Booming renewable energy sector set to propel the balsa wood market growth at a CAGR of 5.89 % during 2017-2023
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.
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Prominent Key Players Analysis:
Balsa Wood Market Key Palyers Include: 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
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.
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.
The Asia Pacific region offers a huge growth potential for balsa wood market and is slated to register the CAGR of 5.97% to reach USD 71.25 million by 2023 owing to the presence of a large number of balsa wood processors, cheap labor cost and growing application segment in the region.
Asia Pacific market for balsa wood is divided into China, Japan, and India among other Asian and Oceania countries. China dominated the regional market for balsa wood, accounting for more than half of the consumption of balsa wood in the Asia Pacific market and is estimated to grow at CAGR of 6.16% during the review period. Some of the substantial factors attributed to the market growth in China are, the increasing consumption of balsa wood across an array of end user industries. On the plus side, the fragmentation of balsa wood composite with small Chinese players operating in the market, is attributed to the substantial value addition in the balsa wood market in the country. India is trailing behind China in terms of consumption. Overall, the Asia Pacific region witnessed substantial industrial growth in the recent past with prominent balsa wood processors expanding their base in the region with new composite wood processing facilities, R&D facilities, distributorships etc. This in turn resulted in immense aerospace & defense and renewable energy funding in the region. Collectively, these are some of the prominent factors propelling the demand for balsa wood market in the region. A similar trend as Asia Pacific’s, is observed across other emerging markets such as Latin America and the Middle East & Africa.
The global balsa wood market is projected to reach USD 217.26 million by 2023 with 5.98% CAGR growth rate during the review period of 2017-2023. The ‘Grain B’ balsa wood by type has acquired nearly 41% share of the market and is growing at highest CAGR among other grain types of balsa wood. Grain ‘C’ is also a major segment, which is swiftly acquiring significant share of the market by growing at CAGR of 5.88% during the forecast period. Aerospace & defense segment as an application has acquired as the largest share of the market. The segment is growing at highest CAGR among other application of balsa wood, to reach USD 77.76 million. Asia Pacific is the fastest growing region in the global balsa wood market, which is estimated to grow at CAGR of 5.97% to reach USD 71.25 by the end of review period. China acquired the largest market share and slated to grow at CAGR of 6.16% 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.
- Balsa wood producers
- Balsa wood composite manufacturers
- Wind blades manufacturers
- Potential investors
- Balsa wood suppliers
- Nationalized laboratory
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Geographic Analysis :-
The report covers brief analysis of geographical region such as:
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
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