Global Wood Products Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
17 Jun, 2021
The wood products market consists of sales of wood products by entities (organizations, sole traders and partnerships) that produce products derived from wood. This industry includes businesses that produce lumber, plywood, veneers, wood containers, wood flooring, wood trusses, produced homes and prefabricated wooden buildings. Wood products production includes sawing, planning, shaping, laminating, and assembling of wood products into bolts or lumber.
Global Wood Products Market Size And Drivers:
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%.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%. The wood products manufacturing market is expected to benefit from steady economic growth forecasted for many developed and developing countries.
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Trends In The Global Wood Products Market
The increasing demand for supply chain transparency and stringent government regulations on the wood industry has led to the implementation of tracking and tracing technologies. Many wood companies have implemented their own tracking systems to maintain transparency in their timber supply chain. Electronic tracking is being adopted by wood companies and government agencies over paper-based systems and technologies such as radio-frequency identification chips, barcodes and advanced traceability software are being used. For instance, the Forest Stewardship Council, a leading non-profit organization has developed Online Claims Platform for providing timely information about the FSC's products and the companies that produce them for free of charge to FSC Certificate holders. This enables digital connection between FSC certified suppliers and customers.
Global Wood Products Market Segments:
The global wood products market is further segmented based on type, application and geography.
By Type: Finished Wood Products, Wood Processing, Manufactured Wood Materials
By Application: Residential, Commercial
Sub segments Covered: Millwork, Wood Pallets & Skids, Prefabricated Home, Other Finished Wood Products, Sawmills, Wood Preservation, Reconstituted Wood, Plywood, Veneer Sheets
By Geography: The global wood products market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global wood products market, accounting for 39% of the market in 2020.
Read More On The Report For The Global Wood Products Market At:https://www.thebusinessresearchcompany.com/report/wood-products-global-market-report-2020-30-covid-19-impact-and-recovery
Wood Products Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides wood products market overviews, analyzes and forecasts market size and growth for the global wood products market, wood products market share, wood products market players, wood products market segments and geographies, wood products market’s leading competitors’ revenues, profiles and market shares. The wood products market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.