Global Manufactured Wood Materials Market Report 2021: Impact and Recovery of COVID 19 through 2030
New York, February 17, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Manufactured Wood Materials Global Market Report 2021: COVID 19 Impact and Recovery to 2030” – https://www.reportlinker.com / p060253007 / ? utm_source = GNW
$ 92 billion in 2020 to $ 260.34 billion in 2021 at a compound annual growth rate (CAGR) of 6.7%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities which resulted in operational challenges. The market is expected to reach $ 344.68 billion in 2025 at a CAGR of 7%.
The manufactured wood materials market includes sales of wood materials produced by entities (organizations, independent traders, and partnerships) that produce veneers, plywood, engineered wood components, and reconstituted wood products. Some products produced by this industry include hardwood and softwood veneers, fabricated and laminated wood arches, wood roofs, floor trusses, sheets and planks of wood. The market for manufactured wood materials is segmented into reconstituted wood; plywood and veneer sheets.
Asia-Pacific was the largest region in the global manufactured wood materials market, accounting for 51% of the market in 2020. North America was the second largest region, accounting for 23% of the global manufactured wood materials market. . Africa was the smallest region in the world market for manufactured wood materials.
Manufactured wood materials companies are increasingly integrating automation and robotics into their operations to improve productivity and reduce costs. Robotics is generally adopted in the functional areas where the working conditions of human labor are not safe and it can be implemented to complement human labor to increase operational efficiency. Automation is used to reduce the time required to manufacture reconstituted wood products and thereby improve process efficiency. According to a survey by the Manufacturers Alliance and the MN Precision Manufacturing Association, 38% of those surveyed were currently using automation or robotics, and 32% of those surveyed were in the process of implementing automation or robotics. Major companies providing automation equipment include Timber Automation and CG Power and Industrial Solutions.
The coronavirus disease (COVID-19) outbreak acted as a massive restriction on the manufactured wood materials market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to blockades imposed by governments around the world. COVID 19 is an infectious disease with flu-like symptoms, including fever, cough, and difficulty breathing. The virus was first identified in 2019 in Wuhan, Hubei Province in the People’s Republic of China and has spread around the world, including in Western Europe, North America and Asia. Measures taken by national governments to contain transmission have resulted in the shutdown of manufacturing activities and a decline in economic activity, with countries entering a state of “containment” and the epidemic is expected to continue to have an impact. negative on business throughout 2020 and through 2021. However, the manufactured wood materials market is expected to recover from the shock during the forecast period as it is about a âblack swanâ event and not related to persistent or fundamental weaknesses in the market or the global economy.
The growing demand for online shopping is expected to drive the growth of the manufactured wood materials market. Manufacturers can now sell their products on a larger platform than before, which will increase their customer base geographically, leading to the growth of the manufactured wood market. In countries like India, for example, e-commerce portals boosted the sales of lumber manufacturers by giving greater visibility to producers who were confined to a single geographic area.
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