Market Research Future (MRFR) recognizes the following companies as the key players in the Global Balsa Wood Market: 3A Composites (Switzerland) , Gurit (Spain), DIAB International AB (Sweden), The PNG Balsa Company Ltd (Papua New Guinea), The Gill Corporation (U.S.), CoreLite Inc (U.S.) and SINOKIKO BALSA TRADING CO., LTD (China) among others.
Global Balsa Wood Market was valued at USD 146.53 million in 2016 and is expected to grow at 5.89% CAGR to reach USD 217.26 million by the end of 2023. The balsa wood market is gaining traction across the globe, owing to the low density of wood, making balsa the lightest commercial timber available in the market. By type, ‘Grain B’ segment has accounted for a larger market share due to its combine property of ‘Grain A’ and ‘Grain C’ type of wood. ‘Grain C’ type on balsa market is estimated to grow at CAGR of 5.88%, during the forecast period as it is regarded as the most aesthetically pleasing.
The Global Balsa Wood Market is segmented on the basis of type, application and region. On the basis of type, the market is segmented into ‘Grain A’, ‘Grain B’, and ‘Grain C’ balsa wood. Based on the application, the Global Balsa Wood Market is divided into aerospace & defense, renewable energy, marine, rail & road, industrial & construction among others.
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Considering the increasing security concerns of the countries, the military & aerospace funding across the globe is also increasing and’ as a result, this segment is estimated to account for the largest market share which is slated to reach USD 77.76 million till 2023.
Balsa Wood laminates provide effective ballistic protection in military & defense operations at a much lower weight than metallic armor materials. Additionally, Balsa Wood composite armor is used in the production of military vehicles, land-based shelters, ships and aircraft are some of the factors that drive the market for Balsa Wood in military & aerospace segment.
Also, the boom in wind energy segment across the world as a source of renewable energy is expected to drive the Balsa Wood Market. The renewable energy segment accounted for the second largest market share by application. The segment is anticipated to grow at highest CAGR during the forecast period.
Geographically, Asia Pacific dominated the Global Balsa Wood Market, accounting for more than 30% share, by value, of the Global Balsa Wood Market. The regional market trends substantiating the growth of Balsa Wood include the immense aerospace & defense funding as well as the flourishing wind energy market, which in turn is witnessing considerable demand for Balsa Wood Market. Furthermore, the rapid urbanization in the region is considered to have a positive impact on the overall balsa wood market in the region. The other emerging markets such as Latin America and Middle East & Africa seems to follow a similar market trend as Asia Pacific.
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