The report on “Balsa wood Market” will help Major Players and the entrepreneurs to understand scrutinize the market in detail. This report data will encourage the Major Players to decide their business strategy and achieve proposed business aims.
The balsa wood market is estimated to grow from USD 215.26 million in 2019 to USD 363.42 million by 2025, at a Compound Annual Growth Rate (CAGR) of 9.12%.
Balsa wood is obtained from fast-growing tropical balsa tree and is used as a structural core material in composites, due to its lightweight, low-density, high strength-to-weight ratio, high insulation and other key properties. Major driving factors include high adoption of end grain balsa wood in the aerospace industry, and growing adoption of lightweight core materials for renewable energy applications. Also, technology advancements in the balsa wood processing to achieve low resin uptake, would offer more opportunities in this market.
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Grain B type to contribute the largest share in balsa wood market
The market for balsa wood is segmented by type as Grain A, B and C, based on the appearance of grain in the wood. Grain B type is expected to contribute the largest share of 43% in 2018, and is also estimated to grow at the highest rate, during the forecast period. This large market share of grain B is attributed to its combined property of grain A and C, and is the most commonly all-purpose grain type, suitable for most of the applications.
Renewable Energy to be the fastest growing industry application for balsa wood
Balsa wood core material is majorly used in applications such as aerospace, renewable energy, marine, transportation, construction, and other industrial applications. The aerospace application segment is expected to contribute the largest share of 32% in 2018, owing to increasing adoption of balsa wood core for aircraft structure manufacturing such as floors, panels, wings and other components. However, renewable energy application segment is estimated to grow at the fastest rate, due to use of balsa wood core for wind turbine rotor blades, edge close-outs, nacelles covers and spinners, to improve the overall wind turbine performance.
Balsa wood Market Key Players
Diab Group (Ratos AB),
3A Composites (Schweiter Technologies),
Gurit Holding AG,
The Gill Corporation,
These vendors have adopted various types of organic and inorganic growth strategies, to sustain their position and increase their customer base, in the balsa wood market.
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