Global Balsa Wood Market is expected to grow at 5.89% CAGR to reach USD 217.26 million by 2023

Global Balsa Wood Market is one of the preferred core materials in structural sandwich panels, in applications ranging from wind turbine blades to boats and aircraft. Commercially used balsa wood is mostly harvested from plantations, particularly from Ecuador and Papua New Guinea. Due to the fast growth of balsa plant, the wood density is very low, making balsa the lightest commercial timber available. The appearance of grain in wood segment the balsa wood into ‘Grain A’, ‘Grain B’ and ‘Grain C’ types. By type, ‘Grain B’ balsa accounted share of 41%, and expected to dominate during the forecast period of 2017 to 2023. ‘Grain B’ balsa is in high demand among the end user as it has combine properties of ‘Grain A’ and ‘Grain C’ balsa. Balsa wood has attained commercial importance because of its light weight and insulating properties. As a result, the use of balsa as a core material in sandwich construction of aircrafts and other lightweight structures has greatly increased. Based on the application, the market is segmented as aerospace & defense, renewable energy, marine, road & rail, industrial & other segments. Due to weight saving nature of the balsa wood composites, the aerospace & defense segment is estimated as largest segment and expected to grow highest CAGR to reach USD 77.76 million by the end of 2023.

Six segments that are covered cumulatively constitute a market of USD 146.53 million and are expected to grow at 5.89% p.a. to reach USD 217.23 million by 2023 end, owing to the growing consumption of lightweight balsa wood composites among the aerospace & defense, wind energy segments.Global balsa wood market share, by application 2016, (%)

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Regional Analysis
Balsa is one of the fastest growing tree which is native to South America, however, it can be found in many other countries like Papua New Guinea. Ecuador has been the world’s largest balsa producer for over 60 years. For the purpose of this study, has segmented the global balsa wood consumption market in five different regions, namely, North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The North American market is further divided into the US and Canada, while the European market is segmented into Germany, Poland, France, UK, Italy, Spain and Rest of Europe. The Asia Pacific market is subdivided into China, Japan, India, Australia and Rest of Asia-Pacific. Asia Pacific has accounted the largest market share, followed by North America and Europe. The Asia Pacific region offers huge growth potential for balsa wood market and is slated to register the CAGR of 5.97% to reach USD 71.25 million by 2023 due to the cheap labor cost, growing application segment and presence of a large number of balsa wood composite processors in the region. China accounted for the largest market share in Asia Pacific region and is expected to grow at CAGR of 6.16% during the forecast period from 2017 to 2023.

North America accounted for second largest market share regionally followed by Europe. In North America, the U.S. holds the largest market share due to the growing renewable energy projects and rising military and defense operations in the country. In Europe, Germany is the major country that drives the market for balsa wood, followed by Poland.
Segmentation
The global balsa wood market is segmented on the basis of type, applications and region. By type, global balsa wood market is segmented into ‘Grain A’, ‘Grain B’, ‘Grain C’ type. By application, Aerospace & Defense, Renewable Energy, Marine, Road & Rail, Industrial Construction, among others. Based on the region, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Key Players
The key players operating in the global balsa wood market are 3A Composites (Switzerland) , Gurit (Spain), DIAB International AB (Sweden), The PNG Balsa Company Ltd (Papua New Guinea), The Gill Corporation (U.S.), CoreLite Inc (U.S.) and SINOKIKO BALSA TRADING CO., LTD (China) among others.
Geographic Analysis

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