Balsa Core Materials Market Overview:
In a recent research report by market research industry report the Balsa Core Materials Market is expected to surpass USD 300.58 Million by the year 2028, from USD 225.48 Million in 2021.
The market is projected to grow at a significant pace reaching a CAGR of approximately 4.6 %, over the forecast period of 2022–2028, despite a considerable fall in product sales during the initial phase of pandemic spread and lockdown restrictions imposed globally.
Balsa core material is derived from trees and is used primarily as an end-grain wood core. It has excellent thermal insulation properties and is a low-cost material. Balsa core material has a honeycomb-like structure and comes in a variety of densities, shapes, and thicknesses. The honeycomb-like cell structure of balsa is configured into end grain panels according to specific requirements. Balsa trees grow quickly, and their core materials are increasingly being used in the manufacture of boats, vehicles, wind turbine blades, and structural composite panels.
By region, Asia-Pacific is expected to dominate the global market. This is due to factors such as large-scale wind power project development in countries such as China, India, and Japan, where balsa-based core materials are widely used in the manufacturing of wind turbine blades. However, the balsa core material market in North America is expected to rise steadily due to rising disposable income and growing demand for developed infrastructure in this region. Furthermore, due to rapid industrialization and urbanization, Europe is expected to show a consistent rise in this market.
The Application segment is categorized into Wind Energy, Aerospace, Marine, Transportation, Construction, and others. Wind energy was a highly profitable application segment of the global balsa core materials market for structural composites. This pattern is expected to continue for the duration of the forecast period. Balsa core materials for structural composites are primarily used to make wind turbine blades, nacelle covers, generator casings, and other components.
The study is consolidated into major segments and further into sub-segments, such as by Type (Contoured End-grain and Rigid End-grain), by Layer Type (Monolayer, Multilayer), by Processing (Adhesive Bonding, Compression Molding, Prepreg Processing, Resin Injection, Vacuum Infusion, Hand Lamination, and others) by Application (Wind Energy, Aerospace, Marine, Transportation, Construction, and others), to forecast the Balsa core materials market size by value; also includes the analysis of past market dynamics from 2016 – 2021, considering 2021 as the base year.
Lastly, the report includes a regional analysis and country analysis with the latest trends, along with the major key players including 3A Composites Core Materials, Carbon-Core Corporation, Gurit Holding AG, CoreLite, Inc., Nord Compensati SRL, Diab Group, I-Core Composites, LLC, Sicomin Epoxy Systems, Adhesive Technologies NZ, Specialized Balsa Wood, LLC, Bcomp Ltd.
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