(MENAFN- Ameliorate Digital Consultancy)
As per Fact.MR, a provider of market research and competitive intelligence, the balsa wood market is expected to garner US$ 218 million by 2033, increasing at a CAGR of 3.3% from 2023 to 2033.
Balsa wood is a renewable natural resource. The edible seeds called bongos from balsa trees are particularly beloved by locals who live close to the forests where they grow. These seeds offer a lot of carbohydrate energy, making them simple to preserve over extended dry seasons when other meals may be in short supply.
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One of the most frequently used core materials in a sandwich structure is soft balsa wood. Boats, aeroplanes, and turbine blades are the main applications for it. Farms, particularly those in Papua New Guinea and Ecuador, provide the majority of the balsa wood used in commerce. Balsa is currently the lightest industrial wood available as a result of the rapid expansion of balsa wood processing facilities and the remarkably low wood density.
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.
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.
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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 : 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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