Finished Wood Products Global Market Report 2024

The finished wood products market size has grown strongly in recent years. It will grow from $314.75 billion in 2023 to $338.72 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth observed in the historical period can be attributed to several factors, including consumer preferences for natural materials, the expansion of the furniture industry, demand for customization and craftsmanship, evolving interior design preferences, the globalization of supply chains, and the pursuit of environmental certifications.

The finished wood products market size is expected to see strong growth in the next few years. It will grow to $449.38 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. Forecasted growth is tied to mass timber construction, eco-friendly materials, health considerations, wood in outdoor spaces, and energy-efficient processing. Major trends include innovative finishes, digital woodworking, customized craftsmanship, wooden flooring innovations, collaborations with designers/architects, and R&D in timber tech.

The finished wood products manufacturing market is set to see favorable growth, bolstered by the expected steady economic expansion in both developed and developing nations. Forecasts from the International Monetary Fund (IMF) indicate a global GDP growth of 3.3% in 2021, followed by a further rise to 3.4% in 2022. The resurgence in commodity prices, following a downturn in the historical period, is predicted to significantly contribute to this economic upswing. The US economy is poised for stable growth throughout the projected period, while emerging markets are forecasted to sustain a slightly quicker growth rate compared to developed markets. This strong economic growth is likely to spur both public and private investments, encourage joint ventures, and attract foreign direct investments in end-user markets, thereby propelling the finished wood products manufacturing market during the forecast timeframe.

The growth of the finished wood products market is further propelled by the expanding real estate industry. The real estate sector encompasses a broad spectrum of activities related to properties, including construction, renting, valuation, promotion, and administration, spanning commercial, residential, agricultural, and industrial properties. Finished wood products play a pivotal role in the real estate sector, being extensively utilized for interior and exterior design, construction, and furnishing to enhance properties' aesthetic appeal, functionality, and overall quality. A notable example is the construction sector's performance, as highlighted by the United States Census Bureau in May 2023, reporting a 3.8% increase in construction spending from $1,768.2 billion in March 2022 to $1,834.7 billion in March 2023. Similarly, the UK's construction sector witnessed a record 12.7% annual rise in 2021, as reported by the Office for National Statistics in February 2022. These indicators underscore the pivotal role of the expanding real estate industry in driving the growth of the finished wood products market in the foreseeable future.

The outbreak of the COVID-19 disease served as a substantial impediment to the finished wood products market in 2022, causing disruptions in supply chains due to trade restrictions and a decline in consumption resulting from global government-imposed lockdowns. COVID-19, an infectious disease characterized by flu-such as symptoms, was first identified in Wuhan, Hubei province, China, in 2019, subsequently spreading globally, affecting regions including Western Europe, North America, and Asia. National governments implemented measures to contain transmission, leading to the suspension of manufacturing activities and a decline in economic activity, with countries enforcing lockdowns. The business impact persisted throughout 2021 and into 2022. However, the expectation is that the finished wood products market will rebound over the forecast period, considering the pandemic as a 'black swan' event unrelated to persistent or fundamental weaknesses in the market or the global economy.

Companies operating in the finished wood products market are leveraging 3D printing technology to develop both lightweight structural and non-structural wooden products. This innovative approach involves creating three-dimensional physical objects from digital designs, utilizing models constructed with a brown, very fine, granular powder derived from wood chips. 3D printing proves instrumental in the rapid and cost-effective manufacturing of wooden products with intricate geometries. Its benefits include rapid prototyping, enhanced assembly line efficiency, reduced turnaround time, increased design flexibility, and minimized material wastage, showcasing significant potential for this technology. For instance, in March 2021, JK Cement, an India-based cement manufacturing company, introduced JKC Wood Amore, an Italian wood finish designed to offer a superior finish, appealing aesthetics, and increased durability for wood surfaces.

Major companies in the finished wood products market are focusing on product innovation to bolster their profitability. A notable trend is the introduction of transition range products, designed to encourage households to make sustainable choices by opting for longer-lasting items that can be reused. In September 2023, Inter IKEA Systems B.V., a Netherlands-based manufacturer and provider of wood-based furniture, unveiled three new collections as part of its Transitions range - Vivid Wonderland, Glorious Green, and Simple Serenity. These collections feature items that evoke a sense of tranquility and incorporate elements of nature into living spaces, including gentle and natural fabrics, green decorative accents, and indoor plants. This strategic innovation aligns with the growing consumer demand for sustainable and environmentally friendly choices in the finished wood products market.

Major companies operating in the finished wood products market report are Apple Inc., Alphabet Inc., Comcast Corporation, Amazon.com Inc., Meta Platforms Inc., Sony Corp., The Walt Disney Company, Tencent Holdings Ltd., Viacom Inc., CBS Corporation, Financière de l'Odet SA, Live Nation Entertainment, Spotify Company, Universal Music Group, Vivendi SA, Downtown Music Holdings LLC, Naspers Ltd., Warner Music Group, FUJI MEDIA HOLDINGS INC., Merlin Limited, BMG Rights Management GmbH, Kobalt Music Group, Orchard Enterprises NY Inc., Hipgnosis Songs Fund Limited, Reservoir Media Management Inc., Ingrooves Music Group, Round Hill Music Royalty Fund Ltd., EMPIRE Distribution, Records and Publishing Inc., United Masters lnc., Symphonic Distribution LLC, ONErpm, Amuse.io AB, Stem Disintermedia Inc., TuneCore Inc., DistroKid LLC.

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

Primary types of finished wood products include millwork, prefabricated homes, wood pallets & skids, and other similar products. Prefabricated homes, or prefabs, are specialized dwelling structures constructed off-site in standardized components for convenient shipping and installation. These products are distributed through both online and offline channels and find applications in both household and commercial settings.

The finished wood products market research report is one of a series of new reports that provides finished wood products market statistics, including finished wood products industry global market size, regional shares, competitors with a finished wood products market share, detailed finished wood products market segments, market trends and opportunities, and any further data you may need to thrive in the finished wood products industry. This finished 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 finished wood products market consists of sales of lacquer, alkyd, polyurethane, acrylic, shellac, and resins through retail sales and direct sales. 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 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.