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) -- 06/20/2018 -- 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. Balsa core possesses high compressive properties including enhanced thermal insulation and acoustic absorption. This material is widely applicable in wind energy, aerospace, marine, construction, and transportation sectors.
The global balsa core materials market is segmented based on type, end-use industry, and geography. Based on type, it is bifurcated into monolayer and multilayer. On the basis of end-use industry, it is divided into wind energy, aerospace, marine, transportation, construction, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
In 2016, the wind energy segment accounted for approximately less than two-fifths share of the global market. The wind energy and marine segments are anticipated to be the top investment pockets, owing to the growth in demand for lightweight materials in end-use industries in developing regions.
The consumption of balsa core materials in Asia-Pacific is expected to increase, owing to stable economic growth, and growth in marine and aerospace industries. Rise in demand for light weighing materials in aerospace industries is anticipated to drive the demand for balsa core materials in this region. In addition, the incorporation of nanotechnology in next-generation composites is anticipated to present new opportunities for market development.
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The key players in the global balsa core materials market focus on product launch and expansion as their key strategies to gain significant market share and cater to the growing demand from developing countries.
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.
The other players not profiled in the report include BONDI, Airex AG, Kerfkore Company, Core Composites, Duroplastic Technologies, CoreLite, and Euroresins.
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Key Benefits :
- The report provides an extensive analysis of the current trends and emerging estimations in the global balsa core materials market from 2017 to 2023.
- Competitive intelligence of leading manufacturers & distributors of balsa core materials helps to understand the competitive scenario across geographies.
- Comprehensive analysis of factors that drive and restrain the market growth is provided.
- Extensive analysis of the industry is conducted by following key product positioning and by monitoring the top competitors within the market framework.
- The key players are profiled along with their strategies to determine the competitive outlook of the market.
Balsa Core Materials Market Key Segments:
By Type
- Monolayer
- Multilayer
By End-use Industry
- Wind Energy
- Aerospace
- Marine
- Transportation
- Construction
- Others