Market Highlights:
Global balsa wood market was valued at USD 146.53 million in 2016 and is expected to grow at 5.89% CAGR to reach USD 217.26 million by the end of 2023
The balsa wood market is gaining traction across the globe, owing to the low density of wood, making balsa the lightest commercial timber available in the market. By type, ‘Grain B’ segment has accounted for a larger market share due to its combine property of ‘Grain A’ and ‘Grain C’ type of wood. ‘Grain C’ type on balsa market is estimated to grow at CAGR of 5.88%, during the forecast period as it is regarded as the most aesthetically pleasing.
Balsa (Ochroma Pyramidale) is one of the fastest growing wood species, reaching about 20 m in height and up to 75 cm in diameter in just 5-8 years. Most of the Balsa Wood used commercially is harvested from plantations, particularly from Ecuador and Papua New Guinea. Because of its fast growth, the wood density is very low, making Balsa the lightest commercial timber available in the market. Based on the appearance of grain in wood, they are categorized as ‘Grain A’, ‘Grain B’ and ‘Grain C’ types. ‘Grain B’ type of balsa wood is majorly used in the world and accounts for the largest market share of 41.0% as of 2016.
Major Players in the global balsa wood market includes:
- CoreLite Inc (U.S.)
- The Gill Corporation (U.S.)
- 3A Composites (Switzerland)
- Gurit (Spain)
- DIAB International AB (Sweden)
- The PNG Balsa Company Ltd (Papua New Guinea)
- SINOKIKO BALSA TRADING CO., LTD (China)
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Segment Analysis:
The global balsa wood market is segmented on the basis of type, application and region. On the basis of type, the market is segmented into ‘Grain A’, ‘Grain B’, and ‘Grain C’ balsa wood. Based on the application, the global balsa wood market is divided into aerospace & defense, renewable energy, marine, rail & road, industrial & construction among others.
Key Findings:
The global balsa wood market is projected to reach USD 217.26 million by 2023 with 5.98% CAGR growth rate during the review period of 2017-2023. The ‘Grain B’ balsa wood by type has acquired nearly 41% share of the market and is growing at highest CAGR among other grain types of balsa wood. Grain ‘C’ is also a major segment, which is swiftly acquiring significant share of the market by growing at CAGR of 5.88% during the forecast period. Aerospace & defense segment as an application has acquired as the largest share of the market.
The segment is growing at highest CAGR among other application of balsa wood, to reach USD 77.76 million. Asia Pacific is the fastest growing region in the global balsa wood market, which is estimated to grow at CAGR of 5.97% to reach USD 71.25 by the end of review period. China acquired the largest market share and slated to grow at CAGR of 6.16% during the forecast period
Intended Audience
Balsa Wood Producers
Balsa Wood Composite Manufacturers
Wind Blades Manufacturers
Potential Investors
Balsa Wood Suppliers
Nationalized Laboratory
LIST OF TABLES:
TABLE 1 GLOBAL BALSA WOOD MARKET BY TYPE 2015-2023 (USD MILLION) 31
TABLE 2 GLOBAL BALSA WOOD MARKET BY TYPE 2015-2023 (TOUSAND TONS) 32
TABLE 3 GLOBAL BALSA WOOD MARKET BY TYPE , ‘GRAIN A’ 2015-2023 (THOUSAND TONS) 33
TABLE 4 GLOBAL BALSA WOOD MARKET BY TYPE, ‘GRAIN B’ 2015-2023 (USD MILLION) 33
TABLE 5 GLOBAL BALSA WOOD MARKET BY TYPE, ‘GRAIN B’ 2015-2023 (THOUSAND TONS) 34
TABLE 6 GLOBAL BALSA WOOD MARKET BY TYPE, ‘GRAIN C’ 2015-2023 (USD MILLION) 34
Continued. . . .
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LIST OF FIGURES:
FIGURE 1 MRFR RESEARCH PROCESS
FIGURE 2 TOP DOWN & BOTOM UP APPROACH
FIGURE 3 MARKET FORECAST MODEL
FIGURE 4 DRIVERS, RESTRAINTS AND OPPORTUNITIES AND TRENDS OF BALSA WOOD MARKET
Continued. . . .
Key Findings
· The global balsa wood market is projected to reach USD 217.26 million by 2023 with 5.98% CAGR growth rate during the review period of 2017-2023. The ‘Grain B’ balsa wood by type has acquired nearly 41% share of the market and is growing at highest CAGR among other grain types of balsa wood. Grain ‘C’ is also a major segment, which is swiftly acquiring significant share of the market by growing at CAGR of 5.88% during the forecast period. Aerospace & defense segment as an application has acquired as the largest share of the market.
The segment is growing at highest CAGR among other application of balsa wood, to reach USD 77.76 million. Asia Pacific is the fastest growing region in the global balsa wood market, which is estimated to grow at CAGR of 5.97% to reach USD 71.25 by the end of review period. China acquired the largest market share and slated to grow at CAGR of 6.16% during the forecast period
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