The Demand for the Global Balsa Wood Market Size is Figured to Overtake USD 280 Million by the Year 2030, Displaying a CAGR of 6.01%

Omaha, NE, April 26, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Balsa Wood Market By Application (Defense & Aerospace, Industrial Construction, Renewable Energy, Rail-Road-Marine, And Others), By Type (Grain C, Grain B, And Grain A), By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2030” in its research database.

“According to the latest research study, the demand of global Balsa Wood Market size & share in terms of revenue was valued at USD 150 million in 2022 and it is expected to surpass around USD 280 million mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 6.01% during the forecast period 2023 to 2030.”

What is Balsa Wood? How big is the Balsa Wood Industry?

Report Overview:

The global balsa wood market size was worth around USD 150 Million in 2022 and is predicted to grow to around USD 280 Million by 2030 with a compound annual growth rate (CAGR) of roughly 6.01% between 2023 and 2030.

The Balsa tree also known as Ochroma pyramidale is found in tropical areas and is a fast-growing tree that forms a part of the mallow family or Malvceae. Wood is known in the commercial world for its lightweight structure along with being extremely light in color. The balsa wood can be found in areas stretching between Bolivia and Mexico and is extremely common in these regions. The wood is used extensively in projects involving insulation, packing, and model-building along with being used for manufacturing floating devices like rafts. Following the tendencies of tropical trees, balsa wood does not exhibit any annual growth rings and is pale bark in color.

The leaf structure of balsa wood leaves is heart-shaped at the bottom and pointed at the tip. Although the wood occurs naturally in certain parts of the world, driven by the high demand for the wood, the trees are commercially cultivated in densely packed areas with around 1000 trees being planted per hectare. The harvest period for balsa trees is between 6 to 10 years

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Global Balsa Wood Market: Growth Factors

The global balsa wood market is projected to grow owing to its several applications of it in various end-user verticals that are registering high growth. It is the softest and lightest timber available for commercial applications. The increasing demand for wood in the aerospace industry is a major global industry propeller. In this sector, balsa wood plays a significant role in the production of lightweight aircraft since the wood has an excellent strength-to-weight ratio. Furthermore, the construction sector is another significant contributor to the global sales volume.

The wood is used in activities related to flooring, wall panels, and insulation. The growing demand in the wind sector, where balsa wood is used in the production of blades of wind turbines is the reason that has high demand during the growth period. In addition to this, the world is slowly but steadily shifting toward renewable energy with the mass installation of wind turbines across developed and developing nations. These applications are examples of the importance of balsa wood in the construction sector and as the world moves towards urbanization, the demand is expected to continue reaching new heights.

Despite being extremely popular in large-scale sectors, there are several growth restraints for the balsa wood industry. One such restriction is the limited availability of wood. Currently, almost 95% of the wood is exported from the countries of Peru, Colombia, and Ecuador. No other country has mass reserves of balsa wood. This increases the world's dependency on certain countries for the transportation of balsa wood. Furthermore, changing market demand poses a critical threat to global market expansion. The fluctuations range in terms of raw material availability and prices making the product highly volatile.

The growing need for composite materials may provide growth opportunities whereas substitute availability could challenge the market expansion.

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Report Scope

Balsa Wood Market: Segmentation Analysis

The global balsa wood market is segmented based on application, type, and region

Based on application, the global market divisions are defense & aerospace, industrial construction, renewable energy, rail-road-marine, and others

• In 2022, the global market registered the highest growth in the defense & aerospace segment and it may generate a revenue of 0.07 billion by the end of 2023
• The primary reason that propels the demand for balsa wood in the segment is the lightweight nature of the wood making it an ideal choice to manufacture different parts of airplanes and other units used in the industry
• Since the structure is similar to the core of the honeycomb and has commercial availability across thickness, finish, and density, the wood is high in demand

Based on type, the balsa wood industry is segmented into grain C, grain B, and grain A

• In 2022, the highest sales were registered in the grain B segment since it has the widest end-user applications
• In the same year, the segment gained a market share of almost 41.1%
• Grain B, on multiple occasions, has been classified as an all-purpose wood which is a primary reason for the high demand for the grain structure

The global Balsa Wood market is segmented as follows:

By Application

• Defense & Aerospace
• Industrial Construction
• Renewable Energy
• Rail-Road-Marine
• Others

By Type

• Grain C
• Grain B
• Grain A

Browse the full “Balsa Wood Market By Application (Defense & Aerospace, Industrial Construction, Renewable Energy, Rail-Road-Marine, and Others), By Type (Grain C, Grain B, and Grain A), By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2030.”- Report at https://www.zionmarketresearch.com/report/balsa-wood-market

Competitive Landscape

Some of the main competitors dominating the global Balsa Wood market include - 

• CoreLite Inc
• Gurit
• Guangzhou Sinokiko Balsa Co. Ltd
• The Gill Corporation
• 3A Composites
• DIAB International AB.

 Key Insights from Primary Research:

• According to the analysis shared by our research forecaster, the Balsa Wood market is likely to expand at a CAGR of around 6.01% during the forecast period (2023-2030).                                            
• In terms of revenue, the Balsa Wood market size was valued at around US$ 150 million in 2022 and is projected to reach US$ 280 million by 2030.
• Based on type segmentation, Grain B was predicted to show maximum market share in the year 2022.
• Based on application segmentation, defence & aerospace was the leading application in 2022.
• On the basis of region, North America was the leading revenue generator in 2022.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Balsa Wood industry?
• What are the main driving factors propelling the Balsa Wood Market forward?
• What are the leading companies in the Balsa Wood Industry?
• What segments does the Balsa Wood Market cover?
• How can I receive a free copy of the Balsa Wood Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Application, By Type, And By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

Asia-Pacific is anticipated to lead the global balsa wood market owing to the high consumption of the product and rising import value. China, India, Malaysia, and Singapore are the largest regional consumers of wood. However, the dominant producer of balsa wood is Ecuador. It is the largest holder and supplier of the product. The government of Ecuador is responsible for regulating the trade aspects of the wood and the country's leaders have managed to develop sustainable harvesting practices for a continuous and fair supply of the wood. Growth in Europe and the US is driven by the increasing demand in the aerospace segment along with rising investments in the wind energy sector. However, a lot of the regions are registering a lag in the required supply of the product owing to various geo-political factors.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Recent Developments

• In February 2021, scholars from the University of Maryland claimed that they have developed a new method to improve the strength and durability of balsa wood. The method involves the treatment of the wood with a solution of sodium hydroxide which impacts the wood’s density
• In June 2021, Gurit registered an updated financial book for the year 2021 influenced by the reduced demand for balsa wood in China along with wind blades. The company has initiated relocation and restructuring measures to navigate through the financial changes

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FREQUENTLY ASKED QUESTIONS

• What is balsa wood market?
• Which key factors will influence balsa wood market growth over 2022-2030?
• What will be the value of the balsa wood market during 2022-2030?
• What will be the CAGR value of the balsa wood market during 2022-2030?
• Which region will contribute notably towards the balsa wood market value?
• Which are the major players leveraging the balsa wood market growth?

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