The global wood processing market is expected to grow at a CAGR of around 3.9% during the forecast period of 2023-2030 and is estimated at US$ 157.8 billion in 2023.
The market for wood processing is anticipated to expand due to the rising demand for wooden furniture. Logging, sawmilling, veneer production, plywood manufacturing, and other operations with value-added are just a few of the important activities involved in the wood processing business.
Wood products are widely used in the building sector, particularly for furniture, interior finishes, and structural applications. The demand for housing and infrastructure rises along with the world population, increasing the demand for wood-based building materials. The demand for wooden furniture is predicted to rise, and this demand, along with expansion in the building, housing, and interior design industries, will likely boost the market for wood processing. In order to address the growing demand for certified and ecologically friendly wood products, wood processing businesses are expected to embrace ethical practices as the significance of sustainability and eco-friendly materials increases.
Use of Tracking and Tracing Technology Accelerate Wood Processing Market Growth
The market for wood processing is anticipated to grow substantially faster with the usage of tracking and tracing technology. The wood processing business can benefit from a number of advantages that improve efficiency, transparency, and sustainability.
Real-time monitoring of the entire supply chain, from the forest to the finished good, is made possible through tracking and tracing technology. Stakeholders may get a complete picture of the path of the wood by employing technology like RFID (Radio Frequency Identification) tags, barcodes, and GPS tracking, assuring transparency and accountability at every step. Wood’s provenance may be verified, and it can be ensured that it comes from sustainably managed and legally harvested forests, using tracking and tracing technology. In order to achieve sustainability goals and adhere to certifications like the Forest Stewardship Council (FSC) or Programme for the Endorsement of Forest Certification (PEFC), this competence is essential.
North America Significantly Drives Global Wood Processing Market Growth
Due to the considerable need for wood products across numerous industries, such as building, furniture, and paper, North America has been a prominent market for wood processing. The wood processing market has grown as a result of the region’s cutting-edge wood processing technology and well-established forest management techniques. The focus on certified wood products and sustainable sourcing has also increased demand for ethically harvested wood in North America.
Another significant market for wood processing is Europe, which is home to important firms in the sector such as Germany, Sweden, and Finland. Market expansion has been aided by the region’s strong furniture manufacturing industry and the demand for premium wood products. The adoption of sustainable forest management techniques and the use of monitoring and tracing technology to guarantee the sustainability and legality of wood products have both been pioneered by European nations.
Market Structure and Competitive Landscape
The global wood processing market is fragmented in nature with the presence of various players operating in the market. Some of the prominent players operating in the wood processing market include West Fraser Timber Co Ltd, Canfor Corporation, upm-kymmene oyj, UFP Industries Inc, Interfor Corporation, Sierra Pacific Industries Inc, Koppers Inc, Northwest Hardwoods Inc, Svenska Cellulosa Aktiebolaget, and Marubeni, among others.
Key Market Segmentation
RationalStat has segmented the global wood processing market based on type, end user, and region.
- By Type
- Wood Preservation
- By End User
- Commercial and Industrial
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
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Frequently Asked Questions (FAQs)
The global wood processing market is anticipated to grow at a CAGR of approximately 3.9% during the forecast period 2023-2030.
The global wood processing market is estimated at US$ 157.8 billion in 2023.
The use of sustainable products and demand for furniture to accelerate the wood processing market growth.
North America holds the major share of the global wood processing market.
Leading Companies operating in the global wood processing market include West Fraser Timber Co Ltd, Canfor Corporation, upm-kymmene oyj, UFP Industries Inc, Interfor Corporation, Sierra Pacific Industries Inc, Koppers Inc, Northwest Hardwoods Inc, Svenska Cellulosa Aktiebolaget, Marubeni, etc.