Balsa Core Materials Market for Structural Composites Forecast to 2030
In terms of value, the global balsa core materials market for structural composites is anticipated to expand at a CAGR of ~5% from 2020 to 2030. Balsa is used as a core material, owing to its excellent chemical and styrene resistance, as well as neutral behavior. It can be processed with various different resin systems. Furthermore, it offers excellent laminate adhesion properties. End-grain balsa is a structural core with properties that make it ideal for sandwich construction. Additionally, it is compatible with different types of manufacturing processes, from prepreg construction to wet lamination.
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Increase in Adoption of Balsa Core Materials in Global Transportation Industry to Market
Transportation is a key sector of an economy. It includes companies such as trucking, airlines, railroads, logistics firms, and shipping, as well as those that provide transportation infrastructure. The use of lightweight materials has helped achieve greater fuel economy. This is the primary factor driving the demand for many lightweight materials and process technologies. The weight reduction factor is appealing for automakers, as it leads to an increase in other performance factors valued by customers. Automakers can achieve reduced weight of new vehicles by switching to lightweight materials such as balsa core materials. These materials offer outstanding strength-to-weight ratio, i.e. high shear and compression strength and high chemical resistance. Furthermore, balsa core materials are organic, sustainable, and renewable resources. The global demand for energy has been rising at a rapid pace since the last decade. Fossil fuel meets 70% of the global consumption of electricity. However, fossil fuel emission continues to worsen climatic change; hence, carbon-free solutions such as solar power, nuclear power, and wind power are gaining prominence for energy generation across the globe.
Power generation from onshore and offshore wind energy has emerged as a promising alternative for various countries to expand their renewable energy portfolios and provide a boost to transform the future of sustainable energy. Balsa core materials are employed in the manufacture of wind blades in the wind power sector. Thus, demand for balsa core materials has been rising in the wind power generation industry.
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Contoured End-grain to be Leading Type in Balsa Core Materials Market for Structural Composites
In terms of type, the contoured end-grain segment is projected to expand at a CAGR of more than 4.5% during the forecast period. This can be ascribed to the increase in transportation and infrastructure development activities as well as rise in consumption of balsa core materials in marine applications. Increase in demand for contoured end-grain balsa core materials to meet the demand from various applications in developed as well as developing countries makes contoured end-grain an attractive segment of the balsa core materials market for structural composites.
Resin Infusion to be Dominant Processing Segment of Balsa Core Materials Market for Structural Composites
Based on processing, the global balsa core materials market for structural composites has been segregated into adhesive bonding, compression molding, prepreg processing, resin injection, vacuum infusion, hand lamination, and others. The resin injection segment is expected to account for major share of the global balsa core materials market for structural composites in the near future. This can be attributed to the increase in demand for resin injection processing in various end-use applications such as wind energy, transportation, and building & construction.
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Wind Energy to be Major Application
Based on application, the global balsa core materials market for structural composites has been classified into transportation (automotive, buses, railways, aircraft, and commercial vehicles), building & construction, wind energy (rotor blades, nacelle covers, generator casings/turbine generator housings, spinners, and others), marine, and others. The wind energy segment held prominent share of the global balsa core materials market for structural composites in 2019. High share of the segment can be ascribed to high demand for balsa core materials in the manufacture of turbine blades as well as various other applications such as nacelle covers, generator casings/turbine generator housings, and spinners.
Asia Pacific to be Lucrative Region of Balsa Core Materials Market for Structural Composites
In terms of consumption, Asia Pacific dominated the global balsa core materials market for structural composites in 2019. The balsa core materials market for structural composites in the region is likely to expand at a rapid pace from 2020 to 2030. In terms of value and volume, the balsa core materials market for structural composites in Asia Pacific is anticipated to expand in the near future, due to consistent demand for high-performance, high-strength, and lightweight materials in automotive, aerospace, and marine applications in the region. Europe is another major consumer of balsa core material for structural composites. It accounts for a vital share, in terms of consumption, across the globe. Presence of established balsa-based product manufacturers in Germany, Italy, the U.K., and France is driving the demand for balsa core materials in Europe.
The global balsa core materials market for structural composites is highly consolidated. Leading players such as 3A Composites Core Materials, Carbon-Core Corporation, Gurit Holding AG, and CoreLite, Inc. cumulatively held more than 85% share of the global balsa core materials market for structural composites in 2019. Key manufacturers operating in the global balsa core materials market for structural composites include 3A Composites Core Materials, Carbon-Core Corporation, Gurit Holding AG, CoreLite, Inc., Nord Compensati SRL, Diab Group, I-Core Composites, LLC, Sicomin Epoxy Systems, Adhesive Technologies NZ, Specialized Balsa Wood, LLC, and Bcomp Ltd.
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