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The global structural composites balsa core material market size was USD 204.8 million in 2022 and is expected to reach USD 351.93 million in 2032

NEW YORK CITY, NEW YORK, UNITED STATES, July 3, 2023/einpresswire.com / -- Structural Composites Balsa Core Material Market Overview

In 2022, the global market size for balsa core materials used in structural composites was USD 204.8 million. It is projected to reach USD 351.93 million by 2032, with a compound annual growth rate (CAGR) of 6.2% during the forecast period. The growth of the market's revenue can be attributed to several factors. One significant factor is the expanding application of structural composites in various industries such as aerospace, automotive, marine, wind energy, and construction. This trend is driven by their exceptional properties, including a high strength-to-weight ratio, durability, and resistance to corrosion.
The increasing demand for lightweight materials in the aerospace and automotive sectors is a key driver behind the revenue growth of the structural composites balsa core material market. The adoption of these materials allows for a reduction in the weight of aircraft and vehicles, resulting in improved fuel efficiency and decreased carbon emissions. Additionally, there is a rising demand for composite materials in the wind energy industry due to their ability to withstand harsh environmental conditions and high fatigue resistance.

Structural Composites Balsa Core Material Market Segments

The base year for estimation in this market analysis is 2022, while the historical data considered ranges from 2020 to 2021. The forecast period for this study covers the years 2022 to 2032. The quantitative units used to measure revenue are in USD billion.
The calculated CAGR from 2022 to 2032 indicates the projected growth rate of the market during this period.
This market report provides coverage on various aspects, including revenue forecasts, company rankings, competitive landscape analysis, growth factors, and emerging trends. The report also segments the market based on type outlook, application outlook, and regional outlook, providing a comprehensive analysis of the industry.

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Structural Composites Balsa Core Material Market: Strategic Developments

.In 2021, Gurit Holding AG announced the acquisition of PH Windsolutions GmbH, a manufacturer of wind turbine blade moulds and components, to expand its presence in the wind energy market.
.In 2021, 3A Composites GmbH introduced its new AIREX® T92.60 core material, which features improved mechanical properties and weight savings for use in a wide range of applications, including marine, wind energy, and transportation.
.In 2020, Diab Group announced the acquisition of PET foam manufacturer Nanjing Jinsirui Technology Co., Ltd. in China, to strengthen its position in the Asian market and expand its product offerings.
.In 2020, Evonik Industries AG introduced its ROHACELL® Triple F foam, a high-performance structural foam for use in aerospace and other high-end applications that require lightweight and strong materials.

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Structural Composites Balsa Core Material Market: Competitive landscape

Among the key players operating in the global structural composites balsa core material market are:
1.Diab Group: Diab Group is a renowned player in the market, known for its expertise in high-performance core materials and sandwich composite solutions. They offer a wide range of balsa core materials catering to diverse industries.
2.Gurit Holding AG: Gurit Holding AG is a leading supplier of advanced composite materials, including balsa core materials. They provide innovative solutions for the aerospace, automotive, wind energy, and marine sectors, leveraging their extensive industry experience.
3.Evonik Industries AG: Evonik Industries AG is a global specialty chemicals company that offers a comprehensive portfolio of products for various industries. They provide balsa core materials and solutions that meet the stringent requirements of structural composites applications.
4.3A Composites GmbH: 3A Composites GmbH specializes in the development and manufacturing of lightweight core materials, including balsa core materials. They serve industries such as wind energy, transportation, and construction, delivering high-quality solutions.
5.CoreLite, Inc.: CoreLite, Inc. is recognized for its expertise in advanced core materials for composite sandwich constructions. They offer a range of balsa core materials that provide excellent stiffness, lightweight properties, and environmental sustainability.

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