Balsa Wood Market Share, Size, Trends, Industry Analysis Report, By Type (Grain A, Grain B, and Grain C); By Application; By Region; Segment Forecast, 2023 – 2032
- Published Date:Oct-2023
- Pages: 118
- Format: PDF
- Report ID: PM3819
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global balsa wood market was valued at USD 144.38 million in 2022 and is expected to grow at a CAGR of 6.3% during the forecast period.
The continuously rising demand and adoption of balsa wood from the automotive and construction sectors due to its lightweight and high strength compared to other materials available in the market, significant change in regulatory structures, growing environmental concerns, and introduction to several new technologies with enhanced characteristics, are the primary factors positively influencing the market growth.
To Understand More About this Research: Request a Free Sample Report
In addition, a surging number of manufacturers offering design flexibility and customization options, which are high in demand in industries such as interior design, furniture manufacturing, and architectural applications along with the penetration towards exploration activities for the development of new value-added products in order to meet industry-specific needs and requirements, has been creating lucrative growth opportunities.
- For instance, in September 2022, Tornado Updraft announced the launch of its new balsa wood-based model airplanes with electric RC motors, available as a built-it-yourself kit. The newly developed remote-control aircraft is a result of a strategic partnership or collaboration with American businesses named Nighthawk Gliders and PowerUp Gadgets.
Moreover, rising innovations in harvesting techniques mainly aim to optimize the yield and quality of balsa wood which includes selective logging that allows younger trees to continue growing and replenish the resource in an effective manner. The surging prevalence for remote sensing technologies such as LiDAR that is being used to identify and map balsa tree stands more accurately, while enabling sustainable and targeted harvesting practices, is likely to paved the way for significant market growth opportunities.
However, the high vulnerability to various environmental factors such as climate change and deforestation and the limited supply and growth rate of balsa wood products across various countries coupled with the presence of various trade restrictions and regulations on product export activities, are the major factors restraining the global market growth.
For Specific Research Requirements, Request for a Customized Report
Industry Dynamics
Growth Drivers
Increasing demand of lightweight wood in many applications
The rapidly surging demand for balsa wood because of its lightweight nature, makes it crucial and highly desirable in industries where weight reduction is important like automotive, aerospace, and marine along with its ability to possess natural insulating properties providing insulation against heat, sound, and electricity and making them suitable for applications requiring insulation such as construction, packaging, and electronics, are major factors propelling the global balsa wood market growth.
Furthermore, the global shift towards renewable energy sources such as wind and solar power and extensively growing product usage in wind turbine blades due to its strength and flexibility coupled with the growing number of manufacturers and suppliers of balsa wood capitalizing on the emerging trend of sustainability and environmentally friendly practices by promoting the eco-friendly aspects of the material and targeting environmentally conscious customers is likely to contribute positively towards the market growth.
Report Segmentation
The market is primarily segmented based on type, application, and region.
|
By Type |
By Application |
By Region |
|
|
|
To Understand the Scope of this Report: Speak to Analyst
By Type Analysis
Grain B segment accounted for the largest market share in 2022
The grain B segment accounted for the largest share, which is mainly driven by its various beneficial characteristics and properties including superior quality compared to other grain types, better strength and durability, and aesthetics and visual appeal along with the widespread product use in the aerospace industry for modeling, prototyping, and lightweight structures. Moreover, an increasing number of customers seeking unique grain patterns or specific characteristics in their balsa wood products are more likely to opt for grain B balsa wood due to its distinct appearance and the ability to create high-end, personalized products, which in turn, has been propelling the demand and growth of the segment market.
The grain A segment is anticipated to gain a substantial growth rate over the next coming years, mainly accelerated to high demand and prevalence for gain A-based segment due to its exceptional weight-to-ratio along with the surging use in industries including aerospace, marine, automotive, construction, renewable energy, and even in the production of musical instruments.
By Application Analysis
Industrial construction segment is expected to witness the highest growth
The industrial construction segment is projected to grow at healthy CAGR during the forecast period, that is largely attributable to a significant increase in the number of construction projects, resulting in growing need for lightweight and strong materials like balsa wood for applications like formwork, scaffolding, and interior fittings. In addition, there has been a growing emphasis on sustainable and eco-friendly construction practices across the globe, thereby the adoption of balsa wood as a renewable and biodegradable material has increased drastically.
The aerospace & defense segment led the industry market with a substantial share in 2022, on account of its excellent structural properties such as high stiffness and dimensional stability, that makes it suitable for use in structural components of aerospace and defense systems and is being widely considered as an environmentally friendly alternative to other materials including metals and plastics. Beside this, continuous research and technological advancements in the field of balsa wood processing, treatment, and composite manufacturing techniques that have significantly expanded its potential applications in aerospace and defense, is likely to impact segment market positively.
Regional insights
North America region dominated the global market in 2022
The North America region dominated the global market with considerable revenue share in 2022, and is anticipated to maintain its dominance throughout the anticipated period. The regional market growth can be largely attributed to growing product use in wide range of industries due to its numerous advantages and surging awareness and focus on sustainability mainly in countries like US & Canada. Moreover, the presence of favorable government initiatives promoting sustainable practices and regulations that encourage the use of eco-friendly materials and a number of incentives and supportive policies provided by the governments is likely to have a positive impact on the market.
The Asia Pacific region is anticipated to emerge as fastest fastest-growing region with a healthy CAGR over the course of study period, owing to the rapid rate of urbanization and industrialization leading to an increased number of construction and infrastructure development projects along with the significant growth in the wind energy sector with the development of wind farms and installation of wind turbines in countries like India, China, & Indonesia.
Key Players and Competitive Insight
Key players in the market are constantly upgrading their technologies to stay ahead of the competition and to ensure efficiency, integrity, and safety. These players focus on partnership, product upgrades, and collaboration to gain a competitive edge over their peers and capture a significant market share
Some of the major players operating in the global market include
- 3A Composites
- BALTEK Corporation
- Bondi Environmental Material
- Carbon-Core Corporation
- CoreLite
- DIAB International
- Evonik Industries
- Gill Corporation
- Gurit Holding
- I-Core Composites
- Nord Compensati
- Pacific Coast Marine
- PNG Balsa Company
- Pontus Wood Group
- Schweiter Technologies
- SINOKIKO Balsa Trading
Recent Developments
- In February 2021, 3A Composites Core Materials announced that their balsa wood supply has recently received certification from the Forest Stewardship Council (FSC), that will help the company to expand their supply chain of balsa products derived from sustainable resources. The company also said that their SBC structural core material comes from the balsa plantations in Ecuador and Papua New Guinea, and the product is first of its kind with full traceability.
- In April 2023, 3A Composites Core Materials, announced the launch of its new Engicore core materials product range mainly for the South and North American markets. With the launch of a new product line, the company is looking to expand its product offerings and offer customers access to custom-tailored solutions to quickly adapt their manufacturing process and standard needs.
Balsa Wood Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2023 |
USD 153.15 million |
|
Revenue forecast in 2032 |
USD 264.73 million |
|
CAGR |
6.3% from 2023 – 2032 |
|
Base year |
2022 |
|
Historical data |
2019 – 2021 |
|
Forecast period |
2023 – 2032 |
|
Quantitative units |
Revenue in USD million and CAGR from 2023 to 2032 |
|
Segments covered |
By Type, By Application, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
|
Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
FAQ's
The global balsa wood market size is expected to reach USD 264.73 million by 2032.
Key players in the market are PNG Balsa Company, SINOKIKO Balsa Trading Co., Bondi Environmental Material.
North America contribute notably towards the global balsa wood market.
The global balsa wood market is expected to grow at a CAGR of 6.3% during the forecast period.
The balsa wood market report covering key segments are type, application, and region.
© 2024 Polaris Market Research and Consulting. All rights reserved
