Research and Development Coupled with Widening Applications of Composite Materials to Aid Market Growth
The demand for balsa core materials for structural composites has witnessed consistent growth during the past few decades. Applications of balsa core materials for structural composites continue to widen with advancements in material technology and considerable improvement in the overall characteristics of composite materials. At present, balsa core materials for structural composites are extensively used across a host of industrial sectors, including transportation, automotive, construction, wind, and energy. Several players involved in the current balsa core materials market for structural composites are continually investing resources to improve the quality of their products and explore the potential opportunities in other industrial sectors.
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Apart from roping in efforts to supply their products to a range of industries, market participants are also focusing on increasing their production capabilities. Investments toward upgrading research and development facilities, deployment of cutting-edge technologies in the manufacturing process, and emphasis on expanding the product portfolio are some of the main growth strategies that are being deployed– a trend that is expected to continue during the forecast period. These factors are expected to provide a significant boost to the overall growth of the global balsa core materials market for structural composites, which is projected to attain a market value of ~US$ 275 Mn by the end of 2030.
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High Adoption from Automotive and Construction Sector to Aid Market Growth
The automotive sector over the past couple of decades has evolved at a rapid pace. The entry of new technologies, rapidly changing regulatory structure, and mounting environmental concerns have played a vital role in molding the modern-day automotive sector. In the current scenario, apart from growing interest in electric vehicles, automotive companies are increasingly focusing on minimizing the weight of their vehicles to reduce carbon footprint and air pollution. The growing inclination toward the manufacturing of lightweight vehicles has played a key role in augmenting the demand for balsa core materials for structural composites in the automotive sector.
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In the past decade, conventional automotive components made from cast iron and stainless steel are gradually being replaced with lightweight balsa core materials for structural composites, including aluminum and magnesium metal matric composites and carbon glass fiber reinforced polymer composites. The growing demand for lightweight automotive components is expected to play a key role in boosting the growth of the balsa core materials market for structural composites during the assessment period.
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The construction industry is another prominent end user of balsa core materials for structural composites. Advancements in nanotechnology and growing adoption of the same in various fields are expected to augment the interest for balsa core materials for structural composites. Although manufactured nanomaterials have been widely used across medical and electronics sectors for several years, the adoption in the construction sector has witnessed a gradual ascend only in recent times.
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