The global balsa core materials market was valued at $190 million in 2016, and is expected to reach $272 million by 2023, registering a CAGR of 5.3% from 2017 to 2023. Balsa core material is a commonly used end-grain wood core that exhibits high thermal insulation properties and has enhanced acoustic retention. Balsa core material is a type of honeycomb structure and is available in a wide range of thickness, density, and form.
The global balsa core materials market is driven by its increase in demand from end-use industries, such as wind energy and marine, where it is used as a protective and ablative agent. In addition, rise in demand for lightweight materials and growth in installation of wind turbine capacity are also expected to boost the market in the near future. However, high material cost is expected to a major restraint that hinders the growth. New mergers and acquisitions to increase the market reach in developing countries is expected to provide new opportunities in this market in the near future.
The global balsa core materials market is segmented based on type, end-use industry, and geography. Based on type, it is bifurcated into monolayer and multilayer. On the basis of end-use industry, it is divided into wind energy, aerospace, marine, transportation, construction, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the global balsa core materials market are focused on product launch and expansion as their key strategies to gain significant market share and cater to the growing demand for developing countries.
Following are the key players in the global balsa core materials market:
3A Composites Core Materials
Evonik Industries AG
KEY BENEFITS FOR STAKEHOLDERS
The report provides an extensive analysis of the current trends and emerging estimations from 2017 to 2023 in the global balsa core materials market.
Competitive intelligence of leading manufacturers & distributors of balsa core materials helps in understanding the competitive scenario across geographies.
Comprehensive analysis of factors that drive and restrain the market growth is provided.
Extensive analysis of the industry is conducted by following key product positioning and by monitoring the top competitors within the market framework.
The key players are profiled along with their strategies to determine the competitive outlook of the market.
KEY MARKET SEGMENTS
By End-use Industry
Rest of Europe
Rest of Asia-Pacific
Rest of LAMEA
*The other players in the value chain include:
*Profiles of these players are not included in the report, but can be included on request