Wood Bio-Products Market worth $435.9 billion by 2028 | Key players UPM-Kymmene Corporation, Stora Enso, Lixil Group, West Fraser, Canfor.

According to recent market research the "Wood Bio-Products Market by Type (Finished Wood Product, Manufactured Wood Material, Wood Processing), Distribution Channel (Online, Offline), Application (Residential, Commercial), And Region (Asia Pacific, North America) - Global Forecast to 2028 ", is projected to reach USD 435.9 billion by 2028, at a CAGR of 9.0% from USD 260.0 billion in 2022. The major drivers for the wood bio-products market are the growing demand for furniture and flooring products in both residential and commercial sectors, and rise in the construction industry, particularly in emerging economies. The fluctuating raw material prices is the major restraint in this market. Opportunities for the market include constant advancements in technology.

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The global trend for manufactured wood materials is growing as they offer several advantages over natural solid wood, including cost-effectiveness, improved strength and stability, and environmental sustainability. The increasing demand for affordable and durable building materials, coupled with stringent regulations on logging and deforestation, has led to the widespread adoption of manufactured wood materials in various applications.

Offline distribution channels refer to the traditional method of selling and distributing products through physical stores, dealers, wholesalers, and distributors. Customers can visit a brick-and-mortar store and purchase them directly. Many manufacturers have established partnerships with wholesalers and building supply stores to sell their products. Contractors and builders also play a significant role in the distribution process as they often purchase in bulk for construction projects.

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The North American market for wood bio-products is witnessing significant growth owing to the growing applications, such as residential and commercial. The US dominated the North American market, accounting for a share of 60.8% in 2022. Canada and Mexico, although they are small markets, have witnessed promising demand and are expected to grow soon.

Acquisitions and partnerships are the major growth strategies adopted by the key players in the market. The key players in the wood bio-products market include UPM-Kymmene Corporation (Finland), Stora Enso (Finland), Lixil Group (Japan), West Fraser (Canada), Weyerhaeuser (US), UFP Industries Inc. (US), Canfor (Canada), Sappi (South Africa), Metsä Group (Finland), and JELD-WEN (US) among others.

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Stora Enso is a leading global manufacturer of renewable solutions in packaging, biomaterials, paper, and wooden construction. The company operates in seven segments, namely, packaging materials, packaging solutions, woods product, paper, forest, biomaterials, and others. The company has a strong global presence which helps with brand recognition. It continues to invest in R&D to improve and expand its product offerings.

In September 2022, Stora Enso acquired the Dutch De Jong Packaging Group to grow its market share in renewable and circular packaging solutions. It also strengthens its global presence and provides entry into the corrugated packaging market in Belgium, the Netherlands, the UK, and Germany.

Lixil Group is a global leader in housing and building materials. The company provides a wide range of products, such as windows, interior and exterior building materials, entrance doors, tiles, and interior fabrics for washstands, kitchens, bathrooms, and toilets. The company operates in four segments Lixil water technology, Lixil housing technology, Lixil building technology, and housing and services business. The company has a presence in Europe, the Middle East and Africa, the Americas, and Asia Pacific. Its strategy is to grow business with strong, long-term, sustainable, and fundamental competitive advantage by acquisitions and divestments of existing businesses.

In December 2022, Lixil Group acquired Basco on 14th December 2022. Basco is a leading manufacturer of showers and has a strong presence in the Southeast, Midwest, and East Coast regions. Through this acquisition, Lixil Group has expanded its reach in bathroom products.

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