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Global Finished Wood Products Market 2024 : SWOT Analysis Of Key Driving Factors For Growing CAGR Value
Finished Wood Products Global Market Report 2024
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According to The Business Research Company's, The finished wood products market size has grown strongly in recent years. It will grow from $314.75 billion in 2023 to $338.72 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to consumer preferences for natural materials, furniture industry growth, customization and craftsmanship, interior design preferences, globalization of supply chains, environmental certifications.
The finished wood products market size is expected to see strong growth in the next few years. It will grow to $449.38 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to rise of mass timber construction, rise of eco-friendly building materials, health and wellness considerations, wood products in outdoor living spaces, energy-efficient wood processing. Major trends in the forecast period include innovative wood finishes, digital woodworking technologies, customized woodwork and craftsmanship, wooden flooring innovations, collaborations with designers and architects, r&d investments in timber technology.
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Market Drivers and Trends:
The finished wood products manufacturing market is expected to benefit from the steady economic growth forecasted for many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2021 and 3.4% in 2021. Recovering commodity prices, after a decline in the historic period is further expected to be a significant factor driving economic growth. The US economy is expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Greater economic growth is likely to drive public and private investments, joint ventures, and foreign direct investments in the end-user markets, thereby driving the market during the forecast period.
Companies in the finished wood products market are using 3D printing to develop lightweight structural as well as non-structural wooden products. 3D printing creates a three-dimensional physical object using a digital design. The technology creates three-dimensional objects using models that are constructed using a brown, very fine, granular powder made from wood chips. 3D printing is used to manufacture wooden products with complex geometries quickly and at a low cost. 3D printing helps in rapid prototyping, increases assembly line efficiency, lowers turnaround time, improves flexibility in design, and reduces wastage of materials, thus indicating high potential for this technology. For instance, in March 2021, JK Cement, an India-based cement manufacturing company, launched JKC Wood Amore. JK Wood is an Italian wood finish that is designed to provide a good finish, appealing aesthetics, and higher durability for wood surfaces.
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Major Key Players of the Market:
Apple Inc., Alphabet Inc., Comcast Corporation, Amazon.com Inc., Meta Platforms Inc., Sony Corp., The Walt Disney Company, Tencent Holdings Ltd., Viacom Inc., CBS Corporation, Financière de l'Odet SA, Live Nation Entertainment, Spotify Company, Universal Music Group, Vivendi SA, Downtown Music Holdings LLC, Naspers Ltd., Warner Music Group, FUJI MEDIA HOLDINGS INC., Merlin Limited, BMG Rights Management GmbH, Kobalt Music Group, Orchard Enterprises NY Inc., Hipgnosis Songs Fund Limited, Reservoir Media Management Inc., Ingrooves Music Group, Round Hill Music Royalty Fund Ltd., EMPIRE Distribution, Records and Publishing Inc., United Masters lnc., Symphonic Distribution LLC, ONErpm, Amuse.io AB, Stem Disintermedia Inc., TuneCore Inc., DistroKid LLC
Finished Wood Products Market 2024 Key Insights:
• The finished wood products market size is expected to see strong growth in the next few years. It will grow to $449.38 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
• Anticipated Economic Growth Fuels Optimism In The Finished Wood Products Manufacturing Market
• 3D Printing Revolutionizes Wood Industry With Lightweight, Cost-Efficient Wooden Products
• Asia-Pacific was the largest region in the finished wood products market in 2023
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