Modified Wood Market Size, Share, Growth, and Industry Analysis by Type (Thermally Modified Wood, Chemical Modified Wood), by Application (Interior Applications, Exterior Applications), Regional Insights, and Forecast To 2032

Updated On: 08 April 2024

modified wood market Report Overview

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The global modified wood market size was 795.6 million in 2021 and is expected to reach USD 1465.0 million in 2027, exhibiting a CAGR of 10.71% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with modified wood market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market growth and demand returning to pre-pandemic levels once the pandemic is over. 

Modified wood is a thermally or chemically treated kinds of wood with a life span of more than two decades when used for exterior uses.  Increasing urbanization, expanding building sector, and rising individual living standards are projected to motivate market development. It is manufactured by thermal treatment and acetylation process. Heat is used to eliminate organic molecules from wood cells, avoiding the wood from absorbing water, contracting, or expanding, and providing nutrition to fungi. New skills are being created to produce high quality thermally modified wood products with lower carbon emission and decrease in manufacture time. It is frequently used in building and construction. Architects, builders, and proprietors work thermally treated wood in the construction of houses and buildings because of its appearance, durability, and dimensional stability. Significant revenue growth in the international market over the forecast period due to rapidly growing population and increasing demand in building furniture. This wood has been treated with a chemical agent to progress its belongings. It can also be used for flooring, trim, cabinetry, and other applications where sturdiness is important. Several market applicants are aiming on planned expansions and partnerships to upsurge their worldwide footprint. Key players are focusing on growing their investments in research & development to furnish growing demand from end users. The consumption rate of wood and timber products for numerous applications such as flooring and interior and exterior designing is being boosted by strong expansion in the construction sector around the world. Demand for residential buildings has increased as a result of population expansion which is motivating sales of modified wood that has a chemical free nature and long lifespan. Participants are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Companies coming up with progressive technological solutions for firming their positions.

COVID-19 Impact:  Pandemic Hampered The Market Due To Unexpected Disruption In The Sector

COVID-19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID-19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.

Latest Trends

"Use Of Innovative Products To Boost The Market Growth "

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

modified wood market Segmentation

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• By type

According to type, the market can be segmented into thermally modified wood, chemical modified wood.

Thermally modified wood will capture the maximum market share through forecast period.

• By Application

According to application, the market can be segmented into interior applications, exterior applications.

Modified wood market players cover segment as interior applications will dominate the market share during forecast period.

Driving Factors

"Increase In Demand In Wooden Decks To Boost The Market Growth"

Rising demand for wooden surfaces in various residential and commercial projects due to their good presence and easy maintenance as well as their environment friendly nature has motivated by the growth of these industry which is anticipated to enhance market growth.

"High Emphasis On Research And Development To Upsurge The Market."

High emphasis on research & development by significant producers to produce innovative products will help to grow the market. Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the modified wood market growth. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. Constant development are one of the trends in the market in variety of practices.

Restraining Factor

"High Cost To Hamper The Market Growth"

High cost is hampering development of modified wood market. High cost perception of the product in comparison to other available alternatives is impeding the progression. Lack of knowledge and awareness of new and better technologies is also another factor which is depleting the market growth. Technical difficulties will reduce the industry revenue.

modified wood market Regional Insights

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"North America To Dominate The Region Due To Rising Demand For Flooring And Construction Activity"

North America is further expected to witness growth in the modified wood market share. The region is dominating the market due to rising demand for flooring and construction and different other applications. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.

Key Industry Players

"Key Players Focus On Partnerships To Gain Competitive Advantage."

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger.

List of Market Players Profiled

• Flameproof Companies (U.S.)
• Hoover Treated Wood Products (U.S.)
• Arbor Wood Co. (U.S.)
• Lonza (Switzerland)
• Foreco (Netherland)

Report Coverage

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.