Wood Bio-Products Market worth $435.9 billion by 2028 Globally, at a CAGR of 9.0%, says MarketsandMarkets™
Chicago, Sept. 28, 2023 (GLOBE NEWSWIRE) -- *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™.* 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**:*
1. Schott AG (Germany)
2. UPM-Kymmene Corporation (Finland)
3. Stora Enso (Finland)
4. Lixil Group (Japan)
5. West Fraser (Canada)
6. Weyerhaeuser (US)
7. UFP Industries Inc. (US)
8. Canfor (Canada)
9. Sappi (South Africa)
10. Metsä Group (Finland)
11. JELD-WEN (US)
*Drivers, Opportunities and Challenges in Wood Bio-Products **Market:*
1. *Drivers:* Growing preference for engineered wood products over traditional solid wood due to their dimensional stability and cost-effectiveness
2. *Restraint:* Competition from other materials, such as plastics, metals, and concrete
3. *Opportunity:* Expansion into emerging markets
4. *Challenge: *High capital cost
*Key Findings of the Study:*
1. Manufactured wood material segment is projected to grow at fastest CAGR, in terms of value, during the forecast period
2. Offline segment is projected to be the fastest growing distribution channel in the wood bio-products market, in terms of value
3. North America is expected to be the second fastest growing market for wood bio-products during the forecast period, in terms of value
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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.
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