Balsa Wood Market Share | Industry Size, and Business Plans Forecast to 2027
Industry Overview
The global balsa wood market share is anticipated
to reach a valuation of USD 217.23 Mn by 2023, as per a new report by Market
Research Future (MRFR). It is expected to exhibit a 5.89% CAGR from 2017 to
2023 (assessment period). Balsa wood is one of the fastest-growing trees,
popular due to its lightweight nature in commercial timber. Increasing
consumption of balsa wood from aerospace & defense and wind energy sectors
is anticipated to boost its market growth over the assessment period.
Drivers and Restraints
Rapid pace of urbanization and rising energy demand
are factors anticipated to drive the Balsa
Wood Market Share over the forecast period. Strict regulations pertaining
to wood processing and expansion plans of reputed firms are expected to fuel
the market demand in the coming years. Increasing demand for equipment in
aerospace and defense sectors is predicted to influence the market. Changing
designs of equipment and emphasis on sandwich structures is expected to induce
demand for balsa wood.
Industry News
Lightwood composite manufacturers prefer using
balsa wood as their core for manufacturing wooden toys and furniture. For
instance, Green Dot Bioplastics is using balsa wood with other materials to
produce composites for architectural purposes. Another instance includes 3A
Composites AG which has acquired Forest Stewardship Council (FSC) certification
for its products – AIREX, BANOVA, and BALTEX. These composites can be used in
producing semi-finished goods.
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Segmentation Analysis
The balsa wood market share is segmented by type,
application, and region. Types of balsa wood are segmented into ‘Grain A’, ‘Grain
B’, and ‘Grain C’. The Grain B segment accounted for nearly 41% market volume
in 2016. It is anticipated to dominate among other segments due to being
commercially used in all wooden items.
Major market applications include industrial
construction, renewable energy, marine, aerospace & defense, road &
rail, and others. The aerospace & defense segment is predicted to generate
nearly USD 77.76 Mn by 2023 due to lightweight nature of balsa wood. Wood-based
composites offer higher ballistic protection and weigh less than conventional
materials. Production of ships, aircraft, and land-based shelter ships are
expected to drive segment demand over the review period.
The renewable energy segment is projected to grow
robustly due to the boom in the wind energy sector. Production of various
equipment coupled with an abundance of raw materials is anticipated to augur
segment growth.
Regional Analysis
The worldwide market covers regions such as Latin
America (LATAM), North America, Middle East & Africa (MEA), Asia Pacific
(APAC), and Europe.
The APAC market valuation is set to touch USD 71.25
Mn by 2023 owing to a large number of wood processors, continuous growth of
applications, and low labor costs. It is anticipated to exhibit a CAGR of 5.97%
during the assessment period due to expansion of various end-use industries.
China is expected to display a 6.16% CAGR during the forecast period owing to
increase in military budgetary spending and an uptick noticed in the renewable
energy sector.
North America commands the second position after
APAC, followed by Europe. Demand for wood is anticipated to rise due to major
consumption by industries in the U.S. Europe may experience a moderate CAGR
till 2023. Countries such as Poland and Germany can contribute to its revenue due
to being host to various end-use industries.
Competition
Prominent market players include 3A Composites PNG
Balsa Ltd.; DIAB International AB; CoreLite Inc.; The Gill Corporation; and
Gurit Holding AG. Partnerships between firms have seen an upsurge owing to
tough competition. For instance, Gurit Holding was awarded a contract worth USD
645 Mn from a prominent turbine manufacturer, creating opportunities for the
market. Coating systems are being developed by companies to minimize resin
uptake required by balsa wood for sealing its pores.
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