Hardwood Market to grow by USD 9.55 billion between 2022

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23 Aug, 2023, 00:15 ET

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NEW YORK, Aug. 23, 2023 /PRNewswire/ -- Technavio has been monitoring the hardwood market and it is estimated to grow by USD 9,554.57 million, accelerating at a CAGR of 4.74% between 2022 to 2027. The Asia-Pacific (APAC) region is set to play a prominent role in the hardwood market's growth, contributing 67% of the expected expansion from 2022 to 2027. Despite environmental challenges like deforestation, the region's industries, particularly furniture and construction, are anticipated to rebound from COVID-19 impacts, sustaining the hardwood market's growth. Amidst these challenges, APAC remains pivotal in driving market expansion. Companies also contribute by forging strategic alliances, pursuing mergers, acquisitions, and innovative products to strengthen their presence in this evolving landscape. Technavio's report offers a detailed analysis of the current market scenario, COVID-19 impact, the latest trends and drivers, and the overall market environment.

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Hardwood Market: Growing global hardwood trade and market expansion to drive growth

The hardwood market is driven by increasing residential and commercial construction activities, the growing global hardwood trade and market expansion, and the growing demand for aesthetic interiors. As countries engage in increased trade of hardwood products on a global scale, opportunities for market expansion and revenue generation abound. Factors such as rising demand for aesthetic interiors in both residential and commercial spaces, coupled with growing construction activities, further increase the market's growth. This dynamic interplay of factors is set to shape the hardwood market's landscape in the coming years, driving its market and creating opportunities for stakeholders across the value chain.

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As per Technavio, the growing global hardwood trade and market expansion will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2022-2027.

Hardwood Market: Emerging Trend Of Remodeling And Renovation

An emerging trend in the hardwood market is the increase in remodeling and renovation activities, notably in regions like North America. This trend is driven by government policies, rising disposable income, and a growing consumer preference for enhancing the aesthetic appeal of both living and working spaces.

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Hardwood Market: Segmentation Analysis

This market research report segments the hardwood market by Application (Flooring, Furniture, and Others), Type (Ash, Cherry, Maple, Oak, and Birch), and Geography (APAC, North America, Europe, Middle East and Africa, and South America).

The Asia-Pacific (APAC) region is a major player in the hardwood market, expected to contribute 67% to its growth during 2022-2027. Renowned for abundant forest resources and sustainable practices, countries like Indonesia and Malaysia are prominent hardwood producers and exporters. APAC's hardwood species like teak and merbau enjoy global demand for their durability and aesthetics. Despite COVID-19 setbacks, APAC's rapidly urbanizing population and resilient industries like furniture and construction are set to drive hardwood market growth, making the region a vital force in the industry's expansion.

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Challenges faced by the hardwood market:

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The research report also includes detailed analyses of the competitive landscape of the market and information about major companies, including:

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Hardwood Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 4.74%

Market growth 2023-2027

USD9,554.57 million

Market structure

Fragmented

YoY growth 2022-2023(%)

3.89

Regional analysis

APAC, North America, Europe, Middle East and Africa, and South America

Performing market contribution

APAC at 67%

Key countries

US, Canada, China, Japan, and South Korea

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Appalachian Hardwood Manufacturers Inc., Armstrong World Industries Inc., Barlinek SA, Bauwerk Group Schweiz AG, Berkshire Hathaway Inc., Flooring Innovations, Goodfellow Inc., Home Legend LLC, Lauzon Collection, Mannington Mills Inc., Mirage, Mohawk Industries Inc., Mullican Flooring LP, Provenza Floors Inc., Q.E.P. Co. Inc., Weyerhaeuser Co., and Koch Industries Inc.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]Website: www.technavio.com/

SOURCE Technavio