The market for wood products sees increased demand with growing needs
LONDON, 07 Dec. 2021 (GLOBE NEWSWIRE) – According to The Business Research Company’s Wood Products Market Research Report, wood is increasingly used as a building material due to the many advantages of wood buildings over buildings concrete, the wood products market. Currently, the building industry is responsible for 25% of greenhouse gas emissions in the world and as a result the concept of green building construction has evolved which is expected to reduce CO2 emissions and store carbon. In addition, the construction of wooden buildings produces less waste and allows for faster construction compared to a concrete building.
For example, the University of British Columbia inaugurated an 18-story wood hybrid building, which was built four months faster than similar buildings without wood, reducing construction time by almost 20%. Timber building construction has increased the demand for timber components such as cross-laminated timber (CLT) and laminated veneer lumber (LVL). According to Karl-Henrik SundstrÃ¶m, CEO of Stora Enso, wood is becoming the building material of the future and must therefore meet the growing demand of the construction industries. According to the Central Statistical Office, the number of wooden buildings in Poland in 2020 has almost doubled in the past five years. Countries like the United States, Japan, and China are also experiencing an increase in timber construction due to its economic and environmental benefits.
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The rapid growth of the urban population is expected to increase the demand for new residential and commercial buildings and furniture during the forecast period, thereby further stimulating the demand for wood products. According to the World Bank, the urban population in South Asia is expected to increase by 250 million by 2030. According to a report by PricewaterhouseCoopers (PwC), about 60% of the world’s population is expected to live in cities by 2030. This rapid urbanization is expected to stimulate the demand for wood materials for construction and furnishings and boost the market for manufactured wood materials in the future.
Asia-Pacific was the largest region in the wood products market, accounting for 38.7% of the total in 2020. It was followed by North America, followed by other regions. Going forward, the fastest growing regions in the wood products market will be the Middle East and Asia-Pacific, where the growth will be 11.0% and 10.4% CAGR, respectively. These will be followed by Africa and South America, where the markets are expected to grow at CAGRs of 9.31% and 9.32% respectively.
The Business Research Company’s report titled Wood Products Global Market Report 2021 – By Type (Finished Wood Products, Wood Processing, Manufactured Wood Materials), By Application (Residential, Commercial), COVID-19 Impact And Recovery covers the main Wood products companies, Wood products market share by company, Wood products manufacturers, Wood products market size and Wood products market forecast. The report also covers the global wood products market and its segments.
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The global wood products market is expected to grow from $ 624.2 billion in 2020 to $ 666.3 billion in 2021 at a compound annual growth rate (CAGR) of 6.1%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities which resulted in operational challenges. The market is expected to reach $ 866.3 billion in 2025 at a CAGR of 7%.
Growing concerns about global warming and climate change have dramatically altered consumer preferences towards environmentally friendly furniture, which has enabled manufacturers to develop furniture using environmentally friendly materials. This helps manufacturers of wooden furniture to gain a competitive advantage in the market. Along with environmental concerns, consumer demand for modular and stylish furniture is also driving the demand for wood furniture in rural and urban areas, thus benefiting the growth of the wood processing market. For example, in 2020 Becostay, a US-based rental startup, introduced eco-friendly homes with 100% wood furniture. In addition, based in the United States, Greenington has launched a division of elegant and environmentally friendly outdoor furniture, constructed entirely from solid bamboo.
Wood Products Global Market Report 2021 – COVID-19 Impact And Recovery is part of a series of new reports from The Business Research Company that provide wood products market overviews, analyze the wood products market, and forecast the size and market growth for the entire market, wood products market segments and geographies, wood products market trends, wood products market drivers, wood products market restraints, revenues, profiles and market shares market of the main competitors of the wood products market in more than 1,000 industry reports, covering more than 2,500 market segments and 60 geographies.
The report also gives an in-depth analysis of the impact of COVID-19 on the market. The reports are backed by 150,000 datasets, in-depth secondary research, and proprietary information from interviews with industry leaders. A team of highly experienced and expert analysts and modelers provide market analysis and forecast. The reports identify major countries and segments for opportunities and strategies based on market trends and approaches of major competitors.
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Global Gum and Wood Chemicals Market Report 2021 – By Product Type (Arabic Gum, Guar Gum, Wood Chemicals, Charcoal, Tannic Acid), By End User (Commercial, Industrial, Home) ), by channel (direct sales, distributor), COVID -19 Impact and recovery
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