Balsa Core Materials Market: Overview
Balsa core material is derived from trees, which is specially used as an end-grain wood core. It offers high thermal insulation properties and is a cost-effective material. Balsa core material has a honeycomb-like structure and is available in a wide range of densities, forms, and thicknesses.
Balsa’s honeycomb-like cell structure is configured into end grain panels as per specific requirements. Balsa trees grow rapidly, and their core materials are increasingly being used in the production of boats, in transportation, wind turbines blades, and structural composite panels. They possess high specific stiffness, rigidity, and enhanced moisture resistance, which makes them suitable for wide range of applications.
Balsa Core Materials Market: Key Segments
The balsa core materials market can be segmented based on type, application, and region. Based on type, the balsa core materials market can be bifurcated into monolayer and multilayer. The multilayer segment is expected to expand at a high growth rate due to the property of multilayer balsa core material of higher energy absorption as compared to monolayer materials.
In terms of application, the balsa core materials market can be classified into aerospace, wind energy, construction, transportation, marine, and others. Balsa core material is significantly used in the wind energy sector due to the rise in adoption of lightweight materials. The wind energy segment is expected to maintain its dominance in the balsa core materials market over the next few years.
Balsa Core Materials Market: Development & Trends
The sandwich panel of balsa wood cores is used in aircraft construction to reduce weight and achieve high compressive and tensile strength. Furthermore, expansion of the aerospace industry across various regions has fueled balsa core materials market growth. Increase in demand for lightweight materials in a wide range of end-use industries such as marine, aerospace, and construction is expected to fuel the balsa core materials market growth during the next few years.
The development of the shipping industry is likely to be one of the major factors that are projected to have a positive impact on the global balsa core materials market during next few years. Maritime transport is one of the cost-effective ways to transport goods and raw materials around the world. More than 90% of the trading activities are done through the sea. The maritime sector contributes significantly to the world’s economy. A rise in trade activities through the sea is likely to drive demand for balsa core materials such as balsa core sheets. This is estimated to propel the balsa core materials market.
Rise in investments in the defense industry is one of the key trends that that is expected to augment the balsa core materials market in the coming years. Several governments across the world have increased their defense budgets to address security threats. For instance, India raised its military expenditure by more than 10% in 2018 compared with the previous year due to threats to national security. Increase in demand for bomber aircraft, attack, and fighter planes are likely to drive demand for balsa core composite materials. However, properties of balsa core materials such as the ability to absorb large amounts of resins during lamination and minimum density are projected to hamper the balsa core materials market.
Balsa Core Materials Market: Regional Outlook
Based on region, the balsa core materials market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is a key region of the global balsa core materials market.
The balsa core materials market in Asia Pacific is expected to expand at a rapid growth rate during the forecast period, owing to the development of the marine & wind power industries. In addition, increase in demand for lightweight composite materials in economies such as India, China, South Korea, Australia, and Japan is estimated to boost the balsa core materials market in the region. China and India are expected to account for more than 50% share of the balsa core materials market in Asia Pacific in the next few years.
In European countries, aerospace designers and aircraft manufacturers are shifting their preference toward balsa wood core material for hovercraft, aircraft, and helicopter manufacture.
Balsa Core Materials Market: Key Players
Key players operating in the balsa core materials market are Schweiter Technologies, Carbon-Core Corp, DIAB, Evonik Industries AG, Gurit Holding AG, I-Core Composites, LLC, CoreLite Inc., BONDi Environmental Material Company Limited, and Nord Compensati Spa, BCOMP LTD.
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