North America is expected to be the second fastest growing market for wood bio-products.
Northbrook, IL 60062 -- (SBWIRE) -- 09/25/2023 -- The report "Wood Bio-Products Market by Type (Finished Wood Product, Manufactured Wood Material, Wood Processing), Distribution Channel (Online, Offline), Application (Residential, Commercial), And Region (Asia Pacific, North America) - Global Forecast to 2028 ", is projected to reach USD 435.9 billion by 2028, at a CAGR of 9.0% from USD 260.0 billion in 2022.
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The major drivers for the wood bio-products market are the growing demand for furniture and flooring products in both residential and commercial sectors, and rise in the construction industry, particularly in emerging economies. The fluctuating raw material prices is the major restraint in this market. Opportunities for the market include constant advancements in technology.
"Manufactured wood material segment is projected to grow at fastest CAGR, in terms of value, during the forecast period."
The global trend for manufactured wood materials is growing as they offer several advantages over natural solid wood, including cost-effectiveness, improved strength and stability, and environmental sustainability. The increasing demand for affordable and durable building materials, coupled with stringent regulations on logging and deforestation, has led to the widespread adoption of manufactured wood materials in various applications.
"Offline segment is projected to be the fastest growing distribution channel in the wood bio-products market, in terms of value."
Offline distribution channels refer to the traditional method of selling and distributing products through physical stores, dealers, wholesalers, and distributors. Customers can visit a brick-and-mortar store and purchase them directly. Many manufacturers have established partnerships with wholesalers and building supply stores to sell their products. Contractors and builders also play a significant role in the distribution process as they often purchase in bulk for construction projects.
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"North America is expected to be the second fastest growing market for wood bio-products during the forecast period, in terms of value."
The North American market for wood bio-products is witnessing significant growth owing to the growing applications, such as residential and commercial. The US dominated the North American market, accounting for a share of 60.8% in 2022. Canada and Mexico, although they are small markets, have witnessed promising demand and are expected to grow in the near future.
Acquisitions and partnerships are the major growth strategies adopted by the key players in the market. The key players in the wood bio-products market include 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), and JELD-WEN (US) among others.
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