LONDON, Dec. 07, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the wood products market, wood is increasingly being used as a building material due to the numerous advantages of wood buildings over concrete buildings, thus driving the market for wood products. Currently, the building industry is causing 25% of greenhouse gas emissions globally and therefore the concept of green building construction has evolved, which is expected to reduce CO2 emissions and store carbon. In addition, constructing buildings with wood produces less waste and allows for quicker construction when compared to a concrete building.
For instance, The University of British Columbia inaugurated an 18-storey wooden hybrid building, which was built four months faster than similar non-wooden buildings take, reducing construction time by almost 20%. Wooden building construction has increased the demand for wood components such as cross-laminated timber (CLT) and laminated veneer lumber (LVL). According to Karl-Henrik Sundström, CEO of Stora Enso, timber is becoming the building material of the future and therefore needs to meet the increasing demand from construction industries. According to the Central Statistical Office, the number of wooden buildings in Poland in 2020 almost doubled over the last five years. Countries such as the US, Japan and China are also witnessing an increase in wood construction due to its economic and environmental benefits.
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The rapidly growing urban population is expected to increase the demand for new residential and commercial buildings and furniture during the forecast period, thus further driving the demand for wood products. According to the World Bank, the urban population in South Asia is expected to grow by 250 million by 2030. According to a report by PricewaterhouseCoopers (PwC), around 60% of the world’s population is expected to live in cities by 2030. This rapid urbanization is expected to boost the demand for wood materials for construction and furniture and drive the manufactured wood materials market going forward.
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, and then the other regions. Going forward, the fastest-growing regions in the wood products market will be the Middle East and Asia Pacific, where growth will be at CAGRs of 11.0% and 10.4% 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 2023 – By Type (Finished Wood Products, Wood Processing, Manufactured Wood Materials), By Application (Residential, Commercial), COVID-19 Impact And Recovery covers major wood products companies, wood products market share by company, wood products manufacturers, wood products market size, and wood products market forecasts. 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 2023 at a compound annual growth rate (CAGR) of 6.%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $866.3 billion in 2025 at a CAGR of 7%.
Increasing concerns of global warming and climate change have significantly shifted consumer preferences towards eco-friendly furniture, which has enabled manufacturers to develop furniture using eco-friendly materials. This helps wooden furniture manufacturers to gain a competitive edge in the market. Along with the environmental concerns, consumer demand for modular and elegant furniture is also driving the demand for wooden furniture across rural and urban areas: therefore, benefiting the wood processing market’s growth. For example, in 2020, US based Becostay, a rental start-up introduced eco-friendly homes with 100% wooden furniture. Also, US based, Greenington launched a division of elegant and eco-friendly outdoor furniture, which is built in solid-bamboo entirely.
Wood Products Global Market Report 2023 – COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that provide wood products market overviews, wood products market analyze and forecast market size and growth for the whole market, wood products market segments and geographies, wood products market trends, wood products market drivers, wood products market restraints, wood products market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Here Is A List Of Similar Reports By The Business Research Company:
Woodworking And Paper Machinery Global Market Report 2023 – By Type (Paper Industry Machinery, Woodworking Machinery), By Machine Type (Forming Machines, Pressing Machines, Drying Machines, Sizer Machines), By Operation (Autonomous, Semi-Autonomous, Manual), By Capacity (Small, Medium, Large), COVID-19 Impact And Recovery
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