Balsa Wood Market Report | Size, Projections, Growth, Report Trending, Drivers, Trends, Vendors, and Analysis
Industry Overview The global balsa wood market overview 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 Report 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