Press release
Modified Wood Market Forecast to Expand to USD 1.95 Billion by 2031 | Persistence Market Research Report
The global modified wood market is undergoing rapid growth, with increasing applications across a variety of industries. Valued at approximately USD 0.8 billion in 2020, the market is projected to grow at a compounded annual growth rate (CAGR) of 9.5%, reaching USD 1.95 billion by 2031. The demand for modified wood is primarily driven by its enhanced durability, eco-friendliness, and aesthetic appeal, making it an attractive option for residential, commercial, and outdoor applications.Get a Sample PDF Brochure of the Report (Use Corporate Email ID for a Quick Response): https://www.persistencemarketresearch.com/samples/23839
Decking is the leading segment of the modified wood market, accounting for about 47% of the global industry value in 2020. It is expected to register a growth rate of around 9.9% from 2021 to 2031, thanks to rising demand for outdoor living spaces and sustainable building materials. The market is heavily influenced by population growth, urbanization, and the expansion of the construction industry, all of which contribute to a surge in demand for residential and commercial wood applications. Among global regions, North America dominates the modified wood market due to increased demand for outdoor furniture, decking, and eco-friendly construction materials.
Key Highlights from the Report
• The modified wood market was valued at USD 0.8 billion in 2020 and is projected to reach USD 1.95 billion by 2031.
• Decking is the leading segment, contributing 47% to the overall industry value in 2020.
• The global modified wood market is expected to grow at a CAGR of 9.5% from 2021 to 2031.
• North America holds the largest share of the modified wood market.
• Thermally modified wood, a chemical-free alternative, is gaining significant demand.
• The COVID-19 pandemic had a short-term impact on the growth of the modified wood market.
Market Segmentation
The modified wood market is segmented based on various product types, including thermally modified wood, acetylated wood, and other chemical treatments. Thermally modified wood, which undergoes heat treatment to enhance its properties, is expected to be the dominant segment due to its chemical-free nature, making it an environmentally friendly option for construction and outdoor applications. Acetylated wood, treated with acetic anhydride, is also gaining popularity in both residential and commercial sectors due to its stability and resistance to moisture and insects.
Additionally, the market is segmented based on end-users, including residential, commercial, and industrial applications. The residential sector is the largest consumer of modified wood, driven by increased demand for sustainable and durable materials in decking, flooring, and furniture. The commercial sector, including hotels, offices, and public spaces, is also showing robust demand for modified wood due to its aesthetic appeal and ability to withstand harsh weather conditions.
Regional Insights
North America leads the global modified wood market, accounting for a significant share due to the region's increasing demand for eco-friendly construction materials. The demand for modified wood in North America is mainly driven by the U.S., where the construction and renovation industries are thriving. Outdoor applications such as decking and garden furniture are particularly popular in this region due to a strong preference for natural, sustainable products.
In Europe, the market is growing steadily, with the U.K. and Germany being the largest contributors. The European market is characterized by a rising awareness of sustainability and eco-friendly materials, which fuels the demand for modified wood, particularly in residential and commercial construction projects. Countries in the Asia Pacific region, such as China and India, are emerging as key markets due to rapid urbanization, population growth, and an increasing emphasis on sustainable building practices.
Market Drivers
The growth of the modified wood market is primarily driven by the increasing demand for sustainable and eco-friendly materials in the construction and furniture industries. As consumers become more conscious of the environmental impact of their purchasing decisions, modified wood, which is treated without harmful chemicals, offers an attractive alternative to traditional wood products. The growth in the global construction sector, especially in residential and commercial buildings, further supports the demand for durable and long-lasting materials like modified wood.
Additionally, the growing awareness regarding the harmful chemicals used in traditional wood treatments has boosted the demand for thermally modified wood. The phasing out of harmful chemicals such as chromated copper arsenate (CCA) in wood treatment has made thermally modified wood a preferred choice among manufacturers and consumers alike.
Market Restraints
Despite the positive growth prospects, the modified wood market faces several challenges. One of the main restraints is the high cost of modified wood compared to conventional untreated wood. The processes involved in modifying wood, such as thermal treatment or acetylation, add to the overall cost, making modified wood a premium product. This could limit its adoption, particularly in price-sensitive markets.
Furthermore, the limited availability of raw materials and the dependence on specific wood species for modification processes could hinder the market's growth. The availability of sustainable and high-quality wood is a key factor for the successful manufacturing of modified wood products, and any disruption in supply chains can have adverse effects on production and pricing.
Market Opportunities
The growing demand for eco-friendly materials presents significant opportunities for modified wood manufacturers. The trend toward sustainability in construction, coupled with the increasing interest in green building certifications and LEED (Leadership in Energy and Environmental Design) standards, is expected to create a strong demand for modified wood. Additionally, innovations in wood treatment technologies and the development of more affordable modification techniques could expand the market's reach and make modified wood more accessible to a broader range of consumers.
Furthermore, as urbanization accelerates globally, particularly in emerging economies, the demand for residential and commercial construction will continue to rise, offering substantial opportunities for growth in the modified wood sector. The expansion of outdoor living spaces, including decks and patios, is another promising trend driving the demand for modified wood products.
Reasons to Buy the Report
✔ Gain valuable insights into the growth prospects and market trends of the modified wood industry.
✔ Understand the key drivers, challenges, and opportunities shaping the future of the market.
✔ Identify the leading product types and end-users driving market expansion.
✔ Explore regional dynamics and understand which regions are poised for growth.
✔ Benefit from a comprehensive analysis of the competitive landscape and key players.
Company Insights
Key players operating in the modified wood market include:
1. UFP Industries, Inc.
2. Kebony AS
3. West Fraser Timber Co. Ltd.
4. Välinge Innovation AB
5. ThermoWood
6. Accsys Technologies PLC
Recent Developments
• Accsys Technologies PLC has expanded its production capacity for Accoya wood, a high-performance modified wood product, to meet the growing demand in the residential and commercial construction sectors.
• Kebony AS recently launched a new line of sustainable decking solutions, utilizing advanced thermal modification technology to produce long-lasting, eco-friendly wood products.
The modified wood market is poised for substantial growth, driven by innovations in wood treatment technologies, increasing environmental awareness, and growing demand from the construction and furniture sectors. As key players invest in expanding production and refining treatment processes, the market's outlook remains promising, offering substantial opportunities for manufacturers, investors, and stakeholders.
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About Persistence Market Research:
At Persistence Market Research, we specialize in creating research studies that serve as strategic tools for driving business growth. Established as a proprietary firm in 2012, we have evolved into a registered company in England and Wales in 2023 under the name Persistence Research & Consultancy Services Ltd. With a solid foundation, we have completed over 3600 custom and syndicate market research projects, and delivered more than 2700 projects for other leading market research companies' clients.
Our approach combines traditional market research methods with modern tools to offer comprehensive research solutions. With a decade of experience, we pride ourselves on deriving actionable insights from data to help businesses stay ahead of the competition. Our client base spans multinational corporations, leading consulting firms, investment funds, and government departments. A significant portion of our sales comes from repeat clients, a testament to the value and trust we've built over the years.
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