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Global Reclaimed Lumber Market 2024 : Trends, Business Growth And Major Driving Factors
Reclaimed Lumber Global Market Report 2024
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According to The Business Research Company's, The reclaimed lumber market size has grown strongly in recent years. It will grow from $52.5 billion in 2023 to $55.65 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to cultural and heritage preservation, diy and upcycling trends, craftsmanship and artisanal appeal, industrial applications, green building certifications.
The reclaimed lumber market size is expected to see strong growth in the next few years. It will grow to $69.9 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to circular economy emphasis, architectural and design trends, innovative manufacturing techniques, commercial and residential demand, regulatory support and policies. Major trends in the forecast period include sustainability emphasis, heritage and storytelling, regulatory support, consumer preference for sustainability, technology integration.
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Market Drivers and Trends:
Increasing renovation activities by customers globally is expected to propel the growth of the reclaimed lumber market going forward. Renovation activities refer to the act of renewing or restoring an old building or any old artifact to its former good condition and reusing it. Urban and reclaimed wood from demolished buildings is used as sustainable and environmentally friendly materials in renovation projects for ecological building techniques. For instance, in June 2022, according to the Leading Indicator of Remodeling Activity (LIRA) by the Harvard Joint Center for Housing Studies, a US-based research center on housing-related issues, the projected value of the US home remodeling market in 2022 was $432 billion, up 17% from 2021. The market spending for home improvement and maintenance in the USA was $471 billion over the last 4 quarters of 2022, it is anticipated to peak at $458 billion in 2023. Therefore, rising renovation activities will support the growth of the reclaimed lumber market.
Product innovations are a key trend gaining popularity in the reclaimed lumber market. Major market players are developing innovative products to sustain their position in the reclaimed lumber market. For instance, in July 2022, Studio HENK, a Netherland-based furniture company that partnered with Renewi, a UK-based waste management company operating in reclaimed lumber products, designed a unique, limited-edition dining table out of waste wood. This dining table is made of 100% recycled coniferous wood and was created using reclaimed wood from old Amsterdam canal houses that were found on the street.
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Major Key Players of the Market:
Montana Reclaimed Lumber Co., AltruWood Inc., Vintage Timberworks Inc., Recycling The Past LLC, Beam and Board LLC, Longleaf Lumber Inc., Sustainable Lumber Company, Imondi Flooring, TerraMai Inc., Elemental Republic SDN BHD, Olde Wood Ltd., Trestlewood Inc., True American Grain Reclaimed Wood, Altholz - Baumgartner & Co. GmbH, Viridian Reclaimed Wood LLC, Moore Manufacturing Inc., Resawn Timber Co., Atlantic Reclaimed Lumber LLC, Carpentier Hardwood Solutions NV, Elmwood Reclaimed Timber Inc., Jarmak Corporation, GR Plume Company Inc., Eagle Reclaimed Lumber, Appalachian Woods LLC, Pioneer Millworks LLC, The Hudson Company, The Woodshop of Texas, The Barnwood Farm Ltd., The Old Wood Co., The Woods Company, The Reclaimed Wood Shop, The Lumber Baron Inc., The Reclaimed Barnwood Company, The Old Texas Wood Company, The Wood Cycle of Wisconsin
Reclaimed Lumber Market 2024 Key Insights:
• The reclaimed lumber market size is expected to see strong growth in the next few years. It will grow to $69.9 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• Expanding Construction Sector Fuels Reclaimed Lumber Market Surge
• Reclaimed Lumber Market Surges With Product Evolution
• Asia-Pacific was the fastest-growing region in the reclaimed lumber market share in 2023
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