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.
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