The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The global wood processing market is on a trajectory of significant growth, expanding from $142.89 billion in 2022 to $152.94 billion in 2023, marking a noteworthy compound annual growth rate (CAGR) of 7.0%. As we look forward, the market is poised for continued expansion, with projections indicating a rise to $195.18 billion in 2027 at a CAGR of 6.3%. Let’s delve into the factors propelling this growth and the key dynamics shaping the wood processing landscape.

1. Riding the Wave of Economic Growth

• Steady Economic Growth: The wood processing market is set to benefit from steady economic growth forecasted across developed and developing countries.
• IMF Insights: According to the International Monetary Fund (IMF), global GDP growth was 3.3% in 2020 and 3.4% in 2021, laying a robust foundation for economic expansion.
• Commodity Prices Recovery: Recovering commodity prices, post a decline in the historic period, are anticipated to be a significant factor contributing to economic growth.

2. Market Giants Steering the Course

• Key Players: Major companies 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.
• Demand for Transparency: Increasing demand for supply chain transparency and stringent government regulations have prompted the implementation of tracking and tracing technologies.
• Technological Adoption: Wood companies are leveraging technologies such as radio-frequency identification chips, barcodes, and advanced traceability software to ensure transparency in their timber supply chains.

3. Technological Leap: Tracking and Tracing in Wood Processing

• Tracking and Tracing Technologies: The need for supply chain transparency has led to the adoption of tracking and tracing technologies in the wood processing industry.
• Electronic Tracking: Wood companies and government agencies are shifting towards electronic tracking systems over paper-based ones.
• Advanced Traceability Software: Technologies like radio-frequency identification chips, barcodes, and advanced traceability software are increasingly becoming standard in ensuring transparency in the wood processing supply chain.

4. Forest Stewardship Council’s Digital Connection Initiative

• Online Claims Platform: The Forest Stewardship Council (FSC), a leading non-profit organization, has developed the Online Claims Platform.
• Digital Connection: This platform facilitates a digital connection between FSC-certified suppliers and customers, providing timely information about FSC products and the companies producing them.
• Promoting Transparency: The initiative contributes to enhancing transparency in the wood processing market, aligning with the growing demand for sustainable and responsibly sourced wood products.

5. Market Segmentation: Understanding the Nuances

• Types of Processing: The wood processing market is segmented into sawmills and wood preservation.
• End-User Industries: Segmentation includes residential, commercial, infrastructural, and other end-user industries.
• Regional Dominance: Asia-Pacific emerged as the largest region in the wood processing market in 2022, reflecting the region’s economic vitality and robust market presence.

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The Wood Processing Global Market Report 2023  provides an overview of the wood processing market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The wood processing market forecast analyzes wood processing market size, wood processing market share, leading competitor and their market positions.

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