NEW YORK, March 20, 2024 /PRNewswire/ — The balsa core materials market is set to grow by USD 74.2 million from 2022 to 2027. The market is estimated to be progressing at a CAGR of 5.83% during the forecast period. Key companies include, Adhesive Technologies NZ Ltd., Allred and Associates Inc., Bodotex AS, Carbon Core Corp., Composite Envisions LLC, CoreLite, Diab Group, Gurit Holding AG, I Core Composites LLC, LBI Inc., Nord Compensati Srl, Schweiter Technologies AG, Sicomin Epoxy Systems, Specialized Balsa Wood LLC.
Here is an Exclusive report talking about Market scenarios with a historical period (2017-2021) and forecast period (2023-2027). Download Sample Report in minutes!
- Adhesive Technologies NZ Ltd. – The company offers balsa core material namely ProBalsa.
- Allred and Associates Inc. – The company offers balsa core material such as DragonPlate carbon fiber balsa core.
- Bodotex AS – The company offers balsa core materials.
|
Report Coverage |
Details |
|
Page number |
147 |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 5.83% |
|
Market growth 2023-2027 |
USD 74.2 million |
|
Market structure |
Concentrated |
|
YoY growth 2022-2023(%) |
5.3 |
|
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
|
Performing market contribution |
APAC at 33% |
|
Key countries |
US, China, India, Germany, and France |
The market is driven by the growth of the shipbuilding industry.
In the shipbuilding industry, which is a major consumer of balsa core materials, balsa core materials are used to manufacture the interior structure, decks, and floors of the ship. Therefore, the growth of the shipbuilding industry, along with the addition of new ships drives the demand for balsa core materials during the forecast period. New ship manufacturing and an increase in the repair and maintenance of old ships are the factors expected to drive market growth during the forecast period. Hence, the growth of the shipbuilding industry is expected to fuel the growth of the global balsa core materials market during the forecast period.
- The rising number of offshore wind farm installations is an emerging trend in the balsa core market.
- The presence of substitutes for balsa core materials challenges the growth of the balsa core market.
Market Segmentation
This balsa core materials market report extensively covers market segmentation by type (monolayer and multilayer), end-user (wind energy, aerospace, marine, and others), and geography (APAC, Europe, North America, South America, and Middle East and Africa).
- The market share growth by the monolayer segment will be significant for market growth during the forecast period. This material is easy to bond when used with resin or adhesive and serves as an insulator, fire retardant, and noise reduction material in various industries. It is also used to make air cargo containers, floor panels, aircraft structures, and others. Also, it is used in the automotive industry to make engine covers, panel structures, interior structures, and others. Hence, the high application of balsa core materials in end-user industries will drive the growth of the segment during the forecast period.
This report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters- View Sample Report
Analyst Review
The Balsa Core Materials Market is experiencing a robust growth trajectory driven by the burgeoning demand for lightweight, high-strength materials in industries such as wind energy equipment and aerospace. Balsa core materials, characterized by their sandwich composite structure, offer exceptional bending stiffness coupled with low density, making them ideal for applications where weight reduction is paramount.
One of the primary drivers of this market growth is the rapid expansion of the wind energy sector, which relies heavily on lightweight materials for the construction of turbine blades. Similarly, the aerospace industry’s quest for fuel efficiency and performance enhancement has fueled the demand for balsa core materials.
Governments’ tax incentives and stimulus packages aimed at promoting renewable energy and aerospace innovation further bolster market growth. Despite the high initial cost associated with balsa core materials, the adoption is on the rise due to their superior performance and long-term cost-effectiveness.
Recent developments in the market include advancements in production techniques, trade regulations affecting import-export dynamics, and efforts towards optimizing the value chain to streamline manufacturing processes. Additionally, there’s a shift towards localized production to cater to emerging revenue pockets and navigate changes in market regulations.
Strategic market growth analysis indicates opportunities for category expansions and exploration of niche applications. Market players are focusing on securing product approvals, launching new offerings, and expanding geographically to capitalize on emerging opportunities.
Technological innovations continue to drive industry trends, with a focus on enhancing product performance and efficiency. Market decisions are increasingly informed by volume information, comprehensive market share analysis, and evaluation of substitutes.
Reports on the balsa core materials market emphasize the impact of market dynamics on industry players and highlight opportunities for growth. The market size is projected to expand significantly, driven by increasing demand from core industries.
In conclusion, the balsa core materials market presents lucrative opportunities for stakeholders, supported by favorable market conditions, technological advancements, and growing demand from key sectors. With a comprehensive understanding of market dynamics and strategic initiatives, players can capitalize on this expanding market landscape to drive sustainable growth and dominance in the industry.
Market Overview
The Balsa Core Materials Market is experiencing a surge in demand, particularly fueled by the rapid growth of the wind energy equipment and aerospace industries. Balsa cores, known for their strength, low density, and exceptional bending stiffness, are crucial components in sandwich composite structures utilized in these sectors. This lightweight yet robust material is favored for its high performance and cost-effectiveness. Moreover, the market is further bolstered by governments’ tax incentives and stimulus packages encouraging sustainable energy solutions. As the demand for eco-friendly and efficient products escalates, pet foam, another innovative alternative, is also gaining traction in the market. Overall, the Balsa Core Materials Market stands poised for significant expansion amidst evolving industry dynamics.
Related Reports:
The tubes and cores market size is expected to increase by USD 3.07 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 7.75%. Furthermore, this report extensively covers tubes and cores market segmentation by end-user (paper industry, textile industry, and others) and geography (North America, Europe, APAC, South America, and Middle East and Africa). The growing demand for transparent barrier film is notably driving the tubes and cores market growth.
The India foundry market size is estimated to grow at a CAGR of 10.77% between 2022 and 2027. The market size is forecast to increase by USD 15,684.57 million. This foundry market report in India extensively covers market segmentation by end-user (automotive, electrical and construction, industrial machinery, agriculture, and others) and type (gray iron casting, non-ferrous casting, ductile iron casting, steel casting, and malleable casting). The focus on technology upgrades is notably driving the market growth.
Key Topics Covered:
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
