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(AsiaNewsWire.Net, July 06, 2021 )
Global Balsa Wood Market was valued at USD 205million in 2020 which expected to reach 301 million by 2027 at a CAGR 4.5% from 2020-2027.
Balsa core material is cost effective material which is derived from trees. This material is used as an end-grain wood core. It provides high thermal insulation properties. Balsa wood has a honeycomb-like structure and it is available in a wide range of forms, densities, and thicknesses. Balsa trees grow rapidly, and their material are used in the production of boats, wind turbine blades, in transportation, and structural composite panels. They possess rigidity, high specific stiffness, and enhanced moisture resistance, which makes them suitable for wide range of applications.
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Key players operating in the Global Balsa Wood Market are BONDi (Shandong) Environmental Material Company Limited, CoreLite Inc, Evonik Industries AG, I-Core Composites, LLC, Nord Compensati Spa, Carbon-Core Corp, Gurit Holding AG, Schweiter Technologies, BCOMP LTD, and DIAB.
The increase in commercial importance of balsa wood is expected to boost the market growth over the forecast period. Balsa wood gaining popularity across the globe as a result of its lightweight and insulating properties. Its use is growing exponentially in various industries including renewable energy, aerospace & defense, industrial, road & rail and marine, construction, etc.
Impact of COVID-19 on Market
The COVID-19 pandemic has had a detrimental impact on the balsa wood market, in view of the temporary shutdown of manufacturing facilities & weakened demand. Even as the world is trying to recover the spread of COVID-19, various leading companies are trying to strengthen their supply chains & accelerate operations to control further losses.
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• Wind Energy
• North America
• Latin America
• Asia Pacific
• Middle East & Africa
The Global Balsa Wood Market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. APAC region shows huge growth potential and hold the largest market share in overall balsa wood market. Due to the growing demand for lightweight composite materials in economies like China, India, South Korea, Australia, and Japan is estimated to propel the balsa wood market in the region.
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