Balsa Wood Market Overview
Market Research Future (MRFR)’s reports that the Balsa Wood Market is expected to touch USD 217.23 Million by the end of the year 2023 at a CAGR of 5.89% over the review period.
Balsa wood has acquired market importance as it is lightweight, but it is still insulating. Usage of the product is soaring in many diverse sectors including clean energy, aerospace and defense, industrial, road and rail and maritime. Specific stiffness and rigidity together with incredible water resistance have helped lead to balsa wood’s success as a tool in a number of important applications. Balsa wood is mostly used to build planes, but often it is used to minimize a structure’s weight. The UK has been using balsa wood as a central material in aircraft, helicopter, and hovercraft manufacture.
Productivity will continue to be a problem for the top suppliers in years to come. The COVID-19 outbreak has had a negative effect on the balsa wood industry, as the plants have closed and the market for balsa wood increased. Just as the world has been working hard to reduce the spread of coronaviruses, numerous leading organizations are taking measures to control more casualties. With the lifting, the lockdown, and the novel coronavirus under surveillance, the global industry should expect to rebound steadily in the following years.
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Balsa Wood Market Competitive Analysis
There is an extensive balsa wood industry, which is mainly made up of medium and small-sized vendors. The industry is growing more concentrated, and renowned producers are responding with acquisitions and establishing alliances. Growth in production capacity is another effective strategic tactic to place yourself in the market.
The market players analysed in this study are Gurit (Spain), DIAB International AB (Sweden), 3A Composites (Switzerland), CoreLite Inc (U.S.), The Gill Corporation (U.S.), The PNG Balsa Company Ltd (Papua New Guinea), SINOKIKO BALSA TRADING CO., LTD (China).
Balsa Wood Market Segmental Analysis
The market has been segmented for the sake of the report nased on type and application.
The different types presented in the global market are ‘Grain A’, ‘Grain B’ and ‘Grain C’. Grain B’ balsa wood type is the most favored one among end-use industries and has acquired the highest share of 41.0% in the global market, in 2016. Grain B is extensively employed as all-purpose balsa wood and therefore, can continue to lead the global industry over the review period.
The global market, in terms of application, has been segmented into aerospace & defense, renewable energy, road & rail, industrial, marine & more. The aerospace & defense segment is likely to acuire the largest market share and touch USD 77.76 million by 2023-end, as the light weight nature of balsa wood propels its use in the sector for multiple applications.
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Balsa Wood Market Regional Analysis
Asia Pacific is the fastest-growing region, creating a wide demand for balsa wood. The APAC market will expand at a rate of 6.3 percent and acquire USD 71.25 million by 2023 as a result of more balsa wood suppliers, lower labor costs, and the wide application variety in the area. China will be the biggest market in the region with a CAGR of 6.16% over the next two years, owing to the increasing military and aerospace investment along with the dramatic rise in the Green Energy sector.
North America is an important market for balsa wood while Europe too gets a decent share of the market. The US leads North America in terms of market demand for balsa wood. An developing aerospace industry has contributed to an increased use of balsa wood in the region, resulting in a favorable set of circumstances for the region. The European Union is changing quickly, with Germany an enticing choice for balsa wood for the long term. The international community wants Poland to make a mark in the European Union (EU) over the next few years.
November 2020 – A group of researchers has researched the key factor in balsa wood with the subjects being balsa wood. Balsa wood has been treated to eliminate lignin and hemicelluloses with a solvent to create a porous scaffold. The final product was an impressive, water-resistant, dense wood film. The analysis was undertaken in order to meet the consumer need for environmentally-friendly fabrics for optical applications.
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