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Wood Manufacturing Market Forecast 2024-2033 - Major Trends, Segments And Fastest Growing Regions
Wood Manufacturing Global Market Report 2024
According to The Business Research Company's, The wood manufacturing market size has grown steadily in recent years. It will grow from $465.31 billion in 2023 to $476.15 billion in 2024 at a compound annual growth rate (CAGR) of 2.3%. The growth in the historic period can be attributed to sustainable practices and certification, innovations in wood finishing, urbanization and construction boom, government policies and regulations, consumer preferences for wooden products.
The wood manufacturing market size is expected to see steady growth in the next few years. It will grow to $521.01 billion in 2028 at a compound annual growth rate (CAGR) of 2.3%. The growth in the forecast period can be attributed to circular economy practices, mass timber construction trends, e-commerce impact on wood furniture manufacturing, energy efficiency in wood processing, resilience and adaptation to climate change. Major trends in the forecast period include sustainable practices and certification, advanced manufacturing technologies, innovations in wood-based materials, digitalization in supply chain management, circular economy practices, global market expansion.
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Market Drivers and Trends:
The increasing demand for wooden furniture is expected to propel the growth of the wood manufacturing market going forward. Wooden furniture refers to furniture items that are made primarily or entirely from wood and come in various styles, designs, and finishes, ranging from traditional to modern, and rustic to contemporary. Wood manufacturing plays a critical role in the production of wooden furniture such as the production of indoor and outdoor furniture, produce lumber, timber of specific sizes, and others. For instance, in June 2022, according to the United States International Trade Commission (USITC), a US-based governing agency, the US import of wooden furniture reached $2.3 billion. The percentage increase was 5.7% as compared to June 2021. US imports of wood furniture were $13.7 billion in the first six months of 2022, up 10.6% year-on-year. Therefore, the increasing demand for wooden furniture is driving the growth of the wood manufacturing market going forward.
Product innovation is a key trend gaining popularity in the wood manufacturing market. Companies operating in the wood manufacturing market are innovating new products to sustain their position in the market. For instance, in May 2021, Desktop Metal, Inc., a US-based manufacturer of 3D printing systems, announced the launch of Forust, the first manufacturing process in the world to use additive manufacturing to recycle waste wood to create unique and opulent wood designs. A wooden item created by Forust has a digital grain that runs the length of it and can be polished or sanded. This software can digitally replicate every type of wood grain, including ash, rosewood, and mahogany.
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Major Key Players of the Market:
Stora Enso Inc.; Binderholz Inc.; KLH Massivholz GmbH; HASSLACHER Holding GmbH; Lignotrend Inc.; Eugen Decker Holzindustrie KG; Schilliger Holz AG; Structurlam Mass Timber Corporation; Moser Woods Products LLC; Holzwerke Bullinger GmbH & Co.; SCHNEIDE GmbH; Pfeifer Holz GmbH; Weyerhaeuser Company; Novawood AS; Andersen Corporation; Arauco North America; Boise Cascade Company; Canfor Corporation; Columbia Forest Products Inc.; Georgia-Pacific LLC; Hampton Lumber; Huber Engineered Woods LLC; Interfor Corporation; Louisiana-Pacific Corporation; LP Building Solutions; Moelven Industrier ASA; Murphy Company; Norbord Inc.; PotlatchDeltic Corporation; Rayonier Advanced Materials Inc.; Resolute Forest Products Inc.; Roseburg Forest Products; Sierra Pacific Industries; Svenska Cellulosa Aktiebolaget SCA; Timber Products Company; Tolko Industries Ltd.; Universal Forest Products Inc.; West Fraser Timber Co. Ltd.
Wood Manufacturing Market 2024 Key Insights:
• The wood manufacturing market size will grow to $521.01 billion in 2028 at a compound annual growth rate (CAGR) of 2.3%.
• Growing Demand For Wooden Furniture Fuels Expansion Of The Wood Manufacturing Market
• Innovative 3D Printing Process Revolutionizes Wood Manufacturing Market
• Asia-Pacific was the largest region in the wood manufacturing market in 2023
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