and coccyx stress. Such beneficial properties of the product are anticipated to boost product consumption in the end-use industries. 

U.S. Core Materials Market Growth Factors

Strong Presence of Aerospace Industry in Country to Boost Market Growth

The country has a strong presence in the aerospace industry. According to foreign direct investment (FDI), the aerospace industry accounted for nearly USD 21 billion by the end of 2019. The presence of end-use industries in the country has created a massive demand for these materials. Materials such as foam, honeycomb, and balsa are utilized in aircraft structures owing to their remarkable properties, such as high-aspect ratio and directionally aligned cells to the sandwich structure. Additionally, these materials offer fire resistance, sound insulation, and thermal conductivity. Therefore, all these factors are anticipated to boost the U.S. market growth.

Adopting core materials in aircraft and spacecraft enhances fuel efficiency, potentially improving consumer profitability. The lightweight nature of these materials, particularly in sandwich structures, is widely utilized in the aerospace industry. Thus, a rise in the consumption of core materials in the aerospace industry is anticipated to boost market growth.

RESTRAINING FACTORS

Rising Awareness for Eco-friendly Production Processes to Hinder Market Growth

Despite the high demand for the core materials owing to their physical and chemical properties, the rising preference for green production may hamper market growth. The end-user industries, such as marine, aerospace, and automotive, utilize the core materials. These materials are usually made of PET, PVC, and wood. Polymers such as PET and PVC are non-biodegradable and highly regulated in various countries. Therefore, the rising demand for green production for the core materials is the key restraint for the market's growth.

U.S. Core Materials Market Segmentation Analysis

By Type Analysis

Based on type, the market is segmented into foam, honeycomb, and balsa.

The foam segment held the largest U.S. core materials market share in 2022. The segment's growth is associated with the increased demand from the aerospace industry owing to its properties. The foam provides the utmost comfort when combined with composite materials. In addition, the foam has the memory to reshape and excellent dimensional density, making it appropriate for end-use applications such as aircraft wings, cabin insulation, and seats. 

The rise in the number of boats, ships, and model airplanes owing to the increasing competition in the domestic marine and aerospace industries is anticipated to boost the market, propelling the honeycomb and balsa segment. These materials are utilized as a sandwich structure that enhances aircraft and ship’s overall performance by reducing fuel consumption.

By Application Analysis

Based on application, the market is segmented into marine, automotive, aerospace, energy, construction, and industrial.

The aerospace segment holds the largest market share in the U.S. The U.S. has a key number of aircraft manufacturers owing to the rise in the demand for air transportation. Additionally, the country’s investments in aerospace activities will boost the segment’s growth. As a result, the consumption of these materials is gradually increasing in the aerospace industry.

The country's automotive industry is surging rapidly due to the higher demand for electric vehicles. Product adoption in the industry is associated with the need to reduce vehicle weight. Further, the growing marine, energy, and construction industries drive market growth. The country has a high per capita income that increases the investment in these industries. Also, the number of shareholders in the country attracts key global end-use companies to establish their presence in the country. Such factors are expected to boost the growth of these segments, propelling the market.

List of Key Companies in U.S. Core Materials Market

In terms of the competitive landscape, the market depicts the presence of established and emerging companies. Key players include Evonik Industries AG, Armacell International S.A, Plascore Incorporated, Euro-Composites S.A, and Diab Group. Industry players compete primarily based on the price and application characteristics of the product. Companies are emphasizing product innovation, social marketing, acquisition, and collaborations. For instance, Evonik Industries announced expanding its lightweight construction materials production capacity.

LIST OF KEY COMPANIES PROFILED:

• Evonik Industries AG (Germany)


• Armacell International S.A (Luxembourg)


• Plascore Incorporated (U.S.)


• Hexcel Corporation (U.S)


• The Gill Corporation (U.S.)


• Euro-Composites S.A (Luxembourg)


• Diab Group (Sweden)


• 3A Composites (Switzerland)


• Gurit Holding AG (Switzerland)


• Rockwell Collins, Inc. (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• February 2021: Armacell International S.A. launched its new flexible PET foams globally. The purpose of the new product launch was to maximize revenue. 


• June 2021: Diab Group acquired SABIC’s foam production line. The company announced to deliver the newly acquired foam products under the portfolio named Divinycell. The purpose of the acquisition was to expand its product and establish a presence in the market.

REPORT COVERAGE

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The study report thoroughly examines key factors such as leading companies, applications, and products. It also provides market trends and highlights significant industry advancements. The study includes different variables that have contributed to the market's growth in recent years and the factors listed above. It examines the industry's newest market dynamics and opportunities and historical data and revenue growth estimates at the country levels.

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