The Global Wood Bio-Products Market is projected to reach USD 435.9 billion by 2028, at a CAGR of 9.0% from USD 260.0 billion in 2022, as per the recent study by MarketsandMarkets™. Crucial information accessible in this research report includes wood bio-products market growth drivers, restraints, current trends, economic and financial structures, and other pertinent market details. The growing preference for engineered wood products over traditional solid wood is fueling the growth of this market. The growth of the global wood bio-products market can be attributed to the increasing demand for furniture and flooring products in both residential and commercial sectors, municipal water treatment, and rise in the construction industry in emerging economies.
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Browse in-depth TOC on "Wood Bio-Products Market”
263 - Market Data Tables
46 - Figures
303 - Pages
List of Key Players in Wood Bio-Products Market:
- Schott AG (Germany)
- UPM-Kymmene Corporation (Finland)
- Stora Enso (Finland)
- Lixil Group (Japan)
- West Fraser (Canada)
- Weyerhaeuser (US)
- UFP Industries Inc. (US)
- Canfor (Canada)
- Sappi (South Africa)
- Metsä Group (Finland)
- JELD-WEN (US)
Drivers, Opportunities and Challenges in Wood Bio-Products Market:
Driver: Increasing Preference for Engineered Wood Products
The construction industry is witnessing a growing preference for engineered wood products over traditional solid wood, primarily due to their dimensional stability and cost-effectiveness. Engineered wood products exhibit superior dimensional stability, making them less susceptible to warping, twisting, or splitting when exposed to moisture and temperature fluctuations. This reliability makes them ideal for various applications, including flooring and structural support. Moreover, these products are often more affordable as they utilize lower-grade wood and advanced manufacturing techniques, making them an attractive option for both residential and commercial construction projects.
Restraint: Competition from Alternative Materials
The Wood Bio-Products Industry faces significant competition from alternative materials such as plastics, metals, and concrete. These materials can often be produced at a lower cost and may offer similar or even superior properties compared to wood bio-products. For instance, plastics are prevalent in the packaging sector due to their low cost and durability, while metals are favored in construction for their strength. Additionally, emerging sustainable materials like bamboo and hemp pose a growing threat to the market by providing comparable properties at a lower price point.
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Opportunity: Expansion into Emerging Markets
The demand for wood bio-products is expanding beyond developed nations, with emerging markets like China and India showing substantial interest in sustainable products. Rapid urbanization and infrastructure development in the Asia Pacific region are expected to drive demand for wood bio-products in the coming years. Furthermore, the increasing emphasis on eco-friendly materials in these markets presents significant opportunities for companies to broaden their reach. Latin America, with its vast and diverse forests, also offers substantial potential for growth, particularly in countries like Brazil and Mexico, where the demand for renewable materials is on the rise.
Challenges: High Capital Costs
A critical challenge for the wood bio-products market is the high capital investment required for manufacturing facilities. Producing wood bio-products necessitates specialized equipment and processes, which can be costly to establish and maintain. For instance, the production of engineered wood products such as cross-laminated timber demands advanced technology and infrastructure, posing a significant barrier to entry for potential manufacturers.
Key Findings of the Study:
- Manufactured wood material segment is projected to grow at fastest CAGR, in terms of value, during the forecast period
- Offline segment is projected to be the fastest growing distribution channel in the wood bio-products market, in terms of value
- North America is expected to be the second fastest growing market for wood bio-products during the forecast period, in terms of value
Based on type, finished wood product is the largest segment of wood bio-products in 2022. Finished wood products refer to wood bio-products that have undergone a series of manufacturing processes to enhance their visual appeal, durability, and functionality. These products include furniture, flooring, cabinetry, doors and windows, musical instruments, and other decorative items. There is a growing demand for sustainably sourced and environmentally friendly finished wood products. Doors & windows made of wood are also popular finished wood products, as they offer superior insulation and aesthetic appeal. Moldings and trims, such as baseboards, crown moldings, and window casings, add decorative touches to homes and buildings. Other decorative items made of finished wood include picture frames, wall art, and sculptures.
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Based on application, residential is the largest application segment of wood bio-products. Wood bio-products are used as a residential product in barrier systems, flooring systems, lumber, roof sheath, and wooden doors & windows. Compared to buildings made of materials like aluminum, concrete, and steel, wood buildings require a lot less energy during the construction process and produce fewer carbon emissions. The bio-products in residential construction include lumber, wall panels, engineered wood components, and housing solutions, which improve the performance, sustainability, and safety of the building. Wood bio-products can improve air quality by minimizing the accumulation of microorganisms and dust. It is an energy-efficient building material and withdraws carbon in long-life products.
Asia Pacific is the largest market for wood bio-products. The demand for finished wood products is driven by the growth of the construction industry, especially in countries such as China, India, and Indonesia. The country's increasing urbanization and infrastructure development have created a significant demand for finished wood products such as furniture, flooring, and doors. China is the largest market for manufactured wood materials such as plywood, particleboard, and medium-density fiberboard (MDF), followed by India and Japan.
