Wood Bio-Products Global Market Report 2024

The global wood bio-products market has grown rapidly in recent years. It will grow from $254.22 billion in 2023 to $279.96 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to growing demand for sustainable and eco-friendly products, government support for the development of wood bio-products, increasing awareness of the environmental benefits of using manufactured wood products, increasing research and development activities.

The global wood bio-products market is expected to see strong growth in the next few years. It will grow to $392.67 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to increasing demand for furniture and flooring products, geographic expansion, increasing investments in the wood bio-products, environmental awareness. Major trends in the forecast period include advanced wood conversion technologies, biorefinery development, technological innovation, collaboration and partnerships, sustainability initiatives.

The wood bio-products market is poised for growth, driven by increasing demand for furniture and flooring products. Furniture and flooring products encompass a wide range of interior furnishings, including chairs, tables, sofas, and various materials used for floor coverings like hardwood, laminate, and carpet. These products play a significant role in enhancing both the aesthetic and functional aspects of interior spaces. Wood bio-products offer an environmentally friendly alternative for creating furniture and flooring materials, contributing to sustainability efforts and reducing reliance on conventional materials. Utilizing wood bio-products for furniture and flooring maintenance also promotes a natural and aesthetically pleasing finish. As an illustration, according to data from the U.S. Census Bureau, a government agency based in the United States, retail sales in furniture and home furnishings solutions increased from $11.73 billion in January 2021 to $12.53 billion in January 2023. Therefore, the growing demand for furniture and flooring products is expected to be a key driver for the expansion of the wood bio-products market.

The growing utilization of wood-bio products in construction projects is poised to drive the growth of the wood-bio products market in the coming years. Construction involves the assembly of various components according to a detailed design and plan to create structures in specific locations. Wood bio-products serve as a sustainable, eco-friendly, and versatile alternative to traditional construction materials, contributing to more environmentally responsible and energy-efficient building practices. For instance, in June 2021, building activities in New Zealand increased by 3.7% in March 2021, and residential activities saw a 4.3% rise in 2021 compared to 2020. Additionally, the US Census Bureau reported a 10.2% growth in the value of construction activities, increasing from $1,626.4 billion in 2021 to $1,792.9 billion in 2022. Therefore, the increasing use of wood-bio products in construction activities is a driving force behind the growth of the wood-bio products market.

A shortage of raw materials used in wood-bio products presents a challenge that could impede the market's growth during the forecast period. This scarcity of raw materials refers to a situation where the necessary resources for manufacturing goods or providing services are not readily available. Wood chips are a primary raw material used in the production of wood-bio products. For instance, as reported in July 2021 by Science Direct, uncovered wood chip piles can experience dry-matter losses of 1.1% per month, which can negatively impact the availability and quality of wood chips. Consequently, the shortage of raw materials for wood-bio products hampers the market's expansion.

Prominent companies in the wood bio-products market are actively engaged in pioneering environmentally responsible packaging solutions characterized by innovative designs and materials. The primary aim is to minimize the ecological footprint, reduce waste, and cater to the growing demand for sustainable packaging alternatives. As an illustration, in November 2021, Stora Enso Oyj, a Finland-based company renowned for its wood bio-products, unveiled a fresh lineup of bio-based foams derived from wood, thereby expanding its packaging portfolio. These two foams, known as Fibrease and Papira, represent fully recyclable, environmentally friendly, and renewable substitutes for packaging materials derived from fossil sources. These wood foams serve various packaging requirements, including safeguarding delicate items and providing thermal packaging for products sensitive to temperature fluctuations. While Fibrease can effectively replace polyurethane and polystyrene, Papira offers a plastic-free alternative to polymeric foams like polyethylene.

In January 2022, Exxon Mobil Corporation, a U.S.-based natural gas company, completed the acquisition of a 49.9% stake in Biojet AS for an undisclosed sum. This strategic move by ExxonMobil was aimed at expanding its production of lower-emission biofuels derived from wood waste. The acquisition reinforces ExxonMobil's commitment to offering sustainable transportation solutions and reducing greenhouse gas emissions within the transportation sector. Biojet AS is a Norway-based biofuel company with expertise in producing biofuels and components derived from wood sources.

Major players in the wood bio-products market are Stora Enso Oyj, UPM-Kymmene Oyj, Weyerhaeuser Company, West Fraser Timber Co. Ltd., Suzano S.A., UFP Industries Inc., Drax Group PLC, Georgia-Pacific LLC, Mondi Group, Sappi Limited, Canfor Corporation, Arauco Wood Products Inc., JELD-WEN Holding Inc., Domtar Corporation, BillerudKorsnäs AB, Metsä Group, Ekman & Co AB, Holmen AB, Kruger Inc., Enviva Partners LP, Södra Skogsägarna ekonomisk förening, Borregaard ASA, HS Timber Group GmbH, Verdo Renewables Ltd., Bio Diversity LLC.

Asia-Pacific was the largest region in the wood bio-products market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in wood bio-products report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the wood bio-products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The key categories of wood bio-products encompass biofuels, bioplastics, biochemicals, biocomposites, and pulp and paper. Biofuels are sustainable fuels produced from biomass sources, which can include plant-based materials like wood, agricultural residues, or algae. These fuels serve multiple purposes, from heating and electricity generation to transportation. They are distributed through both offline and online channels and have applications in energy, packaging, construction, automotive, and chemical industries. These products cater to diverse end-use sectors, including residential, commercial, industrial, infrastructure, and more.

This report provides wood bio-products market statistics, including wood bio-products industry global market size, regional shares, competitors with a wood bio-products market share, detailed wood bio-products market segments, market trends and opportunities and any further data you may need to thrive in the wood bio-products industry. This wood bio-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 wood bio-products market consists of sales of wood pellets, wood chips, wood-based textiles and fibers, wood-based chemicals, biochar and wood adhesives. 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.


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