The preference for balsa core materials is expected to increase in Asia-Pacific, owing to increase in wind turbine installations. In 2016, China installed 23.3 gigawatts (GW) of wind power capacity, almost three times the 8.2 GW that the U.S., which took second place, installed in the same year. China possesses high growth potential owing to presence of giants in composites industry, which in turn is anticipated to benefit the market growth.
Portland, OR -- (SBWIRE) -- 09/21/2017 -- According to a new report published by Allied Market Research, titled, Balsa Core Materials Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global balsa core materials market was valued at $190 million in 2016, and is expected to reach $272 million by 2023, registering a CAGR of 5.3% from 2017 to 2023. Asia-Pacific dominated the global market, accounting for approximately two-fifths share in 2016.
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Balsa core is the most commonly used end-grain wood core and possesses high strength and stiffness to weight ratio. It has a wide range of properties such as excellent fire resistance, high sheer strength, wide operating temperature, and thermal & acoustic insulation. Increase in demand for lightweight materials in wide range of end-use industries such as marine, aerospace, and construction is expected to fuel the market growth during the forecast period. Minimum density and ability to absorb large amount of resins during lamination are expected to hamper the growth of global balsa core materials market during the forecast period.
Balsa core materials are available in two type viz. monolayer and multilayer. The multilayer segment accounted for significant share in 2016, and is expected to witness high growth rate during the forecast period. This is attributed to it higher energy absorption property as compared to monolayer materials.
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The wind energy segment accounted for a significant share in 2016, and is anticipated to maintain its dominance during the forecast period. This is attributed to the rise in adoption of lightweight materials in wind energy applications worldwide. Balsa core is considered as an economical solution to higher priced foam cores, which in turn, is expected to augment the market growth.
Key Findings of the Balsa Core Materials Market:
In terms of value, the multilayer segment accounted for two-thirds share of the global market in 2016, and is expected to grow at a CAGR of 5.7% from 2017 to 2023.
Asia-Pacific is anticipated to witness the highest growth, registering a CAGR of 5.9%, in terms of value.
China and India are expected to occupy approximately three-fifths share of the total Asia-Pacific market by 2023.
India is expected to grow at a CAGR of 7.0%, in terms of value.
Aerospace application segment is estimated to grow at a high CAGR of 5.9% during the forecast period
In 2016, Asia-Pacific accounted for the highest share, and is expected to continue its dominance during the forecast period, due to growth in adoption of balsa core in the aerospace industry. Some of the key players operating in the global balsa core materials market are DIAB, 3A Composites Core Materials, Bcomp Ltd., Carbon-Core Corp., CoreLite, Gurit, Evonik Industries AG, I-Core Composites, and Nord Compensati.
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