New York, US, May 23, 2022 (GLOBE NEWSWIRE) -- Balsa Wood Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Balsa Wood Market Information by Type, Application, and Region - Forecast till 2030”, the market is estimated to grow at a CAGR of 6.00% CAGR to reach USD 217.23 Million by 2030.
Market Scope
Balsa wood is derived from trees that are particularly utilized as an end-grain wood core. It provides significant thermal insulation properties and is known for its cost-effectiveness. Balsa wood has a structure similar to a honeycomb and is found in different forms, thicknesses and densities. The honeycomb-like cell structure of balsa wood is configured into several end grain panels according to certain requirements. The growth of balsa trees is rapid, with their core materials progressively being used for producing boats, and applications in wind turbine blades, structural composite panels, and transportation.
Impressive specific rigidity and stiffness along with high moisture resistance render balsa wood highly suitable for a wide series of applications. Balsa wood’s sandwich panel has extensive use in aircraft construction that helps in reducing the overall weight and achieving significant tensile and compressive strength.
In the UK, aircraft manufacturers and aerospace designers are increasingly opting for balsa wood to develop aircraft, helicopters, and hovercraft.
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Market Competitive Landscape:
The important vendors in the balsa wood market include
- 3A Composites (Switzerland)
- Gurit (Spain)
- DIAB International AB (Sweden)
- The PNG Balsa Company Ltd (Papua New Guinea)
- The Gill Corporation (U.S.)
- CoreLite Inc (U.S.)
- SINOKIKO BALSA TRADING CO. LTD (China)
Market USP Covered:
Market Drivers:
Balsa wood has been gaining commercial significance worldwide as a result of its lightweight as well as insulating properties. Its use is rising exponentially in various industries such as renewable energy, aerospace & defense, industrial, road & rail and marine, to name a few. Considerable specific stiffness and rigidity along with impressive moisture resistance have made balsa wood a highly sought-after component across an array of important applications.
Balsa wood is increasingly being used for the construction of aircraft or wight reduction and to provide high tensile and compressive strength. In the UK, aircraft manufacturers and aerospace designers are progressively opting for balsa wood core for aircraft, helicopter and hovercraft manufacture. Another significant opportunity can be the soaring preference for lightweight composite materials in developing countries like India, Korea, Australia, Japan and China.
With the rapidly mounting disposable incomes of consumers across developing regions and the subsequent rise in their purchasing capacity, the worldwide market can expect substantial growth in the next couple of years. More and more vendors are indulging in strategic activities including research and development as well as technological innovations to achieve a higher standing in the worldwide market.
Furthermore, the balsa wood industry sees extreme competition. However, there are only a few barriers for new entrants, with anyone that can source balsa wood and establish a manufacturing plant can gain entry into the worldwide industry. This renders the balsa wood market highly fragmented. The majority of the players are either small or medium-sized.
Market Restraints:
The substantial costs of the key materials and the generally high-priced balsa wood can be huge restraints for the worldwide market in the years to come.
Browse In-depth Market Research Report (106 Pages) on Balsa Wood: https://www.marketresearchfuture.com/reports/balsa-wood-market-4473
COVID 19 Analysis
Several businesses following the COVID-19 outbreak had to be shut down or had to witness slow production in the wake of the lockdown as well as quarantine. This had a huge impact on their ability to be profitable.
However, the balsa wood market can continue advancing rapidly despite the COVID-19 outbreak, given the significant focus on innovations as well as research and development/R&D activities. Following the SARS-CoV-2 onset, there has been a substantial increase in the number of tie-ups between companies, with the common aim to mitigate the financial loss brought on by the pandemic. Although the lockdown has weakened supply chains to a large extent, the demand for balsa wood in numerous industries will remain high in the coming time.
Market Segmentation
By Type
The different types available in the global market are ‘Grain A’, ‘Grain B’ and ‘Grain C’. Grain B’ balsa wood type is the most preferred one among end-use industries and has attained the highest share of 41.0% in the global market, as of 2016. Grain B is extensively deployed as an all-purpose balsa wood and therefore, can continue to lead the global industry throughout the evaluation period.
By Application
The global market, with respect to application, has been split into renewable energy, aerospace & defense, industrial, road & rail, marine & more. The aerospace & defence segment stands to achieve the highest growth rate to touch USD 77.76 million by 2023 end, as the light weight nature of balsa wood drives it use in the sector for multiple applications.
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Regional Insights
Asia Pacific shows huge growth potential and has emerged as the top performing market for balsa wood Market. The APAC market should record a growth rate of 5.97% and touch USD 71.25 million by 2023, as a result of the mounting number of balsa wood vendors, lower labor cost and the extensive application range in the region. China stands as the biggest market in the region and has the potential to acquire a CAGR of 6.16% over the next couple of years, in view of the rising military & aerospace spending and the drastic increase in the renewable energy segment.
North America is a well-developed market for balsa wood while Europe also rakes in massive revenues. North America is predominantly headed by the US, which is a prominent consumer of balsa wood. Dramatic expansion of the aerospace industry and the growing applications of balsa wood in the same has also resulted in a favorable scenario in the region.
Europe is advancing at a robust rate, with Germany touted to emerge as a lucrative market for balsa wood in the coming years. Poland is also anticipated to make a mark in the regional market over the next several years.
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