REPORT OVERVIEW
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The global wood or timber market size was USD 6470.15 million in 2021. As per our research, the market is projected to touch USD 7904.05 million by 2027, exhibiting a CAGR of 3.39% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
The market is witnessing substantial growth driven by key factors. Increasing demand for sustainable building materials and renewable resources is propelling market expansion. Wood and timber products are recognized for their eco-friendliness and versatility in construction, driving their popularity in green building projects and interior design. Industry leaders are committed to enhancing the quality, durability, and sustainability of wood products to meet evolving environmental and construction needs, supporting the market's positive momentum.
Technological advancements are reshaping the dynamics of the wood or timber market. Innovations in sustainable forestry practices, wood treatment methods, and manufacturing processes are contributing to market growth. Industries seek wood or timber solutions that offer durability, resilience, and eco-friendly credentials while complying with stringent environmental regulations. As construction and design industries adapt to changing sustainability demands and regulatory standards, the significance of advanced wood or timber solutions continues to rise, contributing to the expansion of the market.
Covid-19 Impact: Market Growth Restrained by COVID-19 due to Supply Chain Disruptions & Lockdown Restrictions
The COVID-19 pandemic had a predominantly negative impact on the market. Lockdowns, supply chain disruptions, and reduced construction activities significantly hindered demand and production. Additionally, the economic uncertainties during the pandemic affected consumer spending on home improvement projects and furniture, leading to decreased wood consumption. While some segments like home renovation saw temporary surges, the overall impact was negative due to the industry's susceptibility to economic downturns and logistical challenges posed by the pandemic.
LATEST TRENDS
"Rising Demand for Engineered Wood Products Shapes the Global Market"
A notable trend in the market is the increasing demand for engineered wood products. Engineered wood, such as laminated veneer lumber (LVL), oriented strand board (OSB), and cross-laminated timber (CLT), is gaining popularity for its structural strength, sustainability, and versatility in construction. The trend reflects the industry's commitment to sustainable forestry practices and its response to the growing need for eco-friendly and resilient building materials. As builders and architects increasingly recognize the benefits of engineered wood, its market presence continues to grow, signifying a significant trend in the wood and timber industry.
SEGMENTATION
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- By Type
Based on type the market can be categorized into Spruce, Pine, Beech Trees, Oak Trees, Eucalyptus, & Others.
- By Application
Based on application the market can be categorized into Wood-Working Industry, Furniture Industry, & Others.
DRIVING FACTORS
"Ongoing Construction Boom to Drive Demand for Timber"
The wood or timber market growth is driven in part by a construction boom. Increasing urbanization and infrastructure development projects worldwide have led to a surge in demand for timber as a primary construction material. Timber is favoured for its versatility, sustainability, and cost-effectiveness, making it a preferred choice for residential and commercial building projects. This strong construction activity, particularly in emerging economies, is a major driving force behind the growth of the market.
"Growing Emphasis on Sustainable Forestry Practices to Propel Market Growth"
Sustainable forestry practices are a significant driving factor in the global market. There is a growing emphasis on responsible and eco-friendly sourcing of wood products to mitigate deforestation and environmental impact. Consumers and industries are increasingly demanding wood and timber products certified by organizations like the Forest Stewardship Council (FSC) for their adherence to sustainable harvesting practices. This focus on sustainability not only meets regulatory requirements but also aligns with consumer preferences, making it a pivotal driver for the continued growth of the market.
RESTRAINING FACTOR
"Supply Chain Disruptions to Hamper Market Growth"
A key restraining factor in the market is the impact of supply chain disruptions. The industry faces challenges related to transportation delays, labour shortages, and logistical bottlenecks, which have been exacerbated by events such as the COVID-19 pandemic and extreme weather conditions. These disruptions have led to inconsistent wood or timber availability and increased costs, hindering the market's potential growth. To mitigate these challenges, industry stakeholders are working on enhancing supply chain resilience and adopting innovative solutions to maintain market stability.
REGIONAL INSIGHTS
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"Asia Pacific Leads Market Share Due to Presence of Several Significant Timber-Producing Nations in the Region"
Asia Pacific stands as the most dominant region in the wood or timber market share, largely due to its combination of robust domestic demand and significant timber-producing nations. The region's sustained economic growth, population expansion, and urbanization have fuelled a substantial need for wood or timber in construction, furniture, and various industries. Moreover, Asia Pacific boasts vast forested areas, particularly in countries like Russia, China, and Indonesia, which serve as major timber sources. This abundant supply, coupled with strong regional demand, solidifies Asia Pacific's position as the primary driver of the global timber market.
KEY INDUSTRY PLAYERS
"Key Industry Players Shaping the Market Landscape through Innovation"
Key industry players in the timber market, including multinational corporations wield significant influence on market dynamics. These companies are instrumental in driving innovation, sustainable forestry practices, and international trade within the wood or timber industry. Their substantial production capacities, global distribution networks, and commitment to responsible sourcing contribute to the market's stability and growth. Moreover, these industry leaders play a pivotal role in setting industry standards and influencing regulatory frameworks, making their impact on the timber market profound and far-reaching.
List of Market Players Profiled
- Setra Group (Sweden)
- Holzindustrie Schweighofer (Austria)
- Ante-Holz (Germany)
- Rettenmeier Holzindustrie (Germany)
- BSW Timber (Germany)
- Ilim Timber Industry LLC (Russia)
- Södra (Sweden)
REPORT COVERAGE
The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.
The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 6470.15 Million in 2021 |
Market Size Value By |
US$ 7904.05 Million by 2027 |
Growth Rate |
CAGR of 3.39% from 2021 to 2027 |
Forecast Period |
2021-2027 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the global wood or timber market expected to touch by 2027?
The global wood or timber market is expected to reach USD 7904.05 million by 2027.
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What CAGR is the global wood or timber market expected to exhibit by 2027?
The global wood or timber market is expected to exhibit a CAGR of 3.39% by 2027.
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Which are the driving factors of the Wood or Timber market?
Ongoing Construction Boom, and Growing Emphasis on Sustainable Forestry Practices are some of the driving factors of the Wood or Timber market.
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Which are the key players functioning in the Wood or Timber market?
Setra Group, Holzindustrie Schweighofer, Ante-Holz, Rettenmeier Holzindustrie, & BSW Timber are some of the key players functioning in the Wood or Timber market.
