Balsa Wood Market is likely to register a robust CAGR of 5.50% from 2021 to 2027. The balsa wood market was valued at USD 146.53 Million in 2016 and is likely to reach a market valuation of USD 217.23 Million by 2027.

Balsa wood refers to the softest and lightest commercial hardwood timber. The wood is white to oatmeal in color and has a high silky luster. It has a density of 160 (120-220) kgm3 and has a stiffness nearly 50% that of Baltic pine (Pinus sylvestris).

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The global market for balsa wood has registered a massive growth given its lightweight and insulating properties. Additionally, the growing adoption of balsa wood in several industries such as marine, road & rail, industrial, aerospace & defense, and renewable energy will boost the market. Growing preference for lightweight components in aircraft and the soaring preference for lightweight composite materials in emerging economies are anticipated to offer lucrative opportunities in the projected era. However, high material changes are likely to hamper the growth of the balsa wood market.

Segment Analysis

The global balsa wood market is divided into numerous segments based on type, application, and region.

Based on type, the global market for balsa wood is divided into 'Grain C,' 'Grain B,' and 'Grain A.'

By application, the global balsa wood market is bifurcated into marine, road & rail, industrial, aerospace & defense, renewable energy, & more.

Regional Analysis

The global for Balsa Wood Market is divided into Asia-Pacific, North America, South America, the Middle East & Africa, and Europe.

The Asia-Pacific region displays an enormous growth potential and has managed to lead the global balsa wood market. The market is projected to record a CAGR of 5.97%. It will reach USD 71.25 million by 2027 given the extensive application range in the region, the rising number of balsa wood vendors, lower labor costs, the drastic increase in the renewable energy segment, and the rising military & aerospace spending.

The North American region holds the second position in the global market for balsa wood. The region's growth is attributed to the rapid growth of the aerospace industry and rising applications of balsa wood in the sector.

Given the growing automobile sector, Europe is growing at a substantial growth rate and is likely to emerge as a lucrative market in the forecasted period.

Competitive Analysis

The list of leading players in the global balsa wood market comprises of companies such as SINOKIKO BALSA TRADING CO., LTD (China), CoreLite Inc (U.S.), The Gill Corporation (U.S.), The PNG Balsa Company Ltd (Papua New Guinea), DIAB International AB (Sweden), Gurit (Spain), and 3A Composites (Switzerland) among several others.

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Recent Developments

In September 2021, Siemens Gamesa, a leading company in renewable energy, claimed that it had built the first offshore wind turbine blades, which can be fully recycled, substantially saving hundreds of thousands of bulky objects from landfills and solving the problem long highlighted by the market's critics. Blades that can be longer than a football pitch and are made using balsa wood, carbon fiber, and glass are hard and costly to reuse.