Manufactured Wood Materials Global Market To Reach Value Of About $315.8 Billion In 2023
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The global manufactured wood materials market is expected to decline from $264.7 billion in 2019 to $257 billion in 2020 at a compound annual growth rate (CAGR) of -3%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 8% from 2021 and reach $315.8 billion in 2023.
The produced wood materials market consists of sales of produced wood materials by entities (organizations, sole traders and partnerships) that produce veneer, plywood, engineered wood members and reconstituted wood products. Some products produced by this industry include hardwood and softwood veneer, fabricated and laminated wood arches, wood roof, floor trusses, wood sheets and boards.
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The global manufactured wood materials market is further segmented based on type, application type of wood plant and geography.
By Type: Reconstituted Wood, Plywood, Veneer Sheets.
By Application: Residential, Commercial.
By Type of Wood Plant: Teak, Oak, Others.
By Geography: The global manufactured wood materials market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia Pacific manufactured wood materials market accounts for the largest share of 50% in the global manufactured wood materials market 2019.
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Trends In The Manufactured Wood Materials Market
Manufacturing in wood industries is getting faster and leaner with the adoption of sensor and wireless technologies. Sensors are generating insights for improving process efficiencies and reduce potential breakdowns. Wireless technology is aiding the implementation of sensor technology in manufacturing units.
Manufactured Wood Materials Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides manufactured wood materials market overviews, analyzes and forecasts market size and growth for the global manufactured wood materials market, manufactured wood materials market share, manufactured wood materials market players, manufactured wood materials market segments and geographies, manufactured wood materials market’s leading competitors’ revenues, profiles and market shares. The manufactured wood materials market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.