Modified wood market revenue to grow 9.6% yearly through 2026
By Persistence Market Research
By Persistence Market Research
Based on critical analysis of Persistence Market Research (PMR), the global modified wood market is slated for robust revenue growth during the course of next few years. Over the projection period 2018-2026, global modified wood market revenue will expand at a solid CAGR of 9.6 per cent. Most of the demand for modified wood will be accounted by the residential sector of the construction industry, as indicated by the report.
Modified wood continues to witness adoption across construction industry
Modified wood is a thermally or chemically treated species of wood with a life span of more than two decades when used for exterior applications. Owing to enduring lifespan, modified wood is highly preferred for decking and cladding applications across the globe. Moreover, growing spending on construction activities owing to changing lifestyle patterns across developed as well as developing economies is creating healthy demand for wooden construction, thereby modified wood.
Moreover, the aesthetic look provided by wooden products when used in decking, cladding, windows, and doors, is a prominent factor responsible for attracting and forcing various builders and architects to enforce the use of modified wood in the construction sector. Multiple features of modified wood such as long life, high durability, and sustainability have made it gain significant attention in the global market.
The biggest challenge faced by modified wood manufacturers is the lack of awareness about the product among both consumers and intermediates. People across major economies do not have proper knowledge about modified wood and for what purposes is it used. Moreover, most people presume that modified wood is not easily available in the market. These factors will hinder the growth of the market during the forecast period.
Global modified wood market: segmentation overview
By process: On the basis of the process of manufacturing, the thermally treated segment is estimated to dominate the market in terms of market share, among all process segments. The chemical-free nature of this type of modified wood and its long lifespan are important factors making this segment find huge applications in the residential end-use sector. In terms of CAGR, the thermally treated segment is projected to lead the modified wood market.
By application: Decking and cladding segments are anticipated to be most prominent segments in the global modified wood market. Various properties of modified wood, such as long lifespan, UV resistance, heat resistance, and high sustainability make modified wood a good choice for exterior construction applications.
By end use: In terms of end use, the residential segment holds majority share in the global market. Changing lifestyle and increasing spending on wooden constructions are two important factors making the segment dominate the global market.
Maximum penetration of wooden construction trend in European countries to favour sales of modified wood
Europe will remain the most prominent market in the global modified wood market during the forecast period. The region is the largest producer as well as consumer of modified wood. Hence, easy availably of the product coupled and growing trend of wooden construction in Europe are key reasons making the region dominate the global modified wood market.
The market in North America is expected to witness significant transitions in future owing to growing preference for thermally modified wood over pressure treated wood products. This is further anticipated to create healthy growth opportunities for the players operating in the global modified wood market.