According to Qualiket Research, Global Balsa Wood Market was valued at USD 195 million in 2019 which is expected to reach USD 297 million by 2030 at a CAGR 4.5%.
Balsa Wood is natural, renewable resource. It has various special features such as weight-specific mechanical properties, low to medium density, and fast growth. Mainly Balsa Wood is divided into two types such as monolayer, and multilayer.
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Market Drivers:
· Increase in demand for lightweight materials across the various industries like marine, automotive, transportation, construction, aerospace, and wind energy is the key driving factor which is expected to boost the global Balsa Wood market growth. Further, growth of aerospace in among various regions will have the positive impact on growth of global Balsa Wood market. Moreover, increase in mergers and acquisition activities among key players which is expected to propel the global Balsa Wood market growth. In addition to that, increase in technological developments and innovations may boost the global Balsa Wood market growth.
Market Segmentations:
- G Global Balsa Wood Market is segmented into type such as Multilayer, and Monolayer. Further, Global Balsa Wood Market is divided into various applications such as Construction, Transportation, Marine, Aerospace, Wind Energy, and Others.
Key players:
· Nord Compensati Spa, BONDi (Shandong) Environmental Material Company Limited, CoreLite Inc, I-Core Composites, LLC, Evonik Industries AG, Carbon-Core Corp, Gurit Holding AG, Schweiter Technologies, BCOMP LTD, and DIAB.
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