The Business Research Company’s Wood Processing Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
— The Bussiness Research Company
LONDON, GREATER LONDON, UK, November 22, 2023 /EINPresswire.com/ — The market size expanded from $142.89 billion in 2022 to $152.94 billion in 2023, achieving a commendable compound annual growth rate (CAGR) of 7.0%. Looking ahead, the market is projected to reach $195.18 billion by 2027, sustaining a CAGR of 6.3%.
Factors Propelling Market Growth
Steady economic growth anticipated in developed and developing countries forms a cornerstone for the wood processing market‘s expansion. The International Monetary Fund (IMF) reported global GDP growth of 3.3% in 2020 and 3.4% in 2021, setting the stage for economic recovery. Recovering commodity prices and the expectation of stable growth in the US economy further contribute to the positive outlook. Emerging markets are positioned to grow slightly faster than developed markets, fostering public and private investments, joint ventures, and foreign direct investments in end-user markets.
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Key Industry Players Shaping the Market
Major companies driving 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. These industry leaders play a pivotal role in navigating market dynamics, driving innovation, and shaping the future of wood processing.
Supply Chain Transparency and Technological Integration
The rising demand for supply chain transparency, coupled with stringent government regulations, has spurred the implementation of tracking and tracing technologies in the wood industry. Wood companies are adopting electronic tracking systems, moving away from paper-based methods. Technologies like radio-frequency identification chips, barcodes, and advanced traceability software are being deployed. The Forest Stewardship Council, a prominent non-profit organization, has developed an Online Claims Platform, facilitating digital connections between certified suppliers and customers to enhance transparency.
Regional Landscape: Asia-Pacific Leads the Way
In 2022, Asia-Pacific emerged as the largest region in the wood processing market, underscoring its prominence in the global industry. North America secured its position as the second-largest region, reflecting the diverse geographical footprint of the market. The regions covered in the wood processing market analysis include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Wood Processing Market Segments
1) By Type: Sawmills, Wood Preservation
2) By End-user Industry: Residential, Commercial, Infrastructural, Other End-user Industries
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Wood Processing Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Wood Processing Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on wood processing market size, wood processing market drivers and trends, wood processing market major players, wood processing market competitors’ revenues, market positioning, and wood processing market growth across geographies. The wood processing market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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Originally published at https://www.einpresswire.com/article/670218288/navigating-growth-in-the-global-wood-processing-market
