The report categorizes the global balsa core materials market by end-user that includes wind energy and marine. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, North America, Europe, and ROW.
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Market driver: growth and development of the shipping industry
Maritime transport is an important contribution to the world’s economy as more than 90% of the trade is carried out by sea. This is because it is a cost-effective way to transport the goods and raw materials around the world. In 2015, the World Trade Organization (WTO) estimated that the seaborne freight accounted for more than 30% of the world transport. In 2015, the estimated world seaborne trade volume exceeded 10 billion tons. Maritime transport is the backbone of globalization because it brings together the consumers and intermediates and capital goods industries. It also helps in the industrial development by supporting increased productivity and promoting trade integration.
According to a senior analyst at Technavio for specialty chemicals research, “In 2015, dry cargo shipments accounted for a share of more than 70% of the total seaborne trade volumes, whereas the remaining share was contributed by tanker trades such as crude oil, petroleum products, and gas. In 2016, the world commercial fleet consisted of more than 90,000 vessels with a combined capacity of over 1.8 billion dead-weight tons. The fastest growth was recorded for gas carriers followed by container ships.”
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Market trend: increasing popularity of green bonds
Green bonds refer to the bonds with proceeds reserved for green investments and are issued as green by the issuing authorities. Banks too have shown their interest in green bonds. For instance, the Korean development bank issued a green corporate bond for renewable energy projects worth USD 300 million in July 2017. Furthermore, the National Bank of Australia issued a green bond in connection to a range of seventeen wind and solar farms. These green bonds promote the growth of the global wind energy market with increased investments in the installation of wind turbines. The green label is of paramount importance because it is difficult for the wind bonds sector to turn out as a stand-alone sector.
Market challenge: slower adoption of emerging applications
Despite the increase in the awareness of energy savings across the globe, many people remain ignorant about the benefits of balsa core materials in terms of their durability and high strength. Currently, balsa core materials are used extensively in the wind energy and marine industries. The commercial use of balsa core materials in other applications is still limited to a small number of industries. Moreover, these materials can be used in the aerospace and defense and transport industries.
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Some of the companies in the global balsa core materials market are:
- I-Core Composites
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