Wood Manufacturing Global Market Report 2024

The wood manufacturing market has grown steadily in recent years. It will grow from $465.31 billion in 2023 to $476.15 billion in 2024 at a compound annual growth rate (CAGR) of 2.3%. The expansion observed in the historical period can be ascribed to the adoption of sustainable practices and certification, advancements in wood finishing techniques, the surge in urbanization and construction activities, government policies and regulations, and consumer preferences for wooden products.

The wood manufacturing market is expected to see steady growth in the next few years. It will grow to $521.01 billion in 2028 at a compound annual growth rate (CAGR) of 2.3%. The anticipated expansion in the forecast period can be credited to the adoption of circular economy practices, the growing trend of mass timber construction, the impact of e-commerce on wood furniture manufacturing, increased emphasis on energy efficiency in wood processing, and efforts towards resilience and adaptation to climate change. Key trends expected in this forecast period encompass the continuation of sustainable practices and certification, the integration of advanced manufacturing technologies, innovations in wood-based materials, the digitalization of supply chain management, the promotion of circular economy practices, and the expansion of the global market.

The anticipated surge in the demand for wooden furniture is poised to drive the growth of the wood manufacturing market in the future. Wooden furniture encompasses items primarily or entirely crafted from wood, available in diverse styles, designs, and finishes - ranging from traditional to modern, and rustic to contemporary. Wood manufacturing plays a pivotal role in crafting various types of wooden furniture, including indoor and outdoor pieces, lumber, timber of specific sizes, and others. For example, as of June 2022, the United States International Trade Commission (USITC), a US-based governing agency, reported that the US import of wooden furniture amounted to $2.3 billion, reflecting a 5.7% increase compared to June 2021. Year-on-year, US imports of wood furniture reached $13.7 billion in the initial six months of 2022, marking a 10.6% increase. Consequently, the escalating demand for wooden furniture stands as a driving force for the future growth of the wood manufacturing market.

The projected growth of the wood manufacturing market is also expected to be fueled by the increasing construction activities. Construction activities encompass a variety of operations and processes involved in building, renovating, and maintaining structures, infrastructure, and facilities. The wood manufacturing industry plays a pivotal role in the construction sector by supplying a diverse range of wood products crucial for building and infrastructure development. As of April 2023, reports from the United States Census Bureau, a US-based government agency, indicate that the overall value of residential and non-residential construction in the US experienced an over 8% increase between 2020 and 2021. This surge in construction activities is a significant contributor to the growth of the wood manufacturing market.

A notable trend gaining traction in the wood manufacturing market is product innovation, with companies actively pursuing the development of novel products to maintain their market standing. An illustrative example is Desktop Metal, Inc., a US-based 3D printing systems manufacturer, which, in May 2021, announced the introduction of Forust - a groundbreaking manufacturing process utilizing additive manufacturing to recycle waste wood, creating distinctive and luxurious wood designs. Forust produces wooden items with a digital grain that runs the length of the piece and can be polished or sanded. The software employed in this process can digitally replicate various wood grains, including those of ash, rosewood, and mahogany.

Major players in the wood manufacturing market are directing their efforts towards the implementation of advanced wood manufacturing business models, aiming to gain a competitive advantage. An advanced wood manufacturing business model involves a modern and innovative approach to wood manufacturing, incorporating new technologies, processes, and business practices to enhance efficiency, productivity, and sustainability. For instance, Woodio, a Finland-based modern interior and design brand, introduced the Biowaste Box in April 2021, representing a contract manufacturing business model. The company's newly developed, adaptable, and reasonably priced tooling enables the manufacturing of a broad range of items. While Woodio material has primarily served as a ceramic substitute, the company's innovative production procedures and subcontract manufacturing pave the way for the competitive use of a broader variety of materials, including plastic, composites, and clay.

In December 2022, Metrie, a Canadian-based manufacturer and distributor of interior millwork, made a strategic move by acquiring the Hemlock and Alder manufacturing and distribution business of Fred Tebb & Sons, Inc. for an undisclosed amount. This acquisition aims to strengthen the solid wood product manufacturing and service offerings for both companies, benefitting new and existing customers. Fred Tebb & Sons, Inc. is a US-based company specializing in solid wood manufacturing and distribution.

Major companies operating in the wood manufacturing market report are Stora Enso Inc., Binderholz Inc., KLH Massivholz GmbH, HASSLACHER Holding GmbH, Lignotrend Inc., Eugen Decker Holzindustrie KG, Schilliger Holz AG, Structurlam Mass Timber Corporation, Moser Woods Products LLC, Holzwerke Bullinger GmbH & Co., SCHNEIDE GmbH, Pfeifer Holz GmbH, Weyerhaeuser Company, Novawood AS, Andersen Corporation, Arauco North America, Boise Cascade Company, Canfor Corporation, Columbia Forest Products Inc., Georgia-Pacific LLC, Hampton Lumber, Huber Engineered Woods LLC, Interfor Corporation, Louisiana-Pacific Corporation, LP Building Solutions, Moelven Industrier ASA, Murphy Company, Norbord Inc., PotlatchDeltic Corporation, Rayonier Advanced Materials Inc., Resolute Forest Products Inc., Roseburg Forest Products, Sierra Pacific Industries, Svenska Cellulosa Aktiebolaget SCA, Timber Products Company, Tolko Industries Ltd., Universal Forest Products Inc., West Fraser Timber Co. Ltd.

Asia-Pacific was the largest region in the wood manufacturing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global wood manufacturing market report during the forecast period. The regions covered in the wood manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the wood manufacturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of wood manufacturing include millwork, veneers, engineered wood products, wood containers and pallets, manufactured homes, and others. Millwork involves the manufacturing and installation of wooden products, typically utilized for finishing or decorative purposes in buildings. It finds application in domestic and commercial settings within industries such as construction, furniture, packaging, joinery, and others.

The wood manufacturing market research report provides wood manufacturing market statistics, including the wood manufacturing industry's global market size, regional shares, competitors with a wood manufacturing market share, detailed wood manufacturing market segments, market trends, and opportunities, and any further data you may need to thrive in the wood manufacturing industry. This wood manufacturing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The wood manufacturing market consists of sales of plywood, sawn wood, and fiberboard. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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