New York, Jan. 21, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “Wood Products Global Market Report 2021: COVID 19 Impact and Recovery to 2030” – https://www.reportlinker.com/p06009750/ ?utm_source=GNW
$22 billion in 2020 to $666.43 billion in 2021 at a compound annual growth rate (CAGR) of 6.8%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which had previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that resulted in operational challenges. The market is expected to reach $866.23 billion in 2025 with a CAGR of 7%.
The wood products market includes sales of wood products by entities (organizations, sole proprietorships, and partnerships) that manufacture wood-based products. This industry includes companies that produce lumber, plywood, veneer, wood containers, wood flooring, wood trusses, pre-engineered houses, and pre-engineered wood buildings. The production of wood products includes the sawing, planning, shaping, rolling and assembly of wood products into bolts or lumber. The wood products market is segmented into finished wood products; wood processing and manufactured wood materials.
Asia-Pacific was the largest region in the global wood products market, accounting for 39% of the market in 2020. North America was the second largest region, accounting for 27% of the global wood products market. Africa was the smallest region in the global wood products market.
The growing demand for supply chain transparency and stringent government regulations on the timber industry have led to the implementation of track and trace technologies. Many forestry companies have implemented their own tracking systems to maintain transparency in their timber supply chain. Electronic tracking is being adopted by forest companies and government agencies rather than paper-based and technologies such as radio frequency identification chips, bar codes and advanced tracking software are being used. For example, the Forest Stewardship Council, a leading non-profit organization, has developed an online complaints platform to provide FSC certificate holders with timely information about FSC products and the companies that produce them free of charge. . This enables a digital connection between FSC-certified suppliers and customers.
Coronavirus Pandemic – The coronavirus disease (COVID-19) outbreak acted as a massive restraint in the wood product manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption has declined due to lockdowns imposed by governments around the world. COVID 19 is an infectious disease with flu-like symptoms including fever, cough and difficulty breathing. The virus was first identified in 2019 in Wuhan, Hubei Province in the People’s Republic of China, and has spread around the world, including Western Europe, North America and Asia. Measures taken by national governments to contain transmission have led to a halt in manufacturing activities and a drop in economic activity, with countries entering a state of “lockdown” and the epidemic is expected to continue to have an impact negative on businesses throughout 2020 and into 2021. However, the wood product manufacturing market is expected to recover from the shock throughout the forecast period as it grows is a “black swan” event and not related to persistent or fundamental weaknesses in the market or the global economy.
Faster Economic Growth – The wood product manufacturing market is expected to benefit from the steady economic growth predicted for many developed and developing countries. The International Monetary Fund (IMF) forecasts that global GDP growth will be 3.3% in 2020 and 3.4% in 2021. The recovery in commodity prices, after a decline in the historical period, should also be an important factor in economic growth. The US economy is expected to register steady growth over the forecast period. Moreover, emerging markets are expected to continue to grow slightly faster than developed markets during the forecast period. Greater economic growth is likely to drive public and private investment, joint ventures, foreign direct investment in end-user markets, thereby boosting the market over the forecast period.
Read the full report: https://www.reportlinker.com/p06009750/?utm_source=GNW
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