Balsa Wood Market Demand | Trend Analysis, Production Scenario and Supply Forecast by 2030
Industry Overview
The global balsa
wood market demand 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 Demand 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.
Segmentation
Analysis
The Balsa
Wood Core market
demand 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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