Unfinished wood/lumber market expected to reach $275B by 2022
Aug. 15, 2018 - Despite mounting pressures to increase investments, reduce prices and source lumber from sustainable sources, the global market for unfinished wood/lumber products is expected to experience positive growth over the next five years, according to a new report from BCC Research.
The unfinished wood/lumber market reached a value of nearly $223.1 billion in 2017 and is expected to grow at a compound annual growth rate (CAGR) of 4.3 per cent to nearly $275.2 billion by 2022, according to the recently published report Unfinished Wood/Lumber Manufacturing: Global Markets to 2022.
Major players in the market are West Fraser Timber Co. Ltd., Canfor Corp., Weyerhaeuser Company, Interfor Corp. and Metsä Group.
- Hardwood is projected to experience the strongest growth between 2017 and 2022, resulting from increased demand for beams, boards and dimension lumber from building construction companies, as they are sturdier than softwood products.
- Asia-Pacific was the largest region in the unfinished wood/lumber manufacturing market in 2017, accounting for 45.3 per cent of the global market.
- Going forward, South America is expected to witness the fastest growth in the unfinished wood/lumber market, estimated to at grow at a CAGR of six per cent.
Lumber Manufacturers Implementing Sustainable Wood Certifications
Many lumber production companies in developed economies are certifying their products though accreditation agencies to cater to environmentally conscious customers. Rise in awareness of deforestation, climate change and environmental concerns are increasing customer preference for products manufactured from wood sourced from companies having sustainable forest management accreditations. For instance, accreditations including the Forest Stewardship Council (FSC) certification and the Program for the Endorsement of Forest Certification (PEFC) are internationally recognized certifications for sustainable forest operations.
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.
August 15, 2018 By BCC Research
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