Balsa Core Materials Market Overview
The major trend being observed in the balsa core materials market is the shift in the preference of wind turbine manufacturers, from the use of conventional metal-based materials to balsa core materials for the manufacturing of turbine blades. Owing to the limited availability of conventional fuels, such as oil, gas, and coal, and the pollution caused by the consumption of these fuel sources, many countries are investing in cleaner energy sources, such as wind energy. Thus, the growing adoption of balsa-based core materials in wind energy projects can be viewed as a key industry trend.
Balsa core is a widely used end-grain wood core that exhibits high strength as well as high stiffness-to-weight ratio. Some of the benefits offered by the material are excellent resistance to fire, high sheer strength, high temperature resistance, and enhanced thermal and acoustic insulation.
On the basis of type, the balsa core materials market has been categorized into monolayer and multilayer materials. The category of multilayer materials held a significant share in the market during the historical period, and the demand for these materials is expected to witness high growth during the forecast period. This is due to the fact that multilayer materials have higher energy absorption capability as compared to monolayer materials, which makes them suitable for use, as a core material, in aircraft and wind blade manufacturing.
Balsa core materials are widely used in areas such as wind energy, aerospace, marine, transportation, and construction. Wind energy is expected to serve as a lucrative application area of these materials during the forecast period. The growing adoption of lightweight materials in wind power projects across several countries is expected to boost the growth of the balsa core materials market in the near future.
Based on region, the balsa core materials market has been classified into Europe, North America, Asia-Pacific (APAC), Latin America, and the Middle East and Africa. Among all regions, APAC accounted for a significant market share during the historical period, mainly because of the large-scale development of wind power projects in countries such as China, India, and Japan, where balsa-based core materials are widely used in the manufacturing of wind turbine blades.
Balsa Core Materials Market Dynamics
The key factor driving the growth of the balsa core materials market is the growing product demand from the expanding aerospace industry. Owing to the growing air services across different countries of the world, the sale of commercial aircraft is on the rise. This has accelerated the demand for balsa wood cores, which are used in the manufacturing of sandwich panels of aircraft to reduce the overall weight of the vehicle.
The major restraint identified in the balsa core materials market is the material’s low density and inability to absorb resins during the lamination of panels. Balsa-based core materials have a low density, which, in certain cases, makes them susceptible to breakage and damage. Moreover, their incompatibility with resins makes it difficult for panel manufacturers to use balsa wood as a core material.
The major opportunity identified in the balsa core materials market is the growing product demand in emerging economies. Countries such as China and India have emerged as important sites for wind energy projects, as both the countries continue to pour in high capital for the development of power projects. These investments are primarily aimed at achieving country-level goals of wind energy generation. Being an essential component in the development of wind turbines, balsa-based core material is expected to witness increased demand from the energy industry in the coming years.
Balsa Core Materials Market Competitive Landscape
The balsa core materials market is characterized by both multinational corporations and domestic companies. Besides, there are start-ups (engaged in the production of advanced balsa core material technologies) backed by venture capitalist firms as well as government agencies. Some of the major players operating in the global balsa core materials industry are Diab International AB, Schweiter Technologies AG, Bcomp Ltd., Carbon-Core Corporation, Gurit Holding, Evonik Industries AG, I-Core Composites LLC, CoreLite Inc., Bondi (Shandong) Environmental Material Co. Ltd., and Nord Compensati Spa.
The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.