Balsa Wood Market Major Impacting Factors to Growth of the Industry by Key Players – Diab Group (Ratos AB), Gurit Holding AG, The Gill Corporation, CoreLite Inc.
The report on “Balsa wood Market” will help Major Players and the entrepreneurs to understand scrutinize the market in detail. This report data will encourage the Major Players to decide their business strategy and achieve proposed business aims.
The balsa wood market is estimated to grow from USD 215.26 million in 2019 to USD 363.42 million by 2025, at a Compound Annual Growth Rate (CAGR) of 9.12%.
Balsa wood is obtained from fast-growing tropical balsa tree and is used as a structural core material in composites, due to its lightweight, low-density, high strength-to-weight ratio, high insulation and other key properties. Major driving factors include high adoption of end grain balsa wood in the aerospace industry, and growing adoption of lightweight core materials for renewable energy applications. Also, technology advancements in the balsa wood processing to achieve low resin uptake, would offer more opportunities in this market.
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Grain B type to contribute the largest share in balsa wood market
The market for balsa wood is segmented by type as Grain A, B and C, based on the appearance of grain in the wood. Grain B type is expected to contribute the largest share of 43% in 2018, and is also estimated to grow at the highest rate, during the forecast period. This large market share of grain B is attributed to its combined property of grain A and C, and is the most commonly all-purpose grain type, suitable for most of the applications.
Renewable Energy to be the fastest growing industry application for balsa wood
Balsa wood core material is majorly used in applications such as aerospace, renewable energy, marine, transportation, construction, and other industrial applications. The aerospace application segment is expected to contribute the largest share of 32% in 2018, owing to increasing adoption of balsa wood core for aircraft structure manufacturing such as floors, panels, wings and other components. However, renewable energy application segment is estimated to grow at the fastest rate, due to use of balsa wood core for wind turbine rotor blades, edge close-outs, nacelles covers and spinners, to improve the overall wind turbine performance.
APAC to be the fastest growing region in the balsa wood market
In the geographic analysis, APAC region is estimated to grow at the fastest rate, during the forecast period. Increasing demand for balsa wood core in various applications such as renewable energy, marine, and aerospace industries in APAC countries such as China, Japan, and India is fueling the growth of this market. North America and Europe also accounted for significant share in the balsa wood market.
Balsa wood Market Key Players
Diab Group (Ratos AB),
3A Composites (Schweiter Technologies),
Gurit Holding AG,
The Gill Corporation,
These vendors have adopted various types of organic and inorganic growth strategies, to sustain their position and increase their customer base, in the balsa wood market.
The key objectives of this study are as follows:
- To estimate and forecast the market size of balsa wood in terms of value (USD million) and volume (Kilotons)
- To define, describe, and forecast the balsa wood market by grain type, by application, and by region
- To provide detailed information regarding the major factors influencing the growth of the balsa wood market such as drivers, restraints, opportunities, and challenges
- To profile the key players of the balsa wood market and comprehensively analyze their developments and core competencies in the market
This report would cater to the below stakeholders to help them understand the balsa wood market analysis and opportunities in this market:
- Balsa wood core manufacturers
- Raw materials suppliers
- Distributors and traders
- Manufacturers in end-use industries
- Potential investors
- Composite material research organizations
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