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Balsa Wood Market Overview:Balsa (Ochroma pyramidale) is one of the fastest growing wood species, growing about 20 m in height and up to 75 cm in diameter in 5-8 years. Most of the balsa wood used commercially is harvested from plantations, particularly from Ecuador and Papua New Guinea. Because of its fast growth, the wood density is very low, making balsa the lightest commercial timber available. Based on property of low density, these woods are used in many industrial applications including, aerospace & defense, renewable energy, marine, rail & road etc.
The balsa wood market is expected grow moderately and register a CAGR of 5.89% over the forecast period. Some of the protuberant drivers supporting the growth of global balsa wood market are identified as, booming wind turbine industry, growing defense activities and aerospace industry, expanding marine sectors, growing demand of weight saving composite to increase the efficiency of land transport.
Key Players:
Some of 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.
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Industry/ Innovation/ Related News:
February 2017 – 3A Composites launched BALTEK® VBC- structural core material based balsa wood vaneer from 100% FSC®, earlier this year. BALTEK® VBC core is made of balsa layers oriented in four directions and is structurally bonded to a quadra-axial core material (QX), which significantly improves the shear performance in length direction
April 2016 – 3A Composites AirexBaltekBanova has expanded its network of sales partners thereby ensuring the availability of its BANOVA ® product line in Germany. The company has shared its partnership in Germany with established timber traders such as Carl Götz GmbH, Holz Tusche GmbH & Co. KG, Becher GmbH & Co. KG, Leyendecker HolzLand GmbH & Co. KG.
July 2017 – Gurit has signed an agreement to form joint venture for balsa wood production with PT Gurit Parta Balsa which is a newly founded manufacturer of balsa wood blocks based in Probolinggo, Java, and Republic of Indonesia. Under the terms of this agreement Gurit will be holding 55% shares Mr. Setiyo Budi Nugroho will hold 45%.
November 2015– Gurit has expanded its balsa wood annual production capacity to match ongoing global market demand. With this expansion strategy Gurit expanded total annual increase of 35% with fresh investment in China based factory.
September 2017– Gurit recently closed successful acquisition of PH Windsolutions Inc. by acquiring 100% shares. Ph Windsolutions is specializes in innovative wind blade mould automation system of latest generation and related installation. With the conclusion of this acquisition PH Windsolutions BV will be rebranded as Gurit Tooling (Netherlands) BV
August 2016– The Gill Corporation purchased new building for manufacturing, shipping, receiving, and office space to undertake the company’s significant growth. The new building consist of area 140,000 sq. ft and this expansion strategy emerged as company’s largest expansion by far.
March 2011– Gurit acquired balsa material producer Balseurop and completes offering for Wind Energy and Marine markets.
June 2015– Schweiter Technologies compleated acquisition of PNG Balsa in Papua New Guinea.
Balsa Wood Market:
The global balsa wood market is expected to grow significantly during forecasted period i.e. 2023. 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 highest CAGR of 5.97% to reach USD 71.25 million by 2023 owing to the presence of large number of balsa wood processors, cheap labor cost and growing application segment in the region.
Key Findings:
The Global Balsa Wood Market is projected to reach USD 217.26 million by 2023 with 5.98% CAGR growth rate during the review period of 2017-2023. The ‘Grain B’ Balsa Wood by type has acquired nearly 41% share of the market and is growing at highest CAGR among other grain types of balsa wood. Grain ‘C’ is also a major segment, which is swiftly acquiring significant share of the market by growing at CAGR of 5.88% during the forecast period. Aerospace & defense segment as an application has acquired as the largest share of the market.
The segment is growing at highest CAGR among other application of Balsa Wood, to reach USD 77.76 million. Asia Pacific is the fastest growing region in the Global Balsa Wood Market, which is estimated to grow at CAGR of 5.97% to reach USD 71.25 by the end of review period. China acquired the largest market share and slated to grow at CAGR of 6.16% during the forecast period.
Segment Analysis:
The global balsa wood market is segmented on the basis of type, application and region. On the basis of type, the market is segmented into ‘Grain A’, ‘Grain B’, and ‘Grain C’ balsa wood. Based on the application, the global balsa wood market is divided into aerospace & defense, renewable energy, marine, rail & road, industrial & construction among others.
Considering the increasing security concerns of the countries, the military & aerospace funding across the globe is also increasing and’ as a result, this segment is estimated to account for the largest market share which is slated to reach USD 77.76 million till 2023. Balsa wood laminates provide effective ballistic protection in military & defense operations at a much lower weight than metallic armor materials. Additionally, balsa wood composite armor is used in the production of military vehicles, land-based shelters, ships and aircraft are some of the factors that drive the market for balsa wood in military & aerospace segment.
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Competitive Landscape:
In competitive landscape, the report analyses the degree of competition among the industry players as well as industry growth and market scenario. Globally balsa wood market is at a growing stage which represents moderate stats in terms of market value and overall volume. Over the past few years balsa wood market has witnessed significant demand from industries like marine, aircraft and wind energy. Nevertheless, the degree of competition among the market players is still less, owing to limited market players across the globe. Globally market for balsa wood is fragmented in nature and it is moving towards growth expansion by specifically adopting partnership, expansion and joint-venture strategies and product launch strategies.
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