New York, April 06, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Wood Products Global Market Report 2022" - https://www.reportlinker.com/p06251038/?utm_source=GNW
A., Louisiana-Pacific Corporation, upm-kymmene oyj and Builders FirstSource.
The global wood products market is expected to grow from $631.11 billion in 2021 to $684.26 billion in 2022 at a compound annual growth rate (CAGR) of 8.4%. The market is expected to grow to $903.33 billion in 2026 at a compound annual growth rate (CAGR) of 7.2%.
The wood products market consists of sales of wood products by entities (organizations, sole traders and partnerships) that produce products derived from wood.This industry includes businesses that produce lumber, plywood, veneers, wood containers, wood flooring, wood trusses, produced homes and prefabricated wooden buildings.
Wood products production include sawing, planning, shaping, laminating, and assembling of wood products into bolts or lumber.
The main types of wood products are finished wood products, wood processing and manufactured wood materials.Wood processing is a technical discipline that includes the manufacture of forest goods including pulp and paper, building components, and tall oil.
The different applications include residential and commercial. The products are distributed through offline and online channels.
Asia Pacific was the largest region in the wood products market in 2021.North America was the second largest region in the wood products market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Faster Economic Growth - The wood products manufacturing market is expected to benefit from steady economic growth forecasted for many developed and developing countries. According to the International Monetary Fund (IMF), the global GDP growth reached 3.3% in 2021 and 3.4% in 2021. Recovering commodity prices, after a decline in the historic period is further expected to be a significant factor driving economic growth. The US economy is expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Greater economic growth is likely to drive public and private investments, joint ventures, foreign direct investments in the end-user markets, thereby driving the market during forecast period.
Coronavirus Pandemic - The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the wood products manufacturing market in 2021 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia.Steps by national governments to contain the transmission have resulted in halting of manufacturing activities and a decline in economic activity with countries entering a state of ’lock down’ and the outbreak had a negative impact on businesses throughout 2021 and into 2021.
However, it is expected that the wood products manufacturing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
The increasing demand for supply chain transparency and stringent government regulations on the wood industry has led to the implementation of tracking and tracing technologies.Many wood companies have implemented their own tracking systems to maintain transparency in their timber supply chain.
Electronic tracking is being adopted by wood companies and government agencies over paper-based systems and technologies such as radio-frequency identification chips, barcodes and advanced traceability software are being used.For instance, the Forest Stewardship Council, a leading non-profit organization has developed Online Claims Platform for providing timely information about the FSC’s products and the companies that produce them for free of charge to FSC Certificate holders.
This enables digital connection between FSC certified suppliers and customers.
The countries covered in the wood products market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam.
Read the full report: https://www.reportlinker.com/p06251038/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
