New York, U.S., 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 to 2030”, the market is expected to grow at a CAGR of 6.00% CAGR to reach USD 217.23 million by 2030.
Balsa wood is derived from trees which are particularly used as the core of end grain. It offers 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 shapes, thicknesses and densities. The honeycomb-like cellular structure of balsa wood is configured into several end-grain panels according to certain requirements. The growth of balsas is rapid, with their base materials gradually being used for boat production and applications in wind turbine blades, structural composite panels and transportation.
Impressive specific stiffness and stiffness as well as high moisture resistance make balsa wood ideally suited for a wide range of applications. Balsa wood sandwich panel is widely used in aircraft construction, which helps to reduce overall weight and achieve significant tensile and compressive strength.
In the UK, aircraft manufacturers and aerospace designers are increasingly opting for balsa wood to develop planes, helicopters and hovercraft.
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Market Competitive Landscape:
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 (USA)
- CoreLite Inc (USA)
- SINOKIKO BALSA TRADING CO. LTD (China)
Covered USP market:
Balsa wood has gained commercial importance around the world due to its light weight and insulating properties. Its use is increasing exponentially in various industries such as renewable energy, aerospace and defense, industrial, road and rail and marine, to name a few. Considerable specific stiffness and stiffness along with impressive moisture resistance have made balsa wood a much sought after component in a range of important applications.
Balsa wood is increasingly used for aircraft construction or weight reduction and to provide high tensile and compressive strength. In the UK, aircraft manufacturers and aerospace designers are gradually switching to balsa wood core for the manufacture of airplanes, helicopters and hovercraft. Another significant opportunity may be the growing preference for lightweight composite materials in developing countries like India, Korea, Australia, Japan and China.
With the rapidly increasing disposable income of consumers in developing regions and the subsequent increase in their purchasing capacity, the global market can expect substantial growth over the next couple of years. More and more vendors are engaging in strategic activities such as research and development as well as technological innovations to attain a higher position in the global market.
Additionally, the balsa wood industry is experiencing extreme competition. However, there are only a few hurdles for new entrants as anyone who can source balsa wood and establish a manufacturing facility can enter the global industry. This makes the balsa wood market very fragmented. The majority of players are small or medium-sized.
The substantial costs of key materials and the generally high price of balsa wood may pose huge constraints for the global market in the years to come.
Browse the 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 epidemic had to be closed or had to witness a slowdown in production following the lockdown as well as quarantine. This had a huge impact on their ability to be profitable.
However, the balsa wood market may continue to grow rapidly despite the COVID-19 outbreak, given the focus on innovations as well as research and development/R&D activities. Following the outbreak of SARS-CoV-2, there has been a substantial increase in the number of business reconciliations, with the common goal of mitigating the financial losses caused by the pandemic. Although the lockdown has significantly weakened supply chains, the demand for balsa wood in many industries will remain high for years to come.
The different types available on the world market are “Grain A”, “Grain B” and “Grain C”. Grain B’ balsa wood type is the most preferred among end-use industries and reached the highest share of 41.0% in the global market, as of 2016. Grain B is widely deployed as versatile balsa wood and therefore may continue to lead the global industry throughout the assessment period.
The global market, with respect to applications, has been divided into renewable energy, aerospace & defense, industrial, road & rail, marine and more. The aerospace and defense segment is expected to achieve the highest growth rate to reach $77.76 million by the end of 2023 as the lightweight nature of balsa wood pushes it to be used in the sector for multiple applications.
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Asia-Pacific has huge growth potential and has emerged as the most successful market for the balsa wood market. The APAC market is expected to register a growth rate of 5.97% and touch USD 71.25 million by 2023, driven by the growing number of balsa wood vendors, declining labor costs and of the wide range of applications in the region. China is the largest market in the region and has the potential to acquire a CAGR of 6.16% over the next two years, given the rise in military and aerospace spending and the drastic increase in the segment of renewable energies.
North America is a well-developed market for balsa wood, while Europe also generates massive revenues. North America is mainly led by the United States, which is a major consumer of balsa wood. The dramatic expansion of the aerospace industry and the increasing applications of balsa wood in it have also resulted in a favorable scenario in the region.
Europe is growing at a steady pace, with Germany set to emerge as a lucrative market for balsa wood in the years to come. Poland is also expected to establish itself in the regional market over the next few years.
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