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Manufactured Wood Materials: Innovations and Market Trends 2024
Manufactured Wood Materials Market Industry
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According to The Business Research Company's, The manufactured wood materials market size has grown strongly in recent years. It will grow from $281.94 billion in 2023 to $302.41 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to emerging markets growth, growth in residential construction activity, and low interest rates.
The manufactured wood materials market size is expected to see strong growth in the next few years. It will grow to $393.61 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to growth of e-commerce, increasing demand for wooden furniture, and urbanization . Major trends in the forecast period include offering customized engineered wood products to the construction industry, automation and robotics technologies to enhance production efficiency and reduce costs, implementing tracking and tracing technology to enhance their credibility among stakeholders, and focus on incorporating new and improved techniques in harvesting logs to increase wood volume with less residual damage.
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Market Drivers and Trends:
The increasing demand for construction is expected to propel the growth of the manufactured wood materials market going forward. Construction refers to the process of planning, designing, building, and assembling physical structures, facilities, or infrastructure. Manufactured wood materials can have positive economic, environmental, and societal impacts by promoting sustainability, innovation, and efficiency in the construction industry. For instance, in September 2021, according to Oxford Economics, a UK-based economic information services company, the global construction output between 2020 and 2030 is anticipated to increase by 42%, or $4.5 trillion, to reach USD 15.2 trillion. The increasing demand for construction is driving the growth of the manufactured wood materials market .
Manufactured wood material companies are increasingly integrating automation and robotics in their operations to enhance productivity and reduce costs. Robotics are generally being adopted in those functional areas where working conditions for human labor are not safe and it can be implemented to complement human labor to increase operational efficiency. Automation is being utilized to reduce the time taken to manufacture reconstituted wood products and thereby improving process efficiency. According to a survey by the Manufacturers Alliance and the MN Precision Manufacturing Association, 38% of the respondents were currently using automation or robotics, and 32% of the respondents were in the process of implementing automation or robotics. Major companies providing automation equipment include Timber Automation and CG Power and Industrial Solutions.
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Major Key Players of the Market:
Bose Corporation, Harman International Industries, Altec Lansing, Bowers & Wilkins, Voxx International, Focal, Dynaudio, KEF, QSC, Sony Corporation, Osborn Loudspeakers, Karri Acoustic, VAF Research, Whatmough, Lenehan Audio, Redgum Audio, Duntech, Jinyoung G&T, Pantos Logistics Co., Ltd., Bum Jin C & L Co., Ltd., Euroline Co., Ltd., J P Products Co., Ltd., Imoss Corporation, Edifer, Guangzhou Hongxiang Audio Equipment Co., Enping Macadn Electronic Technology Co. Ltd, Sanway Audio Equipment, ZHIYA Audio Equipment Co., Ltd., Noise, BoAt, pTron, Hammer, Ambrane, Clarion, Yamaha, Onkyo, Sansui, Denon, Sharp, TOA Corporation, Zound Industries, Sennheiser, ELAC, Tannoy, ATC, Mission, Wharfedale, PMC, Fyne Audio, Q Acoustics, Aris Audio, Reezoldini, Xavian, Sonos, Inc., Apple , Inc., LG Electronics, DEI Holdings, Inc., JBL, Quested, Grado Labs, Klipsch, Mark Levinson Audio Systems, Master & Dynamic, Mcintosh, Rockford Fosgate, Samsung, Vizio Inc., L.G., Sound United, Panasonic, Philips, JVC, Logitech, ILive, Edifier, Martin Logan, Taligare, Numark, Eurolive, Pioneer, Behringer, Hisense, TCL, Leap Technologies FZC, SMARTECH AV, Morel HiFi, Temple's Counsel, Eminence Speaker, KCS Speakers, Al Watania
Manufactured Wood Materials Market 2024 Key Insights:
• The manufactured wood materials market size is expected to see strong growth in the next few years. It will grow to $393.61 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.
• Construction Boom Expected To Drive Robust Growth In The Manufactured Wood Materials Market
• Automation And Robotics Revolutionizing The Manufactured Wood Industry
• Asia-Pacific was the largest region in the manufactured wood materials market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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