BalsaCore Materials Market for Structural Composites: Introduction
In terms ofvalue, the global balsa core materialsmarket for structural composites is anticipated to expand at aCAGR of ~5% from 2020 to 2030. Balsais used as a core material, owing to its excellent chemical and styreneresistance, as well as neutral behavior. It can be processed with variousdifferent resin systems. Furthermore, it offers excellent laminate adhesionproperties. End-grain balsa is a structural core with properties that make itideal for sandwich construction. Additionally, it is compatible with differenttypes of manufacturing processes, from prepreg construction to wet lamination.
Increase in Adoption of Balsa CoreMaterials in Global Transportation Industry to Market
Transportationis a key sector of an economy. It includes companies such as trucking,airlines, railroads, logistics firms, and shipping, as well as those thatprovide transportation infrastructure. The use of lightweight materials hashelped achieve greater fuel economy. This is the primary factor driving thedemand for many lightweight materials and process technologies. The weightreduction factor is appealing for automakers, as it leads to an increase inother performance factors valued by customers. Automakers can achieve reducedweight of new vehicles by switching to lightweight materials such as balsa corematerials. These materials offer outstanding strength-to-weight ratio, i.e.high shear and compression strength and high chemical resistance. Furthermore,balsa core materials are organic, sustainable, and renewable resources. Theglobal demand for energy has been rising at a rapid pace since the last decade.Fossil fuel meets 70% of theglobal consumption of electricity. However, fossil fuel emission continues toworsen climatic change; hence, carbon-free solutions such as solar power,nuclear power, and wind power are gaining prominence for energy generationacross the globe.
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Powergeneration from onshore and offshore wind energy has emerged as a promisingalternative for various countries to expand their renewable energy portfoliosand provide a boost to transform the future of sustainable energy. Balsa corematerials are employed in the manufacture of wind blades in the wind powersector. Thus, demand for balsa core materials has been rising in the wind powergeneration industry.
Contoured End-grain to be LeadingType in Balsa Core Materials Market for Structural Composites
In terms oftype, the contoured end-grain segment is projected to expand at a CAGR of morethan 4.5% duringthe forecast period. This can be ascribed to the increase in transportation andinfrastructure development activities as well as rise in consumption of balsacore materials in marine applications. Increase in demand for contouredend-grain balsa core materials to meet the demand from various applications indeveloped as well as developing countries makes contoured end-grain anattractive segment of the balsa core materials market for structuralcomposites.
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Resin Infusion to be DominantProcessing Segment of Balsa Core Materials Market for Structural Composites
Based onprocessing, the global balsa core materials market for structural compositeshas been segregated into adhesive bonding, compression molding, prepregprocessing, resin injection, vacuum infusion, hand lamination, and others. Theresin injection segment is expected to account for major share of the globalbalsa core materials market for structural composites in the near future. Thiscan be attributed to the increase in demand for resin injection processing invarious end-use applications such as wind energy, transportation, and building& construction.
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Wind Energy to be Major Application
Based onapplication, the global balsa core materials market for structural compositeshas been classified into transportation (automotive, buses, railways, aircraft,and commercial vehicles), building & construction, wind energy (rotorblades, nacelle covers, generator casings/turbine generator housings, spinners,and others), marine, and others. The wind energy segment held prominent shareof the global balsa core materials market for structural composites in 2019. Highshare of the segment can be ascribed to high demand for balsa core materials inthe manufacture of turbine blades as well as various other applications such asnacelle covers, generator casings/turbine generator housings, and spinners.
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Asia Pacific to be Lucrative Regionof Balsa Core Materials Market for Structural Composites
In terms ofconsumption, Asia Pacific dominated the global balsa core materials market forstructural composites in 2019. Thebalsa core materials market for structural composites in the region is likelyto expand at a rapid pace from 2020 to 2030.In terms of value and volume, the balsa core materials market for structuralcomposites in Asia Pacific is anticipated to expand in the near future, due toconsistent demand for high-performance, high-strength, and lightweightmaterials in automotive, aerospace, and marine applications in the region.Europe is another major consumer of balsa core material for structuralcomposites. It accounts for a vital share, in terms of consumption, across theglobe. Presence of established balsa-based product manufacturers in Germany,Italy, the U.K., and France is driving the demand for balsa core materials inEurope.
Competition Landscape
The globalbalsa core materials market for structural composites is highly consolidated.Leading players such as 3A Composites Core Materials, Carbon-Core Corporation,Gurit Holding AG, and CoreLite, Inc. cumulatively held more than 85% shareof the global balsa core materials market for structural composites in 2019. Keymanufacturers operating in the global balsa core materials market forstructural composites include 3A Composites Core Materials, Carbon-Core Corporation, Gurit Holding AG,CoreLite, Inc., Nord Compensati SRL, Diab Group, I-Core Composites, LLC, SicominEpoxy Systems, Adhesive Technologies NZ, Specialized Balsa Wood, LLC, and BcompLtd.
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