The ongoing COVID-19 pandemic conditions have severely affected every sector around the world. Whereas, the chemicals and materials sectors were moderately affected during the pandemic. This is primarily due to the uncut demand for chemicals for healthcare, life science, and cleaning agents. However, other elements of chemical and material sectors such as paints, industrial oil, and construction materials are facing diminution in demand. Strict lockdown resulted in a nearly 50-60% reduction in the supply of raw materials, which directly affected the manufacturing process. Further, the halt in many end-use industries directly affected the chemical demand all around the world.
Balsa Core Material Market Overview
The Balsa Core Material Market was valued at USD 258 million in 2021 and is expected to reach USD 361.61 million by 2030, growing at a CAGR of 5.2% between 2023 and 2030.
Balsa core material is a cost-effective material, basically derived from trees. The global balsa core materials market is driven by extensive demand for balsa core materials from various industries, such as Aerospace, Construction, wind energy, marine, and others.
Maritime transport is one of the convenient ways to transport goods and raw materials across the world. Above 90% of trading activities are done through the sea. So, increasing trade activities through the sea is expected to boost the demand for balsa core materials. This is one of the key reasons facilitating the market development over the coming years. Furthermore, the sandwich panel of balsa wood cores is mostly used in aircraft construction. Its main purpose is to reduce weight. Thus, growth in the aerospace industry across the world has improved balsa core materials market growth.
However, some properties of balsa core materials such as their low density and good ability to absorb the bulk of resins during lamination are expected to hamper the growth of the market.
Balsa Core Material Market Segment Overview
Based on type, the multilayer segment is expected to witness a high growth rate over the next few years. This is due to the higher energy absorption property of multilayer as compared to monolayer materials. In addition, balsa core material has a large demand in the wind energy sector due to the increasing use of lightweight materials. Therefore, the wind energy segment shows significant growth in the market.
Additionally, Governments of several countries increased their defence budgets. In the defence industry, increasing demand for bomber aircraft and fighter planes to boost their power. Hence, growth in investments in the defence industry is expected to expand the balsa core materials market in the forthcoming years.
Balsa Core Material Market Regional Overview
The market of the Asia Pacific is projected to grow at the fastest rate during the forecast period. This is attributed to growth in the marine and aerospace industries. China and India are expected to hold above 50% share of the balsa core materials market in the Asia Pacific over the upcoming years. In addition, Europe is expected to show noteworthy growth in the market. In this region, aircraft designers and manufacturers are favouring more balsa wood core material in aircraft manufacturing.
Balsa Core Material Market Competitor Overview
· In November 2019, Diab Group AND SKAPS of India entered a partnership for the production of PET foam to support the growing demand for core material for the wind industry in India.
· In November 2019, Evonik expanded its production capacity for ROHACELL® foams in Alabama, US. This expansion helps the company to serve lightweight speciality materials to the construction industry.
· In July 2019, Gurit acquired a polyethylene terephthalate (PET) recycling production facility from Valplastic S.r.l. in Italy. This acquisition is expected to help the company to secure quality and cost-effective raw material supplies.
Balsa Core Material Market, Key Players
· Schweiter Technologies
· Gurit Holding AG
· I-Core Composites, LLC
· Carbon-Core Corp
· DIAB
· Evonik Industries AG
· CoreLite Inc.
· BCOMP LTD
· BONDi Environmental Material Company Limited
· Nord Compensati Spa
· Hexcel Corporation
· 3A Composites
· Euro-Composites S.A.
· The Gill Corporation
· Changzhou Tiansheng New Materials Co. Ltd.
· Plascore Incorporated
· Armacell International S.A.
Balsa Core Material Market Segmentation
Balsa Core Material Market, By Type
· Monolayer
· Multilayer
Balsa Core Material Market, By Application
· Marine
· Transportation
· Wind Energy
· Aerospace
· Construction
· Others
Balsa Core Material market, By Region
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East and Africa
- GCC
- South Africa
- Rest of Middle East and Africa
1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
5. Global Balsa Core Material Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Type
- 5.2.1. Monolayer
- 5.2.2. Multilayer n
- 5.3. Market Analysis, Insights and Forecast – By Application
- 5.3.1. Marine
- 5.3.2. Transportation
- 5.3.3. Wind Energy
- 5.3.4. Aerospace
- 5.3.5. Construction
- 5.3.6. Others
- 5.4. Market Analysis, Insights and Forecast – By Region
- 5.4.1. North America
- 5.4.2. Latin America
- 5.4.3. Europe
- 5.4.4. Asia Pacific
- 5.4.5. Middle East and Africa
6. North America Balsa Core Material Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Type
- 6.2.1. Monolayer
- 6.2.2. Multilayer
- 6.3. Market Analysis, Insights and Forecast – By Application
- 6.3.1. Marine
- 6.3.2. Transportation
- 6.3.3. Wind Energy
- 6.3.4. Aerospace
- 6.3.5. Construction
- 6.3.6. Others
- 6.4. Market Analysis, Insights and Forecast – By Country
- 6.4.1. U.S.
- 6.4.2. Canada
7. Latin America Balsa Core Material Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Type
- 7.2.1. Monolayer
- 7.2.2. Multilayer
- 7.3. Market Analysis, Insights and Forecast – By Application
- 7.3.1. Marine
- 7.3.2. Transportation
- 7.3.3. Wind Energy
- 7.3.4. Aerospace
- 7.3.5. Construction
- 7.3.6. Others
- 7.4. Market Analysis, Insights and Forecast – By Country
- 7.4.1. Brazil
- 7.4.2. Mexico
- 7.4.3. Rest of Latin America
8. Europe Balsa Core Material Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Type
- 8.2.1. Monolayer
- 8.2.2. Multilayer
- 8.3. Market Analysis, Insights and Forecast – By Application
- 8.3.1. Marine
- 8.3.2. Transportation
- 8.3.3. Wind Energy
- 8.3.4. Aerospace
- 8.3.5. Construction
- 8.3.6. Others
- 8.4. Market Analysis, Insights and Forecast – By Country
- 8.4.1. UK
- 8.4.2. Germany
- 8.4.3. France
- 8.4.4. Italy
- 8.4.5. Spain
- 8.4.6. Russia
- 8.4.7. Rest of Europe
9. Asia Pacific Balsa Core Material Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Type
- 9.2.1. Monolayer
- 9.2.2. Multilayer
- 9.3. Market Analysis, Insights and Forecast – By Application
- 9.3.1. Marine
- 9.3.2. Transportation
- 9.3.3. Wind Energy
- 9.3.4. Aerospace
- 9.3.5. Construction
- 9.3.6. Others
- 9.4. Market Analysis, Insights and Forecast – By Country
- 9.4.1. China
- 9.4.2. India
- 9.4.3. Japan
- 9.4.4. Australia
- 9.4.5. South East Asia
- 9.4.6. Rest of Asia Pacific
10. Middle East & Africa Balsa Core Material Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By Type
- 10.2.1. Monolayer
- 10.2.2. Multilayer
- 10.3. Market Analysis, Insights and Forecast – By Application
- 10.3.1. Marine
- 10.3.2. Transportation
- 10.3.3. Wind Energy
- 10.3.4. Aerospace
- 10.3.5. Construction
- 10.3.6. Others
- 10.4. Market Analysis, Insights and Forecast – By Country
- 10.4.1. GCC
- 10.4.2. South Africa
- 10.4.3. Rest of Middle East & Africa
11. Competitive Analysis
- 11.1. Company Market Share Analysis, 2021
- 11.2. Key Industry Developments
- 11.3. Company Profile
- 11.4. Schweiter Technologies
- 11.4.1. Business Overview
- 11.4.2. Segment 1 & Service Offering
- 11.4.3. Overall Revenue
- 11.4.4. Geographic Presence
- 11.4.5. Recent Development
- 11.5. Gurit Holding AG
- 11.6. I-Core Composites, LLC
- 11.7. Carbon-Core Corp
- 11.8. DIAB
- 11.9. Evonik Industries AG
- 11.10. CoreLite Inc.
- 11.11. BCOMP LTD
- 11.12. BONDi Environmental Material Company Limited
- 11.13. Nord Compensati Spa
- 11.14. Hexcel Corporation
- 11.15. 3A Composites
- 11.16. Euro-Composites S.A.
- 11.17. The Gill Corporation
- 11.18. Changzhou Tiansheng New Materials Co. Ltd.
- 11.19. Plascore Incorporated
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
