Research and Development Coupled with Widening Applications of Composite Materials to Aid Market Growth

The demand for balsa core materials for structural composites has witnessed consistent growth during the past few decades. Applications of balsa core materials for structural composites continue to widen with advancements in material technology and considerable improvement in the overall characteristics of composite materials. At present, balsa core materials for structural composites are extensively used across a host of industrial sectors, including transportation, automotive, construction, wind, and energy. Several players involved in the current balsa core materials market for structural composites are continually investing resources to improve the quality of their products and explore the potential opportunities in other industrial sectors.

Apart from roping in efforts to supply their products to a range of industries, market participants are also focusing on increasing their production capabilities. Investments toward upgrading research and development facilities, deployment of cutting-edge technologies in the manufacturing process, and emphasis on expanding the product portfolio are some of the main growth strategies that are being deployed– a trend that is expected to continue during the forecast period. These factors are expected to provide a significant boost to the overall growth of the global balsa core materials market for structural composites, which is projected to attain a market value of ~US$ 275 Mn by the end of 2030.

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High Adoption from Automotive and Construction Sector to Aid Market Growth

The automotive sector over the past couple of decades has evolved at a rapid pace. The entry of new technologies, rapidly changing regulatory structure, and mounting environmental concerns have played a vital role in molding the modern-day automotive sector. In the current scenario, apart from growing interest in electric vehicles, automotive companies are increasingly focusing on minimizing the weight of their vehicles to reduce carbon footprint and air pollution. The growing inclination toward the manufacturing of lightweight vehicles has played a key role in augmenting the demand for balsa core materials for structural composites in the automotive sector. In the past decade, conventional automotive components made from cast iron and stainless steel are gradually being replaced with lightweight balsa core materials for structural composites, including aluminum and magnesium metal matric composites and carbon glass fiber reinforced polymer composites. The growing demand for lightweight automotive components is expected to play a key role in boosting the growth of the balsa core materials market for structural composites during the assessment period.

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The construction industry is another prominent end user of balsa core materials for structural composites. Advancements in nanotechnology and growing adoption of the same in various fields are expected to augment the interest for balsa core materials for structural composites. Although manufactured nanomaterials have been widely used across medical and electronics sectors for several years, the adoption in the construction sector has witnessed a gradual ascend only in recent times. The growing adoption of balsa core materials market for structural composites in the construction industry can be primarily attributed to its unique chemical and physical properties. Composite materials across the construction sector have largely been used to enhance the mechanical strength of steel & concrete, electricity generation, corrosion resistance, and fireproofing of windows. In general, the adoption of engineered composite materials, including balsa core materials for structural composites is on the rise due to optimal physical characteristics, processing techniques, and mechanical behavior. The growth of the balsa core materials market for structural composites is expected to be largely influenced by the growing adoption from automotive and construction sectors. Apart from these two industries, market players are also expected to tap into looming opportunities in aviation, transportation, and aerospace sectors.

Manufacturing Facilities Operate with Minimal Workforce, Supply Likely to Remain Lower than Usual amid COVID-19 Event

The onset of the COVID-19 pandemic has deeply impacted operations across a host of core industries, including automotive, manufacturing, electronics, oil & gas, and packaging. As governments around the world are scrambling to contain the transmission of the novel coronavirus by enforcing lockdowns and restrictions on trade and transportation, the manufacturing sector is expected to witness considerable delays in the dispatch of pending orders, shortage of workforce on the factory floor due to the stringent social distancing norms, etc. Players operating in the current balsa core materials market for structural composites landscape are expected to address the supply chain barriers to mitigate losses. As the demand from automotive and construction sectors continues to decline due to the COVID-19 pandemic, the growth of the balsa core materials market for structural composites is likely to remain sluggish in 2020.

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Analysts’ Viewpoint

The global balsa core materials market for structural composites is expected to grow at a CAGR of ~5% during the forecast period. The growing demand from automotive, construction, and a host of other industrial sectors, advancements in nanotechnology, focus on utilizing lightweight materials, the unique physical and functional characteristics of balsa core materials for structural composites are some of the leading factors that are likely to play a vital role in accelerating the balsa core materials market for structural composites during the assessment period. Market players should focus on research and development activities, along with expanding their manufacturing prowess to gain a competitive edge in the current market landscape.

Balsa Core Materials Market for Structural Composites: Overview

  • Balsa materials are used as a core in load carrying sandwich structures. Balsa is a wood, but it can be seen as high-aspect-ratio closed-cell structure. The grains or fibers are oriented in the direction of growth producing cells with the length of 0.5 to 1 mm and with diameter of around 0.05 mm. Balsa core materials are available in different qualities with densities ranging from 100 kg/m3 to 300 kg/m3.
  • Balsa is sensitive to humidity with properties rapidly declining with water content. Therefore, it is commonly used in its ‘end-grain’ shape. Thus, balsa wood is cut up in cubic pieces and glued together edge-wise. A block is produced where fiber direction is positioned perpendicular to plane of the block. End-grain balsa is available in limited number of densities. Balsa core materials are primarily used in wind energy, transportation, marine, and building & construction industries.
  • In terms of value, the global balsa core materials market for structural composites is anticipated to expand at a CAGR ~5% during the forecast period to reach US$ 275 Mn by 2030
  • Asia Pacific was a prominent region of the global balsa core materials market for structural composites in 2019. The balsa core materials market for structural composites in the region is expected to expand at a CAGR of more than 5% between 2020 and 2030.
  • Demand for balsa core materials in Asia Pacific is anticipated to increase during the forecast period, due to rapid expansion of the application industries. The balsa core materials market for structural composites in Asia Pacific is estimated to expand at a rapid pace during the forecast period, owing to rise in demand for balsa core materials in automotive, aircraft, commercial vehicles, building & construction, and wind energy industries in the region.
  • Europe is also considered a highly lucrative region of the global balsa core materials market for structural composites, owing to the rise in demand for balsa core materials in the development of wind energy plants in Germany, the U.K., France, and Russia & CIS. This is projected to drive the balsa core materials market for structural composites in the region in the near future.

Rise in Demand for Contoured End-grain in Various End-use Applications

  • Based on type, contoured end-grain was a major segment, accounting for more than 55% share of the global balsa core materials market for structural composites in 2019. It is likely to maintain its dominance in the global balsa core materials market for structural composites between 2020 and 2030. Contoured end-grain type of balsa core material is used in large quantities in aircraft, railways, marine, and wind energy industries.
  • Increase in popularity of contoured end-grain type of balsa core material with functional effects has boosted the demand for contoured end-grain, as it offers excellent flexibility. Thus, the contoured end-grain segment is anticipated to remain highly attractive during the forecast period.

Increase in Demand for Resin Injection in Various Applications

  • Based on processing, the adhesive bonding segment constituted a prominent share of more than 20% of the global balsa core materials market for structural composites in 2019. This trend is expected to continue during the forecast period.
  • Adhesive bonding is used in aerospace, industrial, and wind energy applications. Therefore, expansion of the processing segment is estimated to provide lucrative opportunities to the balsa core materials market for structural composites in the next few years.
  • Compression molding and prepreg processing are projected to be other vital segments of the global balsa core materials market for structural composites during the forecast period

Growth in Demand for Balsa Core Materials in Wind Energy

  • In terms of application, wind energy was a highly lucrative segment of the global balsa core materials market for structural composites in 2019. This trend is likely to continue throughout the forecast period. Balsa core materials for structural composites are primarily employed in the production of turbine blades, nacelle covers, generator casings, and other parts in the wind energy sector. These materials help reduce the weight of structural composites and also maximize energy yield. Furthermore, strong mechanical properties, excellent fatigue life, and high bond strength with common adhesives and resins are expected to drive the demand for balsa core materials in designing components of turbine blades, nacelle covers, generator casings, etc. These factors are estimated to drive the wind energy segment of the global balsa core materials market for structural composites during the forecast period.

Key Regional Highlights of Balsa Core Materials Market for Structural Composites

  • In terms of volume, Asia Pacific constituted major share of the global balsa core materials market for structural composites in 2019. Demand for balsa core materials in the region is anticipated to increase during the forecast period, due to rapid growth in the various end-use industries. The market in Asia Pacific is estimated to continue to expand at a rapid pace during the forecast period, owing to consistent demand for high-performance, high-strength, and lightweight materials in automotive, aerospace, and marine applications in the region.
  • Outlook for the balsa core materials market in Asia Pacific appears positive due to an increase in adoption of balsa-based products by various end-use sectors, such as building & construction, wind energy, and transportation, primarily in countries in the region

Balsa Core Materials Market for Structural Composites: Competition Landscape

  • Manufacturers are focusing on expanding their production capacities for balsa core materials in order to meet the demand for balsa core materials for structural composites in the building & construction sector
  • Key players operating in the global balsa core materials market for structural composites are 
    • 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.

Balsa Core Materials Market for Structural Composites – Scope of the Report

Transparency Market Research’s recent report on the balsa core materials market for structural composites, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the balsa core materials market for structural composites analyzes the scenario for the period of 2020 to 2030, wherein 2019 is the base year. This report enables readers to make important decisions with regard to their business, with the help of a wealth of information enclosed in the study.

This TMR study on the balsa core materials market for structural composites also provides data on the developments made by important players and stakeholders in the market, along with competitive analysis. The report also provides an understanding of the strengths, weaknesses, threats, and opportunities, along with the trends and restraints in the landscape.

This study also discusses the underlying trends and impact of various factors that are driving the balsa core materials market for structural composites, along with their influence on the evolution of the market.

This study also offers Porter’s Five Forces analysis, PEST analysis, and regulatory scenario of the balsa core materials market for structural composites in order to elaborate the crucial growth tactics and opportunities for players contributing to the market.

Key Questions Answered in Balsa Core Materials Market for Structural Composites Report

  • How much revenue is the balsa core materials market for structural composites expected to generate by the end of the forecast period?
  • Which region currently accounts for the maximum share of the global balsa core materials market for structural composites?
  • What are the key indicators expected to drive the balsa core materials market for structural composites?
  • Which region is likely to be highly lucrative during the forecast period?
  • What are the essential strategies incorporated by key stakeholders in the balsa core materials market for structural composites to expand their geographical presence?
  • What are the major advancements in the balsa core materials market for structural composites?

This report answers these questions about the balsa core materials market for structural composites, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.

Balsa Core Materials Market for Structural Composites: Research Methodology

This TMR report on the balsa core materials market for structural composites is based on a complete and comprehensive evaluation of the market, supported by secondary and primary sources. The competitive scenario of the balsa core materials market for structural composites is supported by an assessment of different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data and current trends, researchers of the balsa core materials market for structural composites arrived at predictions and estimations, and calculated the forecast for the market.

This report uses an analytical triangulation method to estimate the numbers of the balsa core materials market for structural composites, with both the bottom-up and top-down approaches.

This detailed assessment of the balsa core materials market for structural composites, along with an overview of the landscape, is provided based on a careful examination of the avenues related to this industry. Analysts’ conclusions on how the balsa core materials market for structural composites is set to grow are based on carefully vetted primary and secondary sources.

Balsa Core Materials Market for Structural Composites – Segmentation

This report on the balsa core materials market for structural composites provides information based on type, processing, application, and region.

Type

Contoured End-grain

Rigid End-grain

Processing

Adhesive Bonding

Compression Molding

Prepreg Processing

Resin Injection

Vacuum Infusion

Hand Lamination

Others (including Contact Molding and Core Preparation)

Application

Transportation

Automotive

Buses

Railways

Aircraft

Commercial Vehicles

Building & Construction

Wind Energy

Rotor Blades

Nacelle Covers

Generator Casings/Turbine Generator Housings

Spinners

Others (including Blade Shells and Box Beams)

Marine

Others (including Consumer Goods and Medical)

Region

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

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