Rockville, April 03, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global balsa wood market is expected to garner US$ 218 million by 2033, increasing at a CAGR of 3.3% from 2023 to 2033.
A renewable natural resource is balsa wood. Locals who live close to the forests where balsa trees grow particularly like the edible seeds called bongos from these trees. These seeds are easy to preserve through protracted dry seasons when other foods may be in low supply since they have a lot of carbohydrate energy.
Soft balsa wood is one of the most frequently utilized core materials in a sandwich structure. It is mostly used in items such as turbine blades, boats, and airplanes. Most balsa wood used in commerce comes from farms, particularly those in Papua New Guinea and Ecuador. Due to the fast growth of the balsa wood processing plants and the incredibly low wood density, balsa is now the lightest industrial wood available.
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Balsa wood's lightweight qualities, which make it an excellent material to use in different applications across various end-user sectors, is the primary market driving factor. Furthermore, these seeds are rich in energy-giving carbohydrates that can be stored readily during protracted dry spells when other foods may be in short supply. Also, with several governments making investments in green infrastructure, balsa wood is gaining popularity as an eco-friendly material, which is benefiting market players.
- In 2019, two cutting-edge strategies were introduced by 3A Composites Core Materials to drastically lower the total cost of its BALTEK balsa core. According to a DNV-GL certificate, BALTEK SealX reduces resin uptake by more than 80% for rigid panels and by 50% for flexible panels. Mass customization of the finishing is possible due to BALTEK Adjustable ContourKore, which also enhances specialized performance and lowers indirect costs.
Key Takeaways from Market Study
- The global balsa wood market is valued at US$ 155.9 million in 2023.
- Demand for balsa wood is projected to increase at a CAGR of 3.3% from 2023 to 2033.
- The global market is estimated to reach US$ 218 million by the end of 2033.
- Asia Pacific accounts for 69% market share in 2023.
- Demand for balsa wood in the United States is anticipated to rise at a CAGR of 3.6%.
“To maintain a dominant position in the future, companies will need to react to game-changing factors of new technologies and significant industry developments,” says a Fact.MR analyst.
Key Segments of Balsa Wood Industry Research
- By Type :
- Garin A
- Grain B
- Grain C
- By Application :
- Aerospace & Defense
- Renewable Energy
- Marine
- Rail & Road
- Industrial Construction
- By Region :
- North America
- Latin America
- Europe
- Asia Pacific & China
- Middle East & Africa
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| Report Attributes | Details |
| Balsa Wood Market Size (2022) | US$ 150.9 Million |
| Estimated Market Value (2023) | US$ 155.9 Million |
| Projected Market Value (2033) | US$ 218 Million |
| Global Market Growth Rate (2023 to 2033) | 3.3% CAGR |
| No. of Pages | 170 Pages |
| No. of Tables | 25 Tables |
| No. of Figures | 132 Figures |
Market Competition
A lot of industry professionals concur that big changes are coming. One of the major factors influencing the growth of this market is an increase in the demand for balsa wood because it is light, soft, and extremely buoyant. Its usage in the aviation and marine industries will account for decent future market expansion.
Because most of the market's major corporations have broad global networks that allow them to access their sizable client bases, they have a considerable impact. Key players in the balsa wood market, are concentrating on strategic efforts including acquisitions, the launch of new collections, and partnerships to increase revenue and solidify their positions in the global market.
- Tornado Updraft provides balsa wood model airplanes with an electric RC motor in September 2022. The remote-control aircraft, which is available as a build-it-yourself kit, is the result of a partnership between the American businesses Nighthawk Gliders and PowerUp Gadgets. The PowerUp 4.0 fully electric unit was provided by the latter, while the former designed the balsa wood body.
Key Companies Profiled
- 3A Composites
- DIAB International AB
- The Gill Corporation
- Gurit
- The PNG Balsa Company Ltd.
- SINOKIKO BALSA TRADING CO. LTD.
- CoreLite Inc.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global balsa wood market, presenting historical demand data from 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights on the market based on type (grain A, grain B, grain C) and application (aerospace & defense, renewable energy, marine, rail & road, industrial constructions, others), across five major regions of the world (Europe, Asia Pacific, North America, Latin America, and the Middle East & Africa).
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