The global balsa wood market size was worth around USD 150 Million in 2022 and is predicted to grow to around USD 280 Million by 2030 with a compound annual growth rate (CAGR) of roughly 6.01% between 2023 and 2030.
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➤ The significant expansion driver will be the increasing demand for lightweight structures.
The global balsa wood market is expected to expand as a result of the growing demand for lightweight structures in small- to large-scale building and construction activities. One of the most lightweight timbers available for commercial purposes is balsa wood, which serves as a significant attraction for the trees and their wood. It is applicable to structures of all sizes. For example, the composite segment of the building industry is one of the main consumers of balsa wood.
➤ To function as a growth restraint, the compressive strength is low.
Balsa wood is typically characterized by a low compressive strength and a lack of bending capabilities, which are demonstrated by various other wood species. Balsa timber is not suitable for furniture production due to its inadequate strength. The balsa wood industry is a significant contributor to the wood sector, but the materials derived from balsa trees are not suitable for use. Balsa wood is also the least preferable choice for large woodworking activities or flooring projects due to its low strength. Additionally, balsa wood is flammable, which presents a risk in specific situations.
➤ There is an increasing demand for composite materials to generate growth opportunities.
Balsa timber is in high demand for the production of composite materials, despite the fact that it may not be used as a standalone product in certain circumstances. This enables manufacturers to mitigate the drawbacks or shortcomings of balsa wood while simultaneously enhancing or reinforcing it with additional qualities. This feature enhances the wood’s overall desirability and workability. Furthermore, the substantial sustainability value of balsa wood is compelling numerous organizations to implement strategies that optimize its advantages while mitigating its disadvantages.
➤ Challenge the market expansion by substituting availability.
The high availability of substitutes that provide a superior performance index and cost-effectiveness is one of the primary obstacles encountered by balsa wood suppliers. Additionally, the substitutes are considerably more durable than the wood, which is exceedingly fragile. This implies that manufacturers must exercise extreme caution when managing the wood, as any negligence could result in a product loss, which could have a negative impact on the profit volume.
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The Global Balsa Wood Market is segmented based on product, application and region
Global Balsa Wood Market: Product Segment Analysis
● Grain C
● Grain B
● Grain A
Global Balsa Wood Market: Application Segment Analysis
● Defense & Aerospace
● Industrial Construction
● Renewable Energy
● Rail-Road-Marine
● Others
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The global Balsa Wood market profiles key players such as:
● CoreLite Inc
● Gurit
● Guangzhou Sinokiko Balsa Co. Ltd
● The Gill Corporation
● 3A Composites
● DIAB International AB
???? Recent Developments:
• CoreLite, a prominent manufacturer of advanced versions of balsa wood, executed an agreement with the government of Los Rios Province, Ecuador, in December 2020. CoreLite will receive assistance from the agreement in the long-term cultivation of balsa wood. The company will be able to cultivate and harvest balsa wood throughout the province for the next five years as a result of the relocation.
• INCA BioBalsa declared its intention to construct a state-of-the-art facility in Alberta, Canada, in April 2022. The unit will be employed to manufacture high-quality biocomposites that will serve as a substitute for the increasing scarcity of balsa in the production of wind turbine blades, watercraft, automotive, and rail applications.
➤ During the forecast period, Asia-Pacific is expected to experience the most significant growth.
India, Singapore, and China are the largest importers of balsa wood, and the global balsa wood market is anticipated to experience the most significant growth in the Asia-Pacific region during the projection period. The infrastructure sector in these countries is anticipated to achieve new heights in the future years, which is expected to further solidify the region’s dominance. Additionally, China has been making substantial investments in the production of balsa wood in-house to address the shortage of raw materials that has been caused by a variety of political factors.
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