Balsa Core Materials Market - Forecast(2021 - 2026)

 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.

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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

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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.

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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. 

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