Global Wood Processing Market | Global Wood Processing Industry: Ken Research
According to the report analysis, ‘Wood Processing Global Market Report 2020-30: Covid 19 Impact and Recovery’ states that the worldwide wood processing market is expected to degeneration from USD 143.9 billion during 2019 to USD 140.3 billion in 2020 at a compound annual evolution rate (CAGR) of -2.6%. The deterioration is mainly due to economic slowdown around the several countries owing to the COVID-19 outbreak and the measures to comprehend it. The market is then anticipated to recover and grow at a CAGR of 7% from 2021 and reach USD 167.9 billion during 2023.
Not only has this, the North America was the principal region in the worldwide wood processing market, registering for 33% of the market during 2019. The Asia Pacific region was the second largest region registering for 30% of the worldwide wood processing market. Nonetheless, the Africa was the smallest region in the global wood processing market.
Although, the effective growth in the demand for supply chain transparency and rigorous government regulations on the wood industry has led to the employment of tracking and tracing technologies. Several wood corporates are implementing their own tracking systems to manage the transparency in their timber supply chain. The Electronic tracking is taking over the paper-based systems and technologies such as radio-frequency identification chips, barcodes and progressive traceability softwares.
Furthermore, the Robots are substituting traditional hand sanding and wood finishing tools. Robot based wood automation tool breadwinners have launched robots that carry out wood sanding, perfecting and finishing precisely and speedily. They are improving technologies for assembling a wooden window frame to steering designs in the wood panels for an extensive range of materials and surfaces. For instance, the ABB's robot automation solutions were executed in leading companies such as IKEA, VELUX and Svedplan. Therefore, in the near years, it is predicted that the market of wood processing will increase around the globe more proficiently over the forthcoming years along the effective amount of investment by the coming and prevailing investors and corporates.
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