Wood Bio-Products Market Report 2024 | Size, Share, Trends, Growth Drivers, Forecast To 2033

The wood bio-products market size has grown rapidly in recent years. It will grow from $254.22 billion in 2023 to $279.96 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to growing demand for sustainable and eco-friendly products, government support for the development of wood bio-products, increasing awareness of the environmental benefits of using manufactured wood products, increasing research and development activities.

The wood bio-products market size is expected to see strong growth in the next few years. It will grow to $392.67 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to increasing demand for furniture and flooring products, geographic expansion , increasing investments in the wood bio-products, environmental awareness. Major trends in the forecast period include advanced wood conversion technologies, biorefinery development, technological innovation, collaboration and partnerships, sustainability initiatives.

Market Overview -
Wood bio-products refer to materials and commodities derived from wood and its components through sustainable and eco-friendly processes. These products utilize the natural properties of wood, such as cellulose, lignin and hemicellulose, to create various items with residential and commercial applications. Wood bio-products use renewable resources and reduce dependence on fossil fuels.

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Rising Demand For Furniture And Flooring Boosts Wood Bio-Products Market Growth
The growing demand for furniture and flooring products is expected to propel the growth of the wood bio-products market going forward. Furniture and flooring products encompass interior furnishings like chairs, tables and sofas and materials for covering floors, such as hardwood, laminate and carpet, contributing to the aesthetic and functional aspects of interior spaces. Wood bio-products offer environmentally friendly furniture and flooring materials that contribute to sustainability and reduce reliance on traditional materials. The use of wood bio-products for furniture and flooring maintenance also promotes a natural and beautiful finish. For instance, in August 2023, according to the U.S. Census Bureau, a US-based government agency, retail sales in furniture and home furnishings solutions increased to $12.53 billion in January 2023 from $11.73 billion in January 2021. Therefore, the growing demand for furniture and flooring products will drive the growth of the wood bio-products market.

Competitive Landscape -
Major players in the wood bio-products market are Stora Enso Oyj, UPM-Kymmene Oyj, Weyerhaeuser Company, West Fraser Timber Co. Ltd., Suzano S.A., UFP Industries Inc., Drax Group PLC, Georgia-Pacific LLC, Mondi Group, Sappi Limited, Canfor Corporation, Arauco Wood Products Inc., JELD-WEN Holding Inc., Domtar Corporation, BillerudKorsnäs AB, Metsä Group, Ekman & Co AB, Holmen AB, Kruger Inc., Enviva Partners LP, Södra Skogsägarna ekonomisk förening, Borregaard ASA, HS Timber Group GmbH, Verdo Renewables Ltd., Bio Diversity LLC.

Innovative Wood Bio-Products Transforming Sustainable Packaging Solutions
Major companies operating in the wood bio-products market are innovating environmentally responsible packaging solutions through creative designs and materials, aiming to minimize ecological impact, reduce waste and meet the increasing demand for sustainable packaging options. For instance, in November 2021, Stora Enso Oyj, a Finland-based company specializing in wood bioproducts, introduced a new portfolio of bio-based foams derived from wood, expanding its packaging offerings. The two foams, Fibrease and Papira, are fully recyclable, climate-friendly and renewable alternatives to fossil-based packaging materials. These wood foams provide cushioning and insulation for various packaging needs, including protecting fragile goods and providing thermal packaging for temperature-sensitive products. Fibrease can replace polyurethane and polystyrene, while Papira offers a plastic-free alternative to polymeric foams like polyethylene.

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Key Segments -

The wood bio-products market covered in this report is segmented -

1) By Product Type: Biofuels; Bioplastics; Biochemicals; Biocomposites; Pulp And Papers
2) By Distribution Channel: Offline; Online
3) By Application: Energy; Packaging; Construction; Automotive; Chemicals
4) By End Use Industry: Residential; Commercial; Industrial; Infrastructure; Other End Use Industries

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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