What Has Been Wood Products Market in Recent Years?
The wood products market has seen considerable growth due to a variety of factors.
• In the past few years, there has been a robust growth in the size of the wood products market. The market size, which is estimated to be $854.99 billion in 2024, is projected to escalate to $923.13 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 8.0%.
Factors such as the rise of emerging markets, low interest rates, world population growth, increasing cruise ship demand, and a surge in residential construction activities have all contributed towards the growth during the historic period.
What Is The Expected Growth In The Wood Products Market Size?
The wood products market is expected to maintain its strong growth trajectory in upcoming years.
• Strong expansion in the wood products market size is projected over the next several years, escalating to $1215.03 billion in 2029, signifying a compound annual growth rate (CAGR) of 7.1%.
This projected growth during the forecast period is primarily driven by robust growth in emerging markets, favorable interest rates, increasing world population, the boom in demand for cruise ships, and an upturn in residential construction activities. Key predictive trends include the adoption of tracking and tracing technology to boost credibility among stakeholders, the usage of biodegradable chemicals for wood preservation, utilization of computer-aided manufacturing technologies to enhance plant productivity and efficiency, abstaining from using wood procured from endangered trees, providing bespoke engineered wood products to accommodate the growing emphasis on sustainability, incorporating automation and robotics technologies to boost production efficiency and the emphasis on the application of innovative and improved techniques in log harvesting to maximize wood volume while minimizing residual damage.
What Factors Are Driving Growth In The Wood Products Market?
The burgeoning need for furniture is set to fuel the expansion of the wood products market. Factors influencing this growing need for furniture include urbanization, a rise in disposable income, a trend towards home renovations, and heightened interest in both sustainable and customizable designs. Furniture encompasses mobile items intended to facilitate various human actions, including seating (chairs, sofas), sleeping (beds), working (desks), and even storage (cabinets, wardrobes). These items often rely on wood products, which provide the necessary durability, aesthetic appeal, and sustainability to produce a broad array of stylish and practical items that enhance domestic and commercial environments. As an example, in February 2024, the Furniture Industry Research Association, based in the UK, reported that the total turnover of the UK's furniture manufacturing and furnishing sector in 2022 stood at $ 11.35, reflecting a 9.2% increase from the previous year, generated by 6,880 firms. Consequently, the escalating demand for furniture is stimulating the growth of the wood products market.
What Are The Primary Segments In The Global Wood Products Market?
The wood products market covered in this report is segmented –
1) By Type: Finished Wood Products, Wood Processing, Manufactured Wood Materials
2) By Distribution Channel: Offline, Online
3) By Application: Residential, Commercial
Subsegments:
1) By Finished Wood Products: Furniture, Cabinets, Flooring, Decorative Wood Items
2) By Wood Processing: Sawn Timber, Wood Chipping, Wood Pellets, Wood Preservation
3) By Manufactured Wood Materials: Plywood, Oriented Strand Board (OSB), Medium-Density Fiberboard (MDF), Laminated Veneer Lumber (LVL)
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Which Key Trends Are Driving Changes In The Wood Products Market?
The rise in demand for transparency in the supply chain, coupled with strict governmental controls over the timber industry, has necessitated the adoption of tracking and tracing technologies. Many companies dealing in timber have set up their own systems to ensure the supply chain is transparent. Electronic tracking systems have become a preference over conventional paper based systems, having been adopted by timber companies and government bodies alike. Technologies being utilised include radio-frequency identification chips, barcodes, and sophisticated tracking software. For example, the Forest Stewardship Council, a leading non-profit, has created the Online Claims Platform to provide current data on FSC products and the companies that manufacture them without charging FSC Certificate holders. This has facilitated digital connectivity between suppliers and customers of FSC-certified products.
Who Are the Key Players in the Wood Products Market?
Major companies operating in the wood products market include:
• Weyerhaeuser Company
• West Fraser Timber Co Ltd.
• Canfor,Celulosa Arauco y Constitución
• Interfor.
• Syktyvkar Plywood Mill LTD
• Boise Cascade Company
• RSH Forest Products
• Georgia-Pacific Corporation
• Andersen Corporation
• Jilin Sen Workers' Forming Group Co. Ltd
• Xuzhou Mega Industries Ltd
• Linyi Haisen Wood Co. Ltd.
• Tilhill Forestry
• Cuzi Wood Industry
• Shreeji Woodcraft Pvt. Ltd.
• AmandusKahlGmbh& Co.
• Kg Century Plyboards India Ltd
• Greenply Industries Ltd
• Koohei Bussan Co. Ltd.
• Singla Timbers
• Steelcase
• Oji Group
• Cross Trade GmbH
• Komatsu Forest GmbH Caledonian Plywood Company Ltd
• Hanson Plywood
• Garnica Plywood Samazan
• IMCA Panels
• TengNuo.
• Chanta Group.
• JAF. Wood
• EGGER (UK) Limited
• Scottish Woodlands Ltd
• James Jones and Sons Limited (UK)
• Metsähallitus Forestry Ltd (Finland)
• ATA Timber (Sweden)
• Bergs Timber AB (Sweden)
• Segezha Group
• Toll Maderas S.R.L.
• Holmen Timber
• HolzindustrieMaresch GmbH Stora Enso Oyj
• Wood
• Taeda SA
• Plyterra Group
• Shanghai Sindo Panel Company Ltd
• Conifex Timber Inc.
• HNI Corporation
• Herman Miller
• RTS Forestry (UK)
• Resolute Forest Products
• PotlatchDeltic Corporation
• Berneck
• Araupel
• Linea Parana MadeirasLtda
• Imaribo
• Templin OHG
• United Forest Products
• Estancias San Francisco S.A
• Middle East Wood
• MaziOrmanUrunleri Ltd.
• DastasDemirciogluAgac A.S.
• Yalong Wood
• S&J Wood
• Daco Parquet Factory AS
• Kartonsan
• Gabon Veneer
• Merensky
• Miro Forestry and Timber Products
• UPM-KymmeneOyj
• Afeefa Overseas Sarl Gabon
• Komaza
• Alitco Group
What Is The Most Dominant Region In The Wood Products Market?
Asia-Pacific was the largest region in the wood products market in 2024. North America was the second largest region in the wood products market. The regions covered in the wood products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
