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Wood Products Global Market Report 2021: COVID 19 Impact and Recovery to 2030

·4-min read

Major companies in the wood products market include Georgia-Pacific Corporation; Weyerhaeuser Company; West Fraser Timber Co Ltd; Andersen Corporation and Celulosa Arauco y Constitución. The global wood products market is expected to grow from $624.

New York, Jan. 21, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Wood Products Global Market Report 2021: COVID 19 Impact and Recovery to 2030" -
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 the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $866.23 billion in 2025 at a CAGR of 7%.

The wood products market consists of sales of wood products by entities (organizations, sole traders and partnerships) that produce products derived from wood. This industry includes businesses that produce lumber, plywood, veneers, wood containers, wood flooring, wood trusses, produced homes and prefabricated wooden buildings. Wood products production include sawing, planning, shaping, laminating, and assembling 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 increasing demand for supply chain transparency and stringent government regulations on the wood industry has led to the implementation of tracking and tracing technologies. Many wood companies have implemented their own tracking systems to maintain transparency in their timber supply chain. Electronic tracking is being adopted by wood companies and government agencies over paper-based systems and technologies such as radio-frequency identification chips, barcodes and advanced traceability software are being used. For instance, the Forest Stewardship Council, a leading non-profit organization has developed Online Claims Platform for providing timely information about the FSC’s products and the companies that produce them for free of charge to FSC Certificate holders. This enables digital connection between FSC certified suppliers and customers.

Coronavirus Pandemic - The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the wood products manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in halting of manufacturing activities and a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the wood products manufacturing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.

Faster Economic Growth - The wood products manufacturing market is expected to benefit from steady economic growth forecasted for many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a decline in the historic period is further expected to be a significant factor driving economic growth. The US economy is expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Greater economic growth is likely to drive public and private investments, joint ventures, foreign direct investments in the end-user markets, thereby driving the market during forecast period.

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