Dublin, May 31, 2023 (GLOBE NEWSWIRE) -- The "Global 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) - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global wood bio-products market is projected to reach USD 435.9 billion by 2028 from USD 260 billion in 2022, at a CAGR of 9% during the forecast period.
The ever-increasing demand for wood bio-products in emerging markets owing to increasing awareness about the environmental benefits of using manufactured wood materials and a growing preference for engineered wood products over traditional solid wood.
Additionally, the demand for wood bio-products in emerging countries such as Asia-Pacific, South America, and Middle East & Africa, is increasing due to the rising industrialization that increases the demand for wood bio-products in the construction industry. This will drive the wood bio-products market during the forecast period.
The online segment is estimated to be the second fastest growing distribution channel in terms of value in the wood bio-products market
Online distribution channels involve the sale of products or services through digital channels such as e-commerce websites, online marketplaces, and social media platforms.
The global market trend for online distribution channels has been consistently growing in recent years, driven by the increasing popularity of e-commerce and the convenience it provides to consumers. However, the trend is also gaining traction in other industries, such as furniture, home decor, and construction materials.
Europe is projected to be the second largest region in the wood bio-products market during the forecast period
Europe is predicted to be the second largest region amongst others in the wood bio-products market in 2023, in terms of value. The region is dominated by countries such as Germany, France, Italy, and the UK, which have a significant presence in the construction and furniture industries.
Germany is one of the major consumers of wood-based panels in Europe. The demand for wood-based panels is increasing in the country due to the growth in the construction sector. The country has stringent emission norms and safety regulations, which lead to the use of certified wood-based panels. The furniture and construction sectors are the major consumers of wood-based panels in Germany.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 295 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $260 Billion |
| Forecasted Market Value (USD) by 2028 | $435.9 Billion |
| Compound Annual Growth Rate | 9.0% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Growing Demand for Furniture and Flooring Products in Both Residential and Commercial Sectors
- Rise in Construction Industry, Particularly in Emerging Economies
- Growing Preference for Engineered Wood Products Over Traditional Solid Wood due to Their Dimensional Stability and Cost-Effectiveness
- Increasing Awareness About Environmental Benefits of Using Manufactured Wood Products
Restraints
- Fluctuating Raw Material Prices
- Environmental Concerns
- Competition from Other Materials, Such as Plastics, Metals, and Concrete
Opportunities
- Advancements in Technology
- Expansion into Emerging Markets
Challenges
- Availability of Raw Materials
- High Capital Cost
Companies Mentioned
- Billerud Americas Corporation
- Canfor
- Domtar Corporation
- Ekman & Co. AB
- Enviva Inc.
- Georgia-Pacific
- Guangdong Weihua Corporation
- Holzindustrie Schweighofer Timber Group
- JELD-WEN Inc.
- Klabin SA
- Kruger Inc.
- LIXIL Group
- Mercer International Inc.
- Metsa Group
- Rayonier Advanced Materials Inc.
- Sappi
- Stora Enso
- Suzano
- Svenska Cellulosa Aktiebolaget
- Sodra Skogsudden
- UFP Industries Inc.
- UPM-Kymmene Corporation
- Viru Keemia Grupp
- West Fraser
- Weyerhaeuser Company
For more information about this report visit https://www.researchandmarkets.com/r/6ze5sb
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