Global industrial material markets show projected growth through 2034

Recent industry reports highlight growth projections for specialized material markets. The global martensitic steel market is expected to reach 28.78 billion USD by 2026, according to research from Global Info Research. The analysis covers sales volumes, revenue, and market shares across various regions and applications through 2032.

Separately, the global balsa wood market is projected to grow from 970 million USD in 2026 to 1.37 billion USD by 2034, representing a compound annual growth rate (CAGR) of 4.5%. Fortune Business Insights notes that the Asia-Pacific region held a 37.63% market share in 2025. A primary driver for this growth is the increasing use of balsa wood as a core material in wind turbine blades for the renewable energy sector.