Wood Products Global Market Report 2024

The wood products market size has grown strongly in recent years. It will grow from $750.14 billion in 2023 to $805.03 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The expansion observed in the historical period can be attributed to factors such as strong growth in emerging markets, low interest rates, the growth in the world population, increasing demand for cruise ships, and growth in residential construction activity.

The wood products market size is expected to see strong growth in the next few years. It will grow to $1054.43 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The anticipated growth in the forecast period can be attributed to factors such as strong growth in emerging markets, low interest rates, the growth in the world population, increasing demand for cruise ships, and growth in residential construction activity. Major trends in the forecast period include implementing tracking and tracing technology to enhance credibility among stakeholders, using biodegradable chemicals for wood preservation, deploying computer-aided manufacturing technologies to increase plant productivity and efficiency, avoiding the use of wood obtained from harvesting endangered trees, offering customized engineered wood products to cater to the increasing focus on sustainability, integrating automation and robotics technologies to enhance production efficiency, and focusing on incorporating new and improved techniques in harvesting logs to increase wood volume with less residual damage.

The wood products manufacturing market is anticipated to experience positive growth due to the steady economic expansion forecasted in both developed and developing countries. According to the International Monetary Fund (IMF), global GDP growth reached 3.3% in 2020 and increased to 3.4% in 2021. The recovery of commodity prices following a historical decline is expected to contribute significantly to ongoing economic growth. The US economy is poised for stable growth in the forecast period, and emerging markets are projected to outpace developed markets slightly. This favorable economic outlook is expected to drive public and private investments, joint ventures, and foreign direct investments in end-user markets, thus fueling the wood products manufacturing market.

The growth of the wood products market is expected to be propelled by increased construction and infrastructure activities on a global scale. Construction and infrastructure involve the processes and physical components necessary for building, developing, and maintaining essential facilities and systems such as buildings, roads, bridges, and utilities. Wood, known for its versatility, sustainability, and cost-effectiveness, is experiencing heightened demand as a construction material. Its applications span framing, flooring, decking, and interior finishes, encompassing both residential and commercial construction projects. For instance, in June 2022, the USA and its G7 partners announced plans to mobilize $600 billion by 2027 for global infrastructure investments. This surge in construction and infrastructure activities globally is a key driver for the wood products market.

The increasing demand for supply chain transparency and the imposition of stringent government regulations on the wood industry have led to the adoption of tracking and tracing technologies. Wood companies are implementing their tracking systems to ensure transparency in their timber supply chains. Electronic tracking, including technologies such as radio-frequency identification chips, barcodes, and advanced traceability software, is replacing paper-based systems. For example, the Forest Stewardship Council has developed the Online Claims Platform to provide timely information about FSC-certified products and the companies producing them. This facilitates a digital connection between FSC-certified suppliers and customers.

Artificial intelligence (AI) emerges as a prominent trend in the wood products market, gaining popularity for its application in wood processing. AI is widely employed for wood identification due to its reliability and effectiveness. It is also utilized to remove undesirable components and materials during the wood processing phase. For instance, in August 2022, Urban Machine, a US-based company specializing in premium lumber products, closed a $5.6 million seed round. The company employs AI software in a robot to identify and remove nails and wood impurities from waste lumber, transforming it into high-volume, locally produced luxury lumber products for reuse in the construction sector.

Major companies operating in the wood products market report are Weyerhaeuser Company, West Fraser Timber Co Ltd., Celulosa Arauco y Constitucion SA, Interfor., Syktyvkar Plywood Mill Ltd., Boise Cascade Company, RSH Forest Products, Georgia-Pacific Corporation, Andersen Corporation, Jilin Sen Workers' Forming Group Co., Ltd., Xuzhou Mega Industries Ltd., Linyi Haisen Wood Co., Ltd., Tilhill Forestry, Cuzi Wood Industry, Shreeji Woodcraft Pvt. Ltd., AmandusKahlGmbh& Co., Kg Century Plyboards India Ltd., Greenply Industries Ltd., Koohei Bussan Co., Ltd., Singla Timbers, Steelcase, Oji Group, Cross Trade GmbH, Komatsu Forest GmbH Caledonian Plywood Company Ltd., Hanson Plywood, Garnica Plywood Samazan, IMCA Panels, TengNuo., Chanta Group., JAF. Wood, EGGER (UK) Limited, Scottish Woodlands Ltd., James Jones and Sons Limited (UK), Metsähallitus Forestry Ltd (Finland), ATA Timber (Sweden), Bergs Timber AB (Sweden), Segezha Group, Toll Maderas S.R.L., Holmen Timber, HolzindustrieMaresch GmbH Stora Enso Oyj, Wood, Taeda SA, Plyterra Group, Shanghai Sindo Panel Company Ltd., Conifex Timber Inc., Stora Enso, HNI Corporation, Herman Miller, RTS Forestry (UK), Resolute Forest Products, PotlatchDeltic Corporation, Berneck, Araupel, Linea Parana MadeirasLtda, Imaribo, Templin OHG, United Forest Products, Estancias San Francisco S.A, Middle East Wood, MaziOrmanUrunleri Ltd., DastasDemirciogluAgac A.S., Yalong Wood, S&J Wood, Daco Parquet Factory AS, Kartonsan, Gabon Veneer, Merensky, Miro Forestry and Timber Products, UPM-KymmeneOyj, Afeefa Overseas Sarl Gabon, Komaza, Alitco Group.

Asia-Pacific was the largest region in the wood products market in 2023. North America was the second largest region in the wood products market. The regions covered in the wood products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the wood products market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa. The wood products market consists of sales of solid-wood products, pulp and paper products, plywood, timbers, and others. 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 primary types of wood products include finished wood products, wood processing, and manufactured wood materials. Wood processing is a technical discipline that includes the manufacture of forest goods, such as pulp and paper, building components, and tall oil. These products are distributed through offline and online channels and are applied for both residential and commercial purposes.

The wood products market research report is one of a series of new reports that provides wood products market statistics, including wood products industry global market size, regional shares, competitors with a wood products market share, detailed wood products market segments, market trends and opportunities, and any further data you may need to thrive in the wood products industry. This wood products 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 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.