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The balsa core materials market is estimated to increase by USD 74.2 million between 2022 and 2027. The market size is forecasted to grow at a CAGR of 5.83%. The growth of the market depends on several factors, including the growth of the shipbuilding industry, the increasing demand for balsa wood sheets from end-user industries, and the advantages of balsa core materials.
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The growth of the shipbuilding industry is notably driving market growth, although factors such as the presence of substitutes for the materials may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growth of the shipbuilding industry is notably driving market growth. The shipbuilding industry is a major consumer of the materials. In this industry, balsa core materials are used to manufacture the interior structure, decks, and floors of the ship. Thus, the growth of the shipbuilding industry, along with the addition of new ships, will drive the demand for materials in the shipbuilding industry during the forecast period.
The shipbuilding industry has witnessed rapid growth since the last decade owing to the growth in global FDI flows, seaborne trade, and expanding businesses of multinational companies. Various countries, such as India, China, and the US, have been developing their shipbuilding industry. Thus, new ship manufacturing and an increase in the repair and maintenance of old ships are expected to drive market growth during the forecast period. New shipping hubs in Vietnam, the Philippines, and India will also drive the growth of the shipbuilding industry. Therefore, the growth of the shipbuilding industry is expected to fuel the growth of the global market during the forecast period.
The rising number of offshore wind farm installations is a key trend shaping the market growth. Offshore wind projects have gained momentum in the past few years owing to an increase in demand for the installation of clean and sustainable energy sources globally. However, the full potential of offshore wind projects is yet to be determined. The adoption of offshore wind farms is rising rapidly, owing to better operational conditions when compared to onshore wind farms.
Offshore wind power plants have a higher annual generating capacity compared to onshore wind power plants. Offshore wind farms allow the installation of large turbines, which leads to higher outputs. Thus, the growing focus on offshore wind farm installations will fuel the demand for wind turbine blades. This will increase the application of the materials for the manufacturing of wind turbine blades, which, in turn, will support market growth during the forecast period.
The presence of substitutes for the materials may impede market growth. Various composite materials, including foam, are used as substitutes for the materials. Therefore, vendors are incorporating foam for manufacturing turbine blades. This, in turn, will negatively impact the demand for the materials. For instance, in February 2021, Diab Group selected SABIC's new LNP COLORCOMP to reduce weight and improve the mechanical properties of sandwich structures with polyethylene terephthalate (PET) foams.
PET foams are used as the core materials for wind turbine blades. They are less expensive when compared to the materials. In addition, they offer other benefits such as higher insulation, water resistance, and low weight. These advantages may harm the adoption of the materials among end-users. Therefore, the presence of substitute products may hinder market growth during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Adhesive Technologies NZ Ltd. - The company offers balsa core materials namely ProBalsa.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the monolayer segment will be significant during the forecast period. Monolayer balsa core material is easy to bond when used with resin or adhesive. Balsa core serves as an insulator, fire retardant, and noise reduction material in various industries.
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The monolayer segment was valued at USD 134.57 million in 2017 and continued to grow until 2021. Balsa core can handle changes in temperature and is highly resistant to chemicals. Monolayer balsa core materials can be used in various industries, such as wind energy, aerospace, construction, and marine, for different applications. Balsa core material is also used to make air cargo containers, floor panels, aircraft structures, and others. It is used in the automotive industry to make engine covers, panel structures, interior structures, and others. Several vendors offer monolayer materials for various applications in industries such as automotive, aerospace, and others. Therefore, the high application in end-user industries will drive the growth of the segment during the forecast period.
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APAC is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The growth of the market in the region is attributed to factors such as the increasing demand for the materials from end-user industries such as shipbuilding, wind energy, construction, and aerospace. Developments in the maritime transportation sector are driving the regional shipbuilding industry. China, Japan, South Korea, Singapore, Thailand, and Malaysia are the key revenue contributors to market growth. These countries have various seaport hubs with high seaport traffic. The increasing number of trading activities in the region will drive the demand for new ships in the region. This, in turn, will fuel the demand to manufacture ship decks, interiors, and others.
The market report forecasts market growth by revenue at global, regional, & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The Market experiences significant growth driven by its application in Wind Energy Equipment and the Aerospace Industry. Sandwich Composite structures, known for their low density and high bending stiffness, are in high demand across various sectors. Governments' tax incentives and stimulus packages further stimulate market growth despite the high cost of these materials.
Recent developments focus on trade regulations and import-export analysis, optimizing the value chain, and catering to domestic and localized market players. Emerging revenue pockets and changes in market regulations present strategic growth opportunities, while product approvals, launches, and geographical expansions drive dominance. Technological innovations continue to shape industry trends, empowering market decisions with comprehensive volume information and market share analysis.
Balsa Core Materials Market Scope |
|
Report Coverage |
Details |
Page number |
147 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.83% |
Market growth 2023-2027 |
USD 74.2 million |
Market structure |
Concentrated |
YoY growth 2022-2023(%) |
5.3 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 33% |
Key countries |
US, China, India, Germany, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Adhesive Technologies NZ Ltd., Allred and Associates Inc., Bodotex AS, Carbon Core Corp., Composite Envisions LLC, CoreLite, Diab Group, Gurit Holding AG, I Core Composites LLC, LBI Inc., Nord Compensati Srl, Schweiter Technologies AG, Sicomin Epoxy Systems, and Specialized Balsa Wood LLC |
Market dynamics |
Parent market analysis, Market forecasting, market growth and trends, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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