Balsa Wood Market Share | Size, Projections, Drivers, Trends, Vendors, and Analysis
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.
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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