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Balsa Wood Market REPORT OVERVIEW
The global balsa wood market size was USD 150.9 million in 2022 and market is projected to touch USD 202.16 million by 2031, exhibiting a CAGR of 3.3% during the forecast period.
Trees that are used primarily as end-grain wood cores are used to produce balsa wood. It has excellent thermal insulation qualities and is renowned for being economical. Balsa wood comes in a variety of shapes, thicknesses, and densities, and it has a structure like a honeycomb. Balsa wood's cell structure resembles a honeycomb, and it is arranged into a variety of end-grain panels depending on the needs.
Balsa wood is ideal for a broad range of applications due to its impressive specific rigidity and stiffness as well as its great moisture resistance. To reduce overall weight and achieve high tensile and compressive strength, sandwich panels made of balsa wood are widely used in the building of airplanes. For the interior filling of commonplace items like wind turbines, boats, and other kinds of planes, many businesses frequently employ balsa wood in their sectors.
COVID-19 Impact: Decline in Demand to Slower Market Growth
The lockdowns and quarantines compelled several enterprises across numerous industries to either drastically reduce production or momentarily cease operations. This negatively impacted their capacity to continue being productive. The balsa wood market was no different. The market for balsa wood decreased significantly as several manufacturing plants either temporarily shut down or reduced production to a trickle. Numerous operations and farmers worldwide, including those in tropical areas, were negatively impacted by this. However, with the improving COVID-19 situation, the balsa wood market is beginning to expand. The market is expected to rebound quickly and will continue to be in great demand across many industries in the following years, despite the lockdown's significant impact on supply chains.
LATEST TRENDS
"Application in Marine, Roadways, and Aviation Sectors to Accelerate Market Growth"
Balsa wood may be used to create marine vessels because of its ability to withstand water penetration. Road and rail employ balsa wood primarily to create sleepers. It is the perfect material for rail tracks since it can absorb the vibrations and noise caused by moving trains or by heavy traffic on roadways. Due to its strength, affordability, and lightweight, balsa wood is increasingly being used in industrial buildings. Most importantly balsa wood is employed in the aviation sector because it is lightweight, flexible, and vibration-absorbing. Balsa is widely utilized in the aerospace sector. These numerous uses enhance the development of the balsa wood market.
Balsa Wood Market Segmentation
- By Type Analysis
As per the type, the market is classified as follows: grain A, grain B, and grain C. Globally, the Grain B segment is expected to dominate the global market share through 2028.
- By Application Analysis
Based on application, the market is segmented as follows: Aerospace & Defense, Marine, Road & Rail, and Industrial Construction. According to projections, the aerospace and defense sector will develop at the fastest rate.
DRIVING FACTORS
"Lightweight Properties of Balsa Wood to Promote Market Development"
The market for balsa wood is primarily driven by its lightweight qualities, which make it a great material for use in a variety of applications across a range of end-user sectors. Because of this, it is the material of choice for many producers in the majority of sectors worldwide. Additionally, it can act as a heat- and shock-insulator for the materials it is mixed into. This is the reason that an increasing number of businesses in the renewable energy, defense, aerospace, industrial, rail, road, and marine sectors are deciding to employ this wood in their varied products.
"Expansion of the Aircraft Industry to Increase Industry Progress"
The expansion of the aircraft industry across several continents will benefit the expansion of the worldwide balsa wood market. For its great tensile and compressive strength and ability to reduce weight, balsa wood is being utilized more and more in airplane buildings. As a result, they can take off more quickly, go farther during flight, and land more quickly and safely. Furthermore, it increases their strength and flexibility. The same is true for the businesses that produce helicopters and hovercrafts. Additionally, a rise in technological advancements and innovations may fuel the expansion of the worldwide balsa wood market size.
RESTRAINING FACTORS
"Hike in Material Price to Hamper Market Growth"
High material costs are a key restraint that might limit the expansion of the global balsa wood market. The expansion of the worldwide market for balsa wood will also be impacted by the delay in renewing the tax credit for manufacturing. The global market may be severely constrained by the high prices of the essential components and balsa wood in general, in the upcoming years.
Balsa Wood Market REGIONAL INSIGHTS
"Presence of Prominent Players to Propel Market Progress in Asia Pacific"
The balsa wood market share for balsa wood is currently dominated by the Asia Pacific region. This is because balsa wood can grow successfully in many tropical places in the Asia Pacific region, particularly in India. Due to its robust economic growth, the Asia Pacific region has the greatest balsa wood market growth. The workforce is reasonably priced in the Asia Pacific region. In addition, a variety of industries are expanding quickly in this area.
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
LIST OF TOP Balsa Wood COMPANIES
- 3A Composites (part of Schweiter Technologies) (Switzerland)
- Gurit (Spain)
- DIAB International AB (Sweden)
- The Gill Corporation (U.S.)
- CoreLite Inc (U.S.)
- Guangzhou Sinokiko Balsa Co., Ltd (China)
REPORT COVERAGE
The report covers overall market aspects, including the market segmentation based on its type and application. The report depicts a diverse group of participants, including the market and potential market leaders. Major factors that are expected to drive major growth in the market. The factors anticipated to expand the market share are also included in the report to offer market insights. The estimated growth of the market in the forecast period is also included in the report. The regional analysis is completed to explain the region's dominance in the global market. The factors hindering the growth of the market are discussed in detail. The SWOT analysis of the market is depicted in the report. It contains all-inclusive market details.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 150.9 Million in 2022 |
Market Size Value By |
US$ 202.16 Million by 2031 |
Growth Rate |
CAGR of 3.3% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the balsa wood market expected to touch by 2031?
Based on our research, the balsa wood market is projected to touch USD 202.16 million by 2031.
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What CAGR is the balsa wood market expected to exhibit by 2031?
The balsa wood market is expected to exhibit a CAGR of 3.3% by 2031.
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Which are the driving factors of the balsa wood market?
The lightweight quality of balsa wood and its application in the aviation sector are the driving factors of the balsa wood market.
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Which are the top companies operating in the balsa wood market?
3A Composites (part of Schweiter Technologies), Gurit, DIAB International AB, The Gill Corporation, CoreLite Inc, and Guangzhou Sinokiko Balsa Co., ltd are the top companies operating in the balsa wood market.
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