New York, April 06, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “Wood Products Global Market Report 2022” – https://www.reportlinker.com/p06251038/?utm_source=GNW
A., Louisiana-Pacific Corporation, upm-kymmene oyj and Builders FirstSource.
The global wood products market is expected to grow from $631.11 billion in 2021 to $684.26 billion in 2022 at a compound annual growth rate (CAGR) of 8.4%. The market is expected to reach $903.33 billion in 2026 at a compound annual growth rate (CAGR) of 7.2%.
The wood products market includes sales of wood products by entities (organizations, independent traders and partnerships) that manufacture wood-based products. and prefabricated wooden buildings.
The production of wood products includes the sawing, planning, shaping, rolling and assembly of wood products into bolts or lumber.
The main types of wood products are finished wood products, wood processing and manufactured wood materials. Wood processing is a technical discipline that includes the manufacture of forest products, including pulp and paper, building components, and tall oil.
Different applications include residential and commercial. Products are distributed through offline and online channels.
Asia Pacific was the largest wood products market region in 2021. North America was the second largest wood products market region.
Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Faster Economic Growth – The wood product manufacturing market is expected to benefit from the steady economic growth predicted for many developed and developing countries. According to the International Monetary Fund (IMF), global GDP growth reached 3.3% in 2021 and 3.4% in 2021. The recovery in commodity prices, after a decline in the historic period, is expected to increase. besides being an important factor of 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.
Coronavirus Pandemic – The coronavirus disease (COVID-19) outbreak acted as a massive restraint in the wood product manufacturing market in 2021 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 resulted in the shutdown of manufacturing activities and a decline in economic activity with countries entering a state of “lockdown” and the epidemic has had a negative impact on the companies throughout 2021 and into 2021.
However, the wood product manufacturing market is expected to recover from the shock during the forecast period as it is a “black swan” event and not related to any lingering weaknesses. or fundamentals of the market or the global economy.
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 timber companies have implemented their own tracking systems to maintain transparency in their timber supply chain.
Electronic tracking is being adopted by forestry companies and government agencies over paper-based systems and technologies such as radio frequency identification chips, bar codes and advanced traceability software. For example, the Forest Stewardship Council, a leading non-profit organization has developed an online complaints platform to provide free, timely information about FSC products and the companies that produce them to FSC certificate holders.
This enables a digital connection between FSC-certified suppliers and customers.
The countries covered by the wood products market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel. , Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, United Arab Emirates, United Kingdom, United States, Venezuela, Vietnam.
Read the full report: https://www.reportlinker.com/p06251038/?utm_source=GNW
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