Balsa Wood Market is expected to touch USD 217.23 Million by the end of the year 2027 at a CAGR of 5.89% over the review period. Balsa wood has acquired market importance as it is lightweight, but it is still insulating. Usage of the product is soaring in many diverse sectors including clean energy, aerospace and defense, industrial, road and rail and maritime.

Industry Updates

November 2020 – A group of researchers has researched the key factor in balsa wood with the subjects being balsa wood. Balsa wood has been treated to eliminate lignin and hemicelluloses with a solvent to create a porous scaffold. The final product was an impressive, water-resistant, dense wood film. The analysis was undertaken in order to meet the consumer need for environmentally-friendly fabrics for optical applications.

May 2020: Northland Fishing Tackle has acquired Bagley Bait Company. This acquisition will help enable Northland Fishing Tackle to introduce new products into new regions. Bagley Bait Company is expected to shift the operational activities to Northland’s units in Minnesota by 2021.

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Regional Analysis

Asia Pacific is the fastest-growing region, creating a wide demand for Balsa Wood. The APAC market will expand at a rate of 6.3 percent and acquire USD 71.25 million by 2027 as a result of more balsa wood suppliers, lower labor costs, and the wide application variety in the area. China will be the biggest market in the region with a CAGR of 6.16% over the next two years, owing to the increasing military and aerospace investment along with the dramatic rise in the Green Energy sector.

North America is an important market for balsa wood while Europe too gets a decent share of the market. The US leads North America in terms of market demand for balsa wood. An developing aerospace industry has contributed to an increased use of balsa wood in the region, resulting in a favorable set of circumstances for the region. The European Union is changing quickly, with Germany an enticing choice for balsa wood for the long term. The international community wants Poland to make a mark in the European Union (EU) over the next few years.