Lumber increased 124.05 USD/1000 board feet or 22.55% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Lumber - values, historical data, forecasts and news - updated on March of 2025.

Table of Contents

• Softwood Lumber Market Scope:

The report on Softwood Lumber Market offers in-depth analysis on market trends, drivers, restraints, opportunities etc. Along with qualitative information, this report include the quantitative analysis of various segments in terms of market share, growth, opportunity analysis, market value, etc. for the forecast years. The global softwood lumber Market is segmented on the basis of type, application, and geography.

The worldwide market for Softwood Lumber Market is expected to grow at a CAGR of roughly x.x% over the next ten years, and will reach US$ XX.X Mn in 2028, from US$ XX.X Mn in 2018, according to a new Market.us (Prudour Research) study. Read More

The price of lumber in the United States fluctuated widely over the last five years, from a low of 240 dollars per 1,000 board feet in January 2016 to a peak of over 1,500 dollars in April 2021. This overall increase has not been linear though, with, for example, lumber prices falling by around 50 percent between June and September 2018, and again between August and October 2020. The value fell again by around 75 percent between May and August 2021. As of the end of December 2024, the price of lumber stood at 550.5 U.S. dollars per thousand board feet. Which nations are at the forefront of lumber production? The production of lumber is dependent on the availability of forest resources, market demand, and technological advances. Sustainable forest management practices a continuous supply of timber, while economic factors and construction activity drive demand. Among the countries countries with the largest production of lumber were China and the United States. Other countries with a relatively high lumber production rate were Russia, China, and Brazil.

The Laminated Veneer Lumber (LVL) market is estimated to be valued at USD 53.47 billion in 2025, with a CAGR of 4.72% from 2025 to 2033. The growth of the market is attributed to the increasing demand for LVL in the construction industry. LVL is a type of engineered wood product that is made by laminating thin layers of wood together. It is stronger than traditional lumber and is often used in applications where strength is önemlidir. Key drivers of the LVL market include the growing demand for sustainable building materials, the increasing popularity of prefabricated construction, and the rising number of natural disasters. In addition, LVL is becoming increasingly popular in the automotive industry, as it is a lightweight and durable material that can be used in a variety of applications. The increasing adoption of LVL in automotive applications is expected to drive growth in the LVL market in the coming years. Key players in the LVL market include Forest and Wood Products Australia Ltd, Metsä Board Oyj, Modern Lumber Technology Ltd., Weyerhaeuser Company Ltd., and Nelson Pine Industries Limited. Recent developments include: December 2022: The International Mass Timber Conference ("IMTC") and International Mass Timber Report ("IMTR") have been purchased by Trifecta Collective LLC, which is owned and backed by GreyLion, an investment firm focused on high-growth companies in the lower middle market. Forest Business Network made the acquisition., March 2019: Boise Cascade purchased Birmingham, Alabama-based American Lumber Distributors and Brokers, Inc. (American Lumber). American Lumber distributes high-quality lumber, plywood, oriented strand board, James Hardie siding, and engineered wood products at wholesale prices distribution network and service capabilities of Boise Cascade in Southeast Asia were improved as a result of this acquisition.. Notable trends are: Growing use in the construction industry to boost the market growth.

The price of lumbe has seen both an overall increase, and large amounts of volatility since 2019. From its low in early April 2020 to its peak in May 2021, the price per 1,000 board feet of lumber increased almost sevenfold, reaching 1,670 U.S. dollars. Yet, after reaching this peak the price then fell to below 500 U.S. dollars per 1,000 board feet in August 2021 before rising again to reach over 1,000 U.S. dollars in the beginning of 2022. Since then, the price per 1,000 board feet of lumber decreased overall, reaching 576 U.S. dollars as of January 29, 2025.

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Timber Logistics Market Size 2025-2029

The timber logistics market size is forecast to increase by USD 18.57 billion at a CAGR of 6.4% between 2024 and 2029.

The market is experiencing significant growth due to several key trends. Technological advances are revolutionizing the industry, with the adoption of automation and digitalization in timber transportation and processing. Additionally, there is an increasing demand for lesser-known timber species, offering opportunities for market expansion. The market's size is significant, with applications ranging from paper production using wood pulp and fuelwood to furniture manufacturing. However, the market faces challenges, including growing concerns over rising deforestation and the need for sustainable forestry practices. These issues are driving the need for transparency and accountability in the timber supply chain. The market analysis report provides a comprehensive overview of these trends and challenges, offering insights into the future growth prospects of the timber logistics industry.

What will be the Size of the Timber Logistics Market During the Forecast Period?

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The market encompasses the transportation and management of various timber products, including construction materials like sawn timber, plywood, and industrial roundwood, as well as paper-based packaging solutions such as paper and paperboard, tissue paper, and packaging materials. Key drivers in this market include the construction industry's continued demand for sustainable building materials and the growth of eco-friendly packaging trends.
Moreover, sustainable forest management is increasingly important, with a focus on certified timber products and the reduction of deforestation and illegal logging practices. Infrastructure limitations pose challenges to efficient timber transportation via land and sea, necessitating innovation in the form of technologies like blockchain, drones, and satellite imagery for forest mapping and timber inventory management. Consumers' increasing environmental consciousness further fuels market growth.

How is this Timber Logistics Industry segmented and which is the largest segment?

The timber logistics industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Industrial roundwood
  Fuelwood
  Others


Mode Of Transportation

  Land transportation
  Sea transportation


Service

  Transportation
  Warehousing


Geography

  APAC

    China
    India
    Japan


  Europe

    Germany
    UK
    France
    Italy


  North America

    US


  South America

    Brazil


  Middle East and Africa

By Type Insights

The industrial roundwood segment is estimated to witness significant growth during the forecast period.

The market encompasses the transportation and distribution of industrial roundwood, a fundamental input in the production of paper, lumber, and various wood-based products. The market's expansion is fueled by the burgeoning wood-based product industry and the escalating preference for eco-friendly and sustainable solutions. The construction sector is a significant consumer of industrial roundwood, utilizing it for timber frames, roofing, flooring, and other applications. Moreover, it plays a pivotal role in the manufacturing of paper, packaging materials, and wood-based products for the furniture industry. The increasing urbanization and population growth have led to an increase in construction activities, thereby driving the demand for industrial roundwood.

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The industrial roundwood segment was valued at USD 18.35 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 40% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The construction industry in Asia Pacific (APAC), particularly in countries like India, is experiencing significant growth. With the Indian government planning to mobilize over USD1 trillion in investments by 2025, the country is projected to rank among the world's top five largest construction markets. By 2050, it is estimated that over 65% of the global population will reside in urban areas, with a majority in APAC. Indonesia, a major construction market in APAC, is anticipated to expand at a faster pace than other countries in the region. The increasing urbanization and construction activities in APAC are driving the deman

BASE YEAR	2024
HISTORICAL DATA	2019 - 2024
REPORT COVERAGE	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
MARKET SIZE 2023	288.01(USD Billion)
MARKET SIZE 2024	294.31(USD Billion)
MARKET SIZE 2032	350.0(USD Billion)
SEGMENTS COVERED	Application, End Use, Product Type, Treatment Type, Regional
COUNTRIES COVERED	North America, Europe, APAC, South America, MEA
KEY MARKET DYNAMICS	supply chain disruptions, fluctuating demand, environmental sustainability concerns, housing market trends, alternative materials competition
MARKET FORECAST UNITS	USD Billion
KEY COMPANIES PROFILED	Klausner Lumber One, Interfor, Canfor, Koppers, Kibsgaard Lumber, Katerra, StellaJones, Hawkes Bay Timber, Kockums Bulk Terminal, Resolute Forest Products, West Fraser Timber, Sierra Pacific Industries, Weyerhaeuser, Boise Cascade, GeorgiaPacific
MARKET FORECAST PERIOD	2025 - 2032
KEY MARKET OPPORTUNITIES	Sustainable building materials demand, Growing housing market recovery, Increased construction activities globally, Technological advancements in timber treatment, Rising preference for eco-friendly alternatives
COMPOUND ANNUAL GROWTH RATE (CAGR)	2.19% (2025 - 2032)

The value added in the 'Wood' segment of the manufacturing market in Indonesia was forecast to continuously increase between 2025 and 2029 by in total 0.2 billion U.S. dollars (+10.05 percent). According to this forecast, in 2029, the value added will have increased for the sixth consecutive year to 2.21 billion U.S. dollars. Find more in-depth information regarding the revenue concerning the beverages segment of the manufacturing market in Brazil and the revenue growth concerning the beverages segment of the manufacturing market in Brazil. The Statista Market Insights cover a broad range of additional markets.

The U.S. market for all other miscellaneous wood product expanded slightly to $X in 2019, surging by X% against the previous year. The market value increased at an average annual rate of +X% from 2013 to 2019; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2015 with an increase of X% year-to-year. Over the period under review, the market hit record highs in 2019 and is expected to retain growth in the near future.

Sales of wood pellet heating systems in Europe currently account for around US$ 5,730.1 million. Detailed industry analysis reveals that the Europe wood pellet heating system industry is anticipated to progress at a CAGR of 3.50% to reach a valuation of US$ 8082.8 million by 2029.

Attributes	Key Insights
Market Size in 2024	US$ 5,730.1 million
Market Value in 2034	US$ 8,082.8 million
Value-based CAGR from 2024 to 2034	3.50%

2019 to 2023 Historical Analysis vs. 2024 to 2034 Market Forecast Projections

Historical CAGR (2019 to 2023)	2.70%
Forecasted CAGR (2024 to 2034)	3.50

Country-wise Analysis

Countries	Forecast CAGRs from 2024 to 2034
Germany	4.40%
The United Kingdom	2.3%
Italy	2.9%
Spain	3.5%
France	3.1%

Category-wise Analysis

Category	Market Share
Stove	44.70%
Residential	78.30%

Report Scope

Attributes	Details
Estimated Market Size in 2024	US$ 5730.1 million
Projected Market Valuation in 2034	US$ 8082.8 million
Value-based CAGR 2024 to 2034	3.50%
Forecast Period	2024 to 2034
Historical Data Available for	2019 to 2023
Market Analysis	Value in US$ million
Key Regions Covered	North America Latin America Western Europe Eastern Europe South Asia and Pacific East Asia Middle East and Africa
Key Market Segments Covered	Product End-Use Region
Key Countries Profiled	The United States Canada Brazil Mexico Germany The United Kingdom France Spain Italy Russia Poland Czech Republic Romania India Bangladesh Australia New Zealand China Japan South Korea GCC countries South Africa Israel
Key Companies Profiled	Ferroli S.p.A. BioCurve Burkhardt GmbH Linea Trovata HAAS + SOHN OFENTECHNIK GMBH Erwin KOPPE - Ceramic Heaters GmbH Fröling GmbH Biotech Energietechnik GmbH KWB - Kraft und Wärme aus Biomasse GmbH Gilles Energie- und Umwelttechnik GmbH & Co KG Solarfocus GmbH

Table of Contents

• Glue Laminated Timber Market Scope:

The report on Glue Laminated Timber Market offers in-depth analysis of market trends, drivers, restraints, opportunities etc. Along with qualitative information, this report includes the quantitative analysis of various segments in terms of market share, growth, opportunity analysis, market value, etc. for the forecast years. The global glue laminated timber market is segmented on the type, application, and geography.

The worldwide market for Glue Laminated Timber Market is expected to grow at a CAGR of roughly x.x% over the next nine years, and will reach US$ XX.X Mn in 2028, from US$ XX.X Mn in 2018, according to a new Market.us (Prudour Research) study. Read More

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Sawmill Machinery Market Size 2025-2029

The sawmill machinery market size is forecast to increase by USD 140.2 million at a CAGR of 2.8% between 2024 and 2029.

The market is experiencing significant growth due to several key factors. Firstly, the increase in construction activities, particularly in the residential and commercial sectors, is driving demand for sawmill machinery. Secondly, advancements in sawmill technology are leading to more efficient and productive machinery. Additionally, the availability of pre-used sawmills on the market provides cost-effective options for small-scale operators. These trends are expected to continue shaping the market in the coming years. Furthermore, the market is witnessing a shift towards automation and digitization, with manufacturers focusing on developing intelligent machinery to improve productivity and reduce labor costs. Additionally, the integration of artificial intelligence and data analytics in sawmill machinery enhances process control and customized wooden product manufacturing. Despite these opportunities, challenges such as high initial investment costs and stringent environmental regulations remain, requiring manufacturers to innovate and adapt to remain competitive. The market is poised for steady growth, driven by these trends and challenges.

What will be the Size of the Sawmill Machinery Market During the Forecast Period?

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The market encompasses advanced equipment utilized in modern sawmills for converting wooden logs into lumber. This market is driven by the increasing demand for sawn timber in various sectors, including residential, commercial, and infrastructure projects. The integration of sensors and scanners in process control systems enhances the efficiency and accuracy of sawmill operations. Both fixed and portable sawmills cater to diverse woodworking applications, from forestry to woodworking factories.
The construction sector remains a significant consumer of sawn timber for its aesthetic appeal and thermal insulation properties, contributing to the growth of the market. Sawmill machinery also finds application in the production of wood fiberboard and cellulose insulation, further expanding its market scope. Overall, the market is poised for continued expansion, driven by the global focus on building energy efficiency and the versatility of wood as a sustainable and renewable resource.

How is this Sawmill Machinery Industry segmented and which is the largest segment?

The industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Product

  Fixed sawmills
  Portable sawmills


Type

  Band saw headrig
  Circular saw headrig
  Frames saw headrig


Method

  Horizontal
  Vertical


Application

  Forestry
  Woodworking
  Paper industry
  Others


Geography

  Europe

    Germany
    UK
    France
    Italy


  APAC

    China
    India
    Japan
    South Korea


  North America

    US


  Middle East and Africa



  South America

By Product Insights

The fixed sawmills segment is estimated to witness significant growth during the forecast period. Fixed sawmills, also known as industrial sawmills or head rigs, are characterized by a stationary frame for sawing logs. In contrast to portable sawmills, the logs must be transported to these mills for processing. Due to their fixed nature, these sawmills are larger in size and enclosed structures, enabling continuous operation even in unfavorable weather conditions. Fixed sawmills feature heavier blades, ensuring straighter and faster cuts. This results in a higher production rate, making them suitable for full-time sawing activities. Components such as resaws and edgers are integral to fixed sawmills. Advanced machinery in these mills includes sensors, scanners, and process control systems, enhancing automation and efficiency.
Fixed sawmills cater to various industries, including wooden products, automotive, and construction, producing sawn timber for residential, commercial, and infrastructure projects. Key applications include band sawmill, horizontal type, and woodworking, with the construction sector being a significant consumer. Sawmill machinery includes automated and conventional equipment, ensuring accurate measured lumber and finished wood pieces. The market for sawmill machinery is driven by factors such as timber prices, advanced technology, and the increasing demand for processed wood in various industries.

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The Fixed sawmills segment was valued at USD 645.70 million in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 39% to t

The last decade’s economic, social, and environmental changes have affected the production, consumption, prices, and trade of forest products in the United States, including in the U.S. South. The tabular data included within this publication are projections, 2020-2070, by scenario, quantifying the effects of changes in future societal and biophysical variables on the States of the U.S. South, the country, and the world on the forest sector. Potential changes are modeled with six scenarios that offer alternative trajectories for economic growth, climate warming, technology, and trade openness. Among these are two scenarios exploring (i) the accelerated adoption of mass timber products in construction and (ii) a large, hypothetical increase in trade restrictions. All scenarios are summarized in terms of changes in production, consumption, prices, and trade in forest products. For the U.S. South, projections are reported by Resources Planning Act Region and the two southern subregions (South Central, Southeast) and, for softwood and hardwood industrial roundwood production quantities and prices, softwood and hardwood lumber production quantities, wood pellet production quantities, and jobs for three forest sector North American Industrial Classification System (NAICS) industries, also at the state level. Historical data by product category, 1990-2015, are also provided for context and comparisons. For each state, historical (1999-2019) and projected (2020-2070) data by scenario are provided for annual, Statewide totals of the number of jobs by three industries, including NAICS 113 (Forestry and Logging), NAICS 321 (Wood Product Manufacturing), and NAICS 322 (Paper Manufacturing).The U.S. Department of Agriculture, Forest Service produces a periodic assessment of the conditions and trends of the Nation's renewable resources required by the Forest and Rangeland Renewable Resources Planning Act (RPA) of 1974. The Southern Research Station of the Forest Service has assessed the potential future of the South's forests and forest sector, sometimes based in part on the RPA Assessment system. The Southern Forest Outlook focuses on the future of the region's wildfire, water resources, and forest product markets. The data offered here on the future of markets, by each of six scenarios, processed through the 2020 RPA Assessment's market model, FOROM, in interaction with the RPA Forest Dynamics Model, offering internally consistent projections of markets and forest resources for the South, the United States, and the world to 2070 for 20 wood products and, for this Outlook, jobs in the forest sector. Such data therefore can serve as the information for decision makers in the public and private sectors and researchers.The FOrest Resource Outlook Model (FOROM) is a global recursive dynamic partial equilibrium model of the forest sector that recognizes Resources Planning Act (RPA) Assessment regions as separate producing, consuming, and trading market regions within a complete global market. FOROM is calibrated to a base year and projects future market variables of price, production, consumption, and trade of primary and secondary forest products across various socioeconomic development paths. Further captured in the model are predicted changes in forest area and forest stocks (inventory volumes) by management category. The model also incorporates changes to forest inventory under specifications of productivity changes as driven by climate change and greenhouse gas accumulations. For more information on the model, please refer to Johnston et al. (2021; https://doi.org/10.2737/SRS-GTR-254).

To read the 2020 RPA Assessment chapter on forest products, please refer to Johnston et al. (2023; https://doi.org/10.2737/WO-GTR-102-Chap7), and for the projection data on markets, please refer to Johnston et al. (2023; https://doi.org/10.2737/RDS-2022-0073-2).

For more information about the data included in this package, see Prestemon and Guo (in press).

The global sawn softwood market exhibits robust growth, driven by the increasing demand for construction materials in developing economies and a steady rise in infrastructure projects worldwide. While precise market size figures for the base year (2025) are unavailable, a reasonable estimation can be derived. Assuming a conservative CAGR of 4% (a common rate for established building materials markets), and considering a hypothetical 2019 market size of $50 billion, the 2025 market size would be approximately $63 billion. This represents a significant market opportunity for producers and suppliers alike. The market's segmentation across applications (construction, fencing, packaging, and others) highlights its diverse utility, with construction remaining the dominant driver. The regional distribution shows strong performance in North America and Europe, while Asia-Pacific is expected to experience significant growth due to urbanization and infrastructure development. Key players such as Canfor Corporation, West Fraser Timber, and Weyerhaeuser contribute significantly to the supply chain, leveraging their established distribution networks and manufacturing capabilities. Further driving the market's expansion is the growing focus on sustainable forestry practices and the increasing adoption of engineered wood products. However, potential restraints include fluctuations in timber prices due to global economic conditions, environmental regulations affecting logging practices, and increased competition from alternative construction materials. The market is expected to maintain its growth trajectory over the forecast period (2025-2033), presenting significant opportunities for innovation and expansion. Specific growth rates within segments (e.g., tiling battens, softwood posts) will vary depending on regional construction trends and preferences for specific wood types. The market will likely see further consolidation among major players as competition intensifies, leading to strategic alliances and mergers.

Table of Contents

• Wood Interior Doors Market Scope:

The report on Wood Interior Doors Market offers in-depth analysis of market trends, drivers, restraints, opportunities etc. Along with qualitative information, this report includes the quantitative analysis of various segments in terms of market share, growth, opportunity analysis, market value, etc. for the forecast years. The global wood interior doors market is segmented on the basis of type, application, and geography.

The Global Wood Interior Doors market is estimated to be US$ XX.X Mn in 2019 and is projected to increase significantly at a CAGR of x.x% from 2020 to 2028. Read More

The Italian wood tool market was finally on the rise to reach $36M in 2024, after four years of decline. Overall, consumption, however, continues to indicate a noticeable curtailment. Wood tool consumption peaked at $89M in 2019; however, from 2020 to 2024, consumption stood at a somewhat lower figure.

The market size for wooden windows and doors in the United States is believed to reach an all-time high in 2020, growing by nearly 1.5 percent per annum. Expected to reach nearly 14 billion U.S. dollars, the industry is significantly bigger than that of a country like Italy - with the Italian production of similar metal building components generated a revenue of roughly 1.5 billion euros in 2019.

Global Wood Pallet is segmented by Application (Logistics, manufacturing, retail, agriculture) , Type (Heat-treated pallets, plastic pallets, wooden pallets, disposable pallets, returnable pallets) and Geography(North America, LATAM, West Europe, Central & Eastern Europe, Northern Europe, Southern Europe, East Asia, Southeast Asia, South Asia, Central Asia, Oceania, MEA)

Table of Contents

• Timber Harvesting Equipments Market Scope:

The report on Timber Harvesting Equipments Market offers in-depth analysis of market trends, drivers, restraints, opportunities etc. Along with qualitative information, this report includes the quantitative analysis of various segments in terms of market share, growth, opportunity analysis, market value, etc. for the forecast years. The global timber harvesting equipments market is segmented on the basis of type, application, and geography.

The Global Timber Harvesting Equipments market is estimated to be US$ XX.X Mn in 2019 and is projected to increase significantly at a CAGR of x.x% from 2020 to 2028. Read More

According to Cognitive Market Research, the global Wood Based Panels market size will be USD 198541.6 million in 2024. It will expand at a compound annual growth rate (CAGR) of 8.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 79416.6 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 59562.4 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 45664.5 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 9927.0 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 3970.8 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.7% from 2024 to 2031.
The Particleboard product type held the highest Wood Based Panels market revenue share in 2024.

Market Dynamics of Wood Based Panels Market

Key Drivers for Wood Based Panels Market

Increasing Demand from the Furniture Industry to Increase the Demand Globally

Wood-based panels are widely utilized in residential furniture due to their numerous benefits, despite the availability of various alternatives. The demand for wooden furniture remains high because of its durability, eco-friendliness, ease of maintenance, and versatility. In the global furniture market, domestic home furniture accounts for 65% of the total, followed by commercial furniture for offices, hotels, and other establishments. Asia-Pacific, particularly countries like China, India, and Japan, stands out as the largest producer of home furniture globally. Notably, IKEA has emerged as one of the leading furniture manufacturers worldwide. According to publicly available information from the company, its annual revenue in 2023 saw a growth of approximately 6.73%, reaching EUR 47.6 billion (around USD 50.29 billion).

Rise in consumer spending in the renovation of homes and furniture to Propel Market Growth

The wood panel industry encompasses a variety of products, including plywood sheets, engineered wood panels, MDF (Medium Density Fibre Boards), furniture boards, particleboard, and decorative surface materials like laminates. An anticipated uptick in consumer expenditure on wood-based panels for home renovations and furniture refurbishments is poised to drive demand in both commercial and residential construction projects. According to data from the Joint Center for Housing Studies at Harvard University (JCHS), spending on home improvement projects is projected to reach $485 billion in 2023, marking a significant increase from $328 billion in 2019 and $472 billion in 2022. Notably, Americans allocated $363 billion towards home improvements, renovations, and repairs in 2020, followed by a substantial increase to $406 billion in the subsequent year, representing an 11.8% surge from 2020 and nearly tripling the average annual growth rate of 4.4%. Homeowners' spending continued to climb, reaching $472 billion by 2022.

Restraint Factor for the Wood Based Panels Market

Shortage of Timber and Climate Change to Limit the Sales

The woodworking industry is currently grappling with significant challenges. There's a pressing need for increased investment in research and development due to the growing scarcity of lumber and the impacts of climate change. There's a demand for panels that are both sustainable and durable, with a focus on reducing emissions throughout the manufacturing and consumption process. Climate change is expected to have widespread effects on forests globally, prompting the adoption of agrifibre solutions as alternatives to conventional particleboard, OSB, or MDF production methods. Consequently, there's been a notable surge in research efforts to identify substitute raw materials and the establishment of panel plants utilizing agrifibre.

Impact of Covid-19 on the Wood Based Panels Market

Lockdowns, travel restrictions, and workforce shortages have disturbed the supply chain of raw materials, causing delays in the production and delivery of woo...