Balsa Wood Market is Expected to Reach USD 217.23 Million By 2030, with a CAGR of 6% – Report by Market Research Future (MRFR)
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Market Research Future
Balsa Wood Market By Type (Grain A, Grain B and Grain C), By Application (Aerospace & Defense, Renewable Energy, Marine, Road & Rail, Industrial Construction and other) - Forecast till 2030
New York (US), May 01, 2023 (GLOBE NEWSWIRE) -- Balsa Wood Industry Overview
The MRFR study reports imply that the “Balsa Wood MarketResearch Report Information by Type, Region, and Application - Forecast Till 2030”, the global Balsa wood market is predicted to bolter substantially during the review era from 2022 to 2030 at a substantial growth rate of around 6.0%. The reports further predict the market will acquire nearly USD 217.23 Million by the end of 2030.
Market Scope
The global Balsa wood industry has lately demonstrated immense development. The primary parameter causing a surge in the market's performance is the material's lightweight, making it an ideal choice for many manufacturers in most industries around the world. Furthermore, the growing number of companies in the renewable energy, road, rail, industrial, and marine industries will also likely enhance market performance over the coming years.
The global Balsa wood industry has lately demonstrated immense development. The primary parameter causing a surge in the market's performance is the material's lightweight, making it an ideal choice for many manufacturers in most industries around the world. Furthermore, the growing number of companies in the renewable energy, road, rail, industrial, and marine industries will also likely enhance market performance over the coming years.
Market Restraints
On the contrary, some parameters may restrict the market's development. The main parameter limiting the market's development is the rising environmental concerns. Furthermore, the low prices of these woods are also likely to limit the development of the market.
COVID-19 Impact
The COVID-19 pandemic has had a massive impact on several industry areas worldwide. The Balsa wood market is no different than others. The market experienced a tremendous setback during the pandemic, given the halt of several industrial operations and manufacturing activities. The balsa wood market is no different from others. Since several manufacturing facilities temporarily shut down or gradually slowed production to a trickle, the demand for balsa wood fell significantly. This harmfully influenced several processes and farmers in tropical regions and worldwide. However, with the world recovering from the impact caused by the global health hazard, the market is anticipated to grow considerably over the coming years.
Among all the types, the Grain B type segment is anticipated to secure the top position across the global market for balsa wood over the assessment timeframe. The segment accounted for nearly 41% of the review timeframe in 2019.
Among all the application areas, the aerospace and defense sub-subsegment is anticipated to showcase considerable development over the review timeframe. The segment will likely be worth around USD 77.76 million by the end of 2023. The main parameter supporting the development of the segment is the high requirement by the companies in these industries needing lightweight material to make the aircraft.
Regional Analysis
The global market for balsa wood is analyzed across five major geographies: North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa.
The research reports by MRFR suggest that the Asia-Pacific region is anticipated to hold the top position across the global Balsa wood industry over the coming years. The main parameter supporting the regional market's growth is the presence of several tropical areas (especially in India) where balsa wood can grow well. Not startlingly, the Asia-Pacific region has the maximum growth rate as the economic growth is the strongest across this region. The regional market is predicted to thrive considerably during the assessment period, with a significant CAGR of around 5.97% until 2023. The MRFR analysis reports implying that the balsa wood market was around USD 71.25 in the year 2023. There are several aspects behind this. One is that the Asia-Pacific region has a cheap labor force. In addition, several industry areas are expanding at a rapid pace across this region. These industries require using balsa wood and other lightweight materials to make their materials well. Furthermore, there are a rising number of processors of balsa wood since this is a perfect region for growing balsa wood. Therefore the economies in this region are among the most rapidly expanding in the world.
The North American regional market for balsa wood is anticipated to secure the second position globally over the assessment period. The renewables market is expanding at breakneck speed, thanks to initiatives by industry and the rising number of stricter government regulations. Given the growing aerospace and defense market, the region has the U.S. and Canada as the leading growth contributors. With the modernization of the markets, there is more of a requirement to make strong and agile aircraft.
The European balsa wood market is predicted to ensure the third spot globally over the review era. The fact that one of its strongest nations in terms of economy, Germany, has industry sectors has industries requiring the use of this wood, and these industries are growing rapidly.
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