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Balsa Core Materials Market - Forecast(2023 - 2028)
Balsa Core Materials Market size is forecast to reach $300 billion by 2025, after growing at a CAGR of 5% during 2020-2025. Balsa is a natural honeycomb like cell structure, extensively used in sandwich composites for their unique properties. An increase in demand from wind energy industries for a high-quality product with higher strength and low weight is driving the growth of Balsa Core Materials market share globally. Moreover, the ecological advantages of balsa core materials over its substitutes such as PET and carbon core materials are also contributing to the balsa core materials market size growth during the forecast period.
Report Coverage
The report: “Balsa Core Materials Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Balsa Core Materials Industry.
By Type: Monolayer and Multilayer
By Application: Wind Energy (Rotor Blades, Nacelles Covers, Spinners, Others) Marine (Sides & Decks, Floor & Interiors, Hulls & Engine Beds and Others), Building & Construction (Floor & Cabinets, Sound Proofing & Insulation Panels, Others), Automotive, Railway, Aerospace and Others
By Geography: North America, South America, Europe, APAC, and RoW
Key Takeaway
- Increasing environmental concerns and ease in degradability are the major factors driving the growth of balsa core materials market.
- High prices of Balsa wood and global supply chain distraction due to the impact of coronavirus acts as a restraint for the growth of balsa core materials industry.
- Neck breaking installation of wind farms for energy production in China is propelling the growth balsa core materials market.
Type - Segment Analysis
Multilayer segment is expected to dominate the balsa core materials market with as share of more than 55% in 2019. The ability of multilayer balsa core material to absorb more vibration and shocks as compared to monolayer, is driving the growth of multilayer balsa core materials market. Whereas, in sandwich composite, layers are adhesively bonded to the core, thus one-layer acts in tension as other layer acts in compression and the core resists the shear load. Hence, increase in number of layers provide high strength and bending rigidity. This feature of multiplayer core material makes it suitable for use in the in marine and aerospace industries.
Application - Segment Analysis
Based on the application, wind energy segment holds the largest share of more than 30% in the balsa core materials market in 2019. Lower weight, cost effective and high strength of balsa core materials makes it suitable to use in the wind turbine blades. Furthermore, increase in the use of wind for power generation globally has propelled the growth of balsa core materials market. According to International Energy Agency (IEA), global onshore wind electricity generation increased by 12% in 2018 and is expected to grow in future, which in turn boosts the growth of balsa core materials market during the forecast period.
Increase in coronavirus has badly impacted the market. Industries are being shuttered all around the globe. Many industries have postponed their contracts, exports or imports which greatly affects the market and led to the downfall of economy. Due to the lockdown, Ecuador who is the major supplier of balsa wood is not able to export balsa core materials, which results in scarcity of balsa core materials for wind turbine blades manufacturers. For instance, considering the impacts of COVID-19 on wind supply chain, China Wind Energy Association (CWEA) has downgraded its onshore wind forecast from up to 35 GW to 20-25 GW in 2020.
Geography- Segment Analysis
APAC dominated the balsa core materials market with a share of more than 35% in 2019, followed by North America and Europe. Rapid industrialization and urbanization have driven the growth of balsa core materials market in APAC regions. Whereas, increase in the construction activities in the emerging economy like China and India has escalated the use of balsa core materials for flooring. Furthermore, emerging economic nations have shown rapid growth in balsa core material market due to their rising disposable income and neck breaking steps for the generation of power by wind energy to meet the energy requirements of aggressively growing population. According to International Renewable Energy Agency (IRENA), Asia would become global leader in wind by increasing the share of installed capacity for onshore wind from 230 Gigawatt (GW) in 2018 to over 2600 GW by 2050.
Drivers – Balsa Core Materials Market
- Superior Properties of balsa core material
Balsa core materials have excellent fatigue resistance and high mechanical strength which augments its use in various end use industries. Lower weight and the ability of balsa core material to withstand high temperature is driving its growth in automotive, marine, and aerospace industries. They are also used in construction activities for flooring, doors, window panels and ceiling. Increasing global floor area with a forecast to double in 2050 by Global Alliance for Building and Construction is likely to aid the growth of balsa core materials market. Additionally, rise in use of renewable resources and the use of balsa core material for manufacturing wind turbine blades is also fueling the growth of this market. Whereas, all road transport applications such as automotive, aerospace, and railways are striving to reduce weight without compromising consistent rigidity. This weight reduction significantly results in reduction of fuel consumption as well as in an increased weight capacity that automatically minimize the vehicle operating costs, hence due to this benefit, the demand for sandwich construction is growing from transportation sector, which in turn drives the growth of this market over the forecast period. As sandwich constructions offers benefits like minimal weight, excellent optical features, high corrosion resistance and enormous rigidity.
- Sustainability and rising environmental concerns
With the increase in environmental concerns, the world is heading towards sustainability. Balsa core material is a natural resource derived from balsa tree and is biocompatible. The density of dry balsa wood ranges from 40-340 kg/m³ with a typical density of approximately 160 kg/m³. They are degradable and decompose in landfill without affecting the environment and human health. In comparison with paulownia wood, balsa wood has approximately 40% lower water usage, CO2 footprint and embodied energy. Exceptional properties of balsa core materials without affecting the environment is driving the growth of balsa core materials market.
Challenges – Balsa Core Materials Market
- Inferior properties and availability of substitutes
Although balsa core materials find wide range of applications but their moisture absorbing ability and volatility in prices acts as a restraint for the growth of market. Due to their ability to absorb large amount of water they are not used for making bottom hulls of boats. Furthermore, the presence of substitutes such as polyurethane and polyethylene terephthalate (PET) which are durable, light weight, moisture, and abrasion resistant is hampering the growth of balsa core materials market. PET is cost effective and lowers the dependence of core material manufacturers on nature for balsa wood.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the balsa core materials market report. In 2019, the market of balsa core materials top ten players accounting for xx% of the share. Major players in the balsa core materials market outlook are Bondi Environmental Material Company Limited, Bcomp Ltd, Carbon-Core Corp, DIAB, Schweiter Technology, Evonik Industry AG, Nord Compensati Spa, Gurit Holding Ag, I-Core Composites, Llc, Corelite Inc., among others.
Acquisitions/Technology Launches
- In February 2019, 3A Composites Core Materials launched two innovative solutions to improve its BALTEK balsa core properties and reduce cost. BALTEK SealX reduces the resin uptake and BALTEK Adaptive ContourKore enables mass customization of finishing and reduces indirect costs.
- In September 2018, Nord Compensati SRL has declared the availability of BALSA R5. This type of wood is very light, stable and easy to work and are widely used in fishing, amateurs sector.
1. Balsa Core Materials Market- Market Overview
1.1 Definitions and Scope
2. Balsa Core Materials Market- Executive Summary
2.1 Market Revenue, Market Size and Key Trends by Company
2.2 Key Trends by Type
2.3 Key Trends by Application
2.4 Key Trends by Geography
3. Balsa Core Materials Market- Landscape
3.1 Comparative analysis
3.1.1 Market Share Analysis- Top Companies
3.1.2 Product Benchmarking- Top Companies
3.1.3 Top 5 Financials Analysis
3.1.4 Patent Analysis- Top Companies
3.1.5 Pricing Analysis
4. Balsa Core Materials Market - Startup companies Scenario Premium (Premium)
4.1 Top startup company Analysis by
4.1.1 Investment
4.1.2 Revenue
4.1.3 Market Shares
4.1.4 Market Size and Application Analysis
4.1.5 Venture Capital and Funding Scenario
5. Balsa Core Materials Market– Industry Market Entry Scenario Premium (Premium)
5.1 Regulatory Framework Overview
5.2 New Business and Ease of Doing business index
5.3 Case studies of successful ventures
5.4 Customer Analysis - Top companies
6. Balsa Core Materials Market- Market Forces
6.1 Market Drivers
6.2 Market Constraints
6.3 Market Opportunities
6.4 Porters five force model
6.4.1 Steel Bargaining power of suppliers
6.4.2 Steel Bargaining powers of customers
6.4.3 Threat of new entrants
6.4.4 Rivalry among existing players
6.4.5 Threat of substitutes
7. Balsa Core Materials Market -Strategic analysis
7.1 Value chain analysis
7.2 Opportunities analysis
7.3 Market life cycle
7.4 Suppliers and distributors Analysis
8. Balsa Core Materials Market– By Type (Market Size -$Million)
8.1 Monolayer
8.2 Multilayer
9. Balsa Core Materials Market– By Application (Market Size -$Million)
9.1 Wind Power
9.1.1 Rotor Blades
9.1.2 Nacelle Covers
9.1.3 Spinners
9.1.4 Others
9.2 Marine
9.2.1 Hulls & Engine Beds
9.2.2 Sides & Decks
9.2.3 Floor & Interiors
9.2.4 Others
9.3 Construction
9.3.1 Soundproofing & Insulation Panels
9.3.2 Floor & Cabinets
9.3.3 Others
9.4 Aerospace
9.5 Automotive
9.6 Railway
9.7 Others
10. Balsa Core Materials Market - By Geography (Market Size -$Million)
10.1 North America
10.1.1 U.S.
10.1.2 Canada
10.1.3 Mexico
10.2 South America
10.2.1 Brazil
10.2.2 Argentina
10.2.3 Colombia
10.2.4 Chile
10.2.5 Ecuador
10.2.6 Rest of South America
10.3 Europe
10.3.1 U.K
10.3.2 Germany
10.3.3 Italy
10.3.4 France
10.3.5 Russia
10.3.6 Spain
10.3.7 Netherland
10.3.8 Belgium
10.3.9 Rest of Europe
10.4 Asia Pacific
10.4.1 China
10.4.2 India
10.4.3 Japan
10.4.4 South Korea
10.4.5 Australia & New Zealand
10.4.6 Rest of Asia Pacific
10.5 RoW
10.5.1 Middle East
10.5.1.1 Saudi Arabia
10.5.1.2 UAE
10.5.1.3 Israel
10.5.1.4 Rest of Middle East
10.5.2 Africa
10.5.2.1 South Africa
10.5.2.2 Nigeria
10.5.2.3 Rest of Africa
11. Balsa Core Materials Market- Entropy
11.1 New Product Launches
11.2 M&A’s, Collaborations, JVs and Partnerships
12. Balsa Core Materials Market Share Analysis (Premium)
12.1 Market Share by Country- Top companies
12.2 Market Share by Region- Top companies
12.3 Market Share by type of Product / Product category- Top companies
12.4 Market Share at global level- Top companies
12.5 Best Practices for companies
13. Balsa Core Materials Market- List of Key Companies by Country (Premium)
14. Balsa Core Materials Market Company Analysis
14.1 Market Share, Company Revenue, Products, M&A, Developments
14.2 Company 1
14.3 Company 2
14.4 Company 3
14.5 Company 4
14.6 Company 5
14.7 Company 6
14.8 Company 7
14.9 Company 8
14.10 Company 9
14.11 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"
LIST OF TABLES
1.Global Balsa Core Material Market, By Type Market 2019-2024 ($M)1.1 Monolayer Market 2019-2024 ($M) - Global Industry Research
1.2 Multilayer Market 2019-2024 ($M) - Global Industry Research
2.Global Balsa Core Material Market, By End-Use Industry Market 2019-2024 ($M)
2.1 Aerospace Market 2019-2024 ($M) - Global Industry Research
2.2 Wind Energy Market 2019-2024 ($M) - Global Industry Research
2.3 Marine Market 2019-2024 ($M) - Global Industry Research
2.4 Transportation Market 2019-2024 ($M) - Global Industry Research
2.5 Construction Market 2019-2024 ($M) - Global Industry Research
3.Global Balsa Core Material Market, By Type Market 2019-2024 (Volume/Units)
3.1 Monolayer Market 2019-2024 (Volume/Units) - Global Industry Research
3.2 Multilayer Market 2019-2024 (Volume/Units) - Global Industry Research
4.Global Balsa Core Material Market, By End-Use Industry Market 2019-2024 (Volume/Units)
4.1 Aerospace Market 2019-2024 (Volume/Units) - Global Industry Research
4.2 Wind Energy Market 2019-2024 (Volume/Units) - Global Industry Research
4.3 Marine Market 2019-2024 (Volume/Units) - Global Industry Research
4.4 Transportation Market 2019-2024 (Volume/Units) - Global Industry Research
4.5 Construction Market 2019-2024 (Volume/Units) - Global Industry Research
5.North America Balsa Core Material Market, By Type Market 2019-2024 ($M)
5.1 Monolayer Market 2019-2024 ($M) - Regional Industry Research
5.2 Multilayer Market 2019-2024 ($M) - Regional Industry Research
6.North America Balsa Core Material Market, By End-Use Industry Market 2019-2024 ($M)
6.1 Aerospace Market 2019-2024 ($M) - Regional Industry Research
6.2 Wind Energy Market 2019-2024 ($M) - Regional Industry Research
6.3 Marine Market 2019-2024 ($M) - Regional Industry Research
6.4 Transportation Market 2019-2024 ($M) - Regional Industry Research
6.5 Construction Market 2019-2024 ($M) - Regional Industry Research
7.South America Balsa Core Material Market, By Type Market 2019-2024 ($M)
7.1 Monolayer Market 2019-2024 ($M) - Regional Industry Research
7.2 Multilayer Market 2019-2024 ($M) - Regional Industry Research
8.South America Balsa Core Material Market, By End-Use Industry Market 2019-2024 ($M)
8.1 Aerospace Market 2019-2024 ($M) - Regional Industry Research
8.2 Wind Energy Market 2019-2024 ($M) - Regional Industry Research
8.3 Marine Market 2019-2024 ($M) - Regional Industry Research
8.4 Transportation Market 2019-2024 ($M) - Regional Industry Research
8.5 Construction Market 2019-2024 ($M) - Regional Industry Research
9.Europe Balsa Core Material Market, By Type Market 2019-2024 ($M)
9.1 Monolayer Market 2019-2024 ($M) - Regional Industry Research
9.2 Multilayer Market 2019-2024 ($M) - Regional Industry Research
10.Europe Balsa Core Material Market, By End-Use Industry Market 2019-2024 ($M)
10.1 Aerospace Market 2019-2024 ($M) - Regional Industry Research
10.2 Wind Energy Market 2019-2024 ($M) - Regional Industry Research
10.3 Marine Market 2019-2024 ($M) - Regional Industry Research
10.4 Transportation Market 2019-2024 ($M) - Regional Industry Research
10.5 Construction Market 2019-2024 ($M) - Regional Industry Research
11.APAC Balsa Core Material Market, By Type Market 2019-2024 ($M)
11.1 Monolayer Market 2019-2024 ($M) - Regional Industry Research
11.2 Multilayer Market 2019-2024 ($M) - Regional Industry Research
12.APAC Balsa Core Material Market, By End-Use Industry Market 2019-2024 ($M)
12.1 Aerospace Market 2019-2024 ($M) - Regional Industry Research
12.2 Wind Energy Market 2019-2024 ($M) - Regional Industry Research
12.3 Marine Market 2019-2024 ($M) - Regional Industry Research
12.4 Transportation Market 2019-2024 ($M) - Regional Industry Research
12.5 Construction Market 2019-2024 ($M) - Regional Industry Research
13.MENA Balsa Core Material Market, By Type Market 2019-2024 ($M)
13.1 Monolayer Market 2019-2024 ($M) - Regional Industry Research
13.2 Multilayer Market 2019-2024 ($M) - Regional Industry Research
14.MENA Balsa Core Material Market, By End-Use Industry Market 2019-2024 ($M)
14.1 Aerospace Market 2019-2024 ($M) - Regional Industry Research
14.2 Wind Energy Market 2019-2024 ($M) - Regional Industry Research
14.3 Marine Market 2019-2024 ($M) - Regional Industry Research
14.4 Transportation Market 2019-2024 ($M) - Regional Industry Research
14.5 Construction Market 2019-2024 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Balsa Core Materials Market Revenue, 2019-2024 ($M)2.Canada Balsa Core Materials Market Revenue, 2019-2024 ($M)
3.Mexico Balsa Core Materials Market Revenue, 2019-2024 ($M)
4.Brazil Balsa Core Materials Market Revenue, 2019-2024 ($M)
5.Argentina Balsa Core Materials Market Revenue, 2019-2024 ($M)
6.Peru Balsa Core Materials Market Revenue, 2019-2024 ($M)
7.Colombia Balsa Core Materials Market Revenue, 2019-2024 ($M)
8.Chile Balsa Core Materials Market Revenue, 2019-2024 ($M)
9.Rest of South America Balsa Core Materials Market Revenue, 2019-2024 ($M)
10.UK Balsa Core Materials Market Revenue, 2019-2024 ($M)
11.Germany Balsa Core Materials Market Revenue, 2019-2024 ($M)
12.France Balsa Core Materials Market Revenue, 2019-2024 ($M)
13.Italy Balsa Core Materials Market Revenue, 2019-2024 ($M)
14.Spain Balsa Core Materials Market Revenue, 2019-2024 ($M)
15.Rest of Europe Balsa Core Materials Market Revenue, 2019-2024 ($M)
16.China Balsa Core Materials Market Revenue, 2019-2024 ($M)
17.India Balsa Core Materials Market Revenue, 2019-2024 ($M)
18.Japan Balsa Core Materials Market Revenue, 2019-2024 ($M)
19.South Korea Balsa Core Materials Market Revenue, 2019-2024 ($M)
20.South Africa Balsa Core Materials Market Revenue, 2019-2024 ($M)
21.North America Balsa Core Materials By Application
22.South America Balsa Core Materials By Application
23.Europe Balsa Core Materials By Application
24.APAC Balsa Core Materials By Application
25.MENA Balsa Core Materials By Application
26.Diab, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Schweiter Technology, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Bcomp Ltd, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Carbon-Core Corp, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Gurit Holding Ag, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Evonik Industry Ag, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.I-Core Composites, Llc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Corelite Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Bondi Environmental Material Company Limited, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Nord Compensati Spa, Sales /Revenue, 2015-2018 ($Mn/$Bn)