Balsa Wood Market is expected to reach USD 217.23 million, with a CAGR of 5.89% from 2015 to 2027 (forecast period). The report offers a thorough analysis of the impact of the Covid-19 pandemic on the global balsa wood market.
Balsa (Ochroma Pyramidale) is one of the fastest-growing wood species with a height of about 20m and a diameter of up to 75 cm in just 5-8 years. Most of the balsa wood used widely is harvested from plantations, particularly from Ecuador and Papua New Guinea.
Based on the appearance of grain in wood, it is classified as ‘Grain A,’ ‘Grain B’, and ‘Grain C’ types. ‘Grain B’ type of balsa wood is commonly used in the world and had the highest market share of 41.0% in 2016. This segment of Grain B is expected to dominate during the forecast period as it is used as all-purpose balsa items. Balsa wood has gained commercial significance due to its exceptional lightweight and insulating properties.
The global market for balsa wood has been segmented based on type and applications.
By type, the global market for balsa wood has been segmented into ‘Grain A’, ‘Grain B’, ‘Grain C’ type.
By application, the global market for balsa wood has been segmented into aerospace & defense, renewable energy, marine, road & rail, industrial construction, among others. The aerospace & defense segment is expected to hit USD 77.76 million by 2027 due to the lightweight of the product.
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The global market for Balsa Wood Market has been segmented into five main regions: North America, Europe, Latin America, Asia Pacific, and Middle East & Africa.
The Asia Pacific area offers enormous growth potential for the balsa wood market. It is expected to achieve USD 71.25 million with a CAGR of 5.97% by 2027 due to the presence of a large number of balsa wood processors, low labor costs, and an increasing application segment in the area. In this region, China held the largest market share and is expected to rise at CAGR of 6.16% during the forecast period. With increased military and aerospace funding and a substantial rise in the renewable energy sector in China and other Asia Pacific countries, the region is also expected to deliver lucrative opportunities in the balsa wood industry. A similar pattern has been observed in different emerging geographies, such as Latin America and the Middle East and Africa.
The balsa wood market is a well-developed industry in regions such as North America and Europe. North America accounted for balsa wood’s second-largest market share, followed by Europe. In North America, the US is the largest user of balsa wood composites, and the market for balsa wood in the US is expected to rise rapidly. Europe has a comparatively lower market share. Nevertheless, during the assessment period, the region is expected to rise at a substantial CAGR. Germany is the most significant market leader for balsa wood in Europe, followed by Poland.
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Some of the leading participants operating in the global balsa wood market are The PNG Balsa Company Ltd (Papua New Guinea), 3A Composites (Switzerland), Gurit (Spain), The Gill Corporation (U.S.), CoreLite Inc (U.S.) DIAB International AB (Sweden), and SINOKIKO BALSA TRADING CO., LTD (China) among others.