Global Wood Products Market Report 2021: Impact of COVID 19
New York, January 21, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Wood Products Global Market Report 2021: COVID 19 Impact and Recovery to 2030” – https://www.reportlinker.com/ p06009750 /? utm_source = GNW
$ 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 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 $ 866.23 billion in 2025 at a CAGR of 7%.
The wood products market consists of sales of wood products by entities (organizations, independent traders and partnerships) that manufacture wood products. This industry includes companies that produce lumber, plywood, veneer, wood containers, wood floors, wood trusses, produced houses, and prefabricated wood buildings. The production of wood products includes sawing, planning, shaping, rolling and joining of wood products into bolts or wood. The wood products market is segmented into finished wood products; wood processing and manufactured wood materials.
Asia-Pacific was the largest region in the world market for wood products, accounting for 39% of the market in 2020. North America was the second largest region with 27% of the world market for wood products. Africa was the smallest region in the world market for wood products.
The growing demand for supply chain transparency and strict government regulations on the timber industry have led to the implementation of tracking and tracing technologies. Many timber companies have set up their own tracking systems to maintain transparency in their timber supply chain. Electronic tracking is adopted by lumber companies and government agencies over paper-based systems and technologies such as radio frequency identification chips, bar codes and advanced tracking software. For example, the Forest Stewardship Council, a leading non-profit organization, has developed an online complaints platform to provide free timely information about FSC products and the companies that produce them to FSC certificate holders. . This enables a digital connection between FSC certified suppliers and customers.
Coronavirus pandemic – The coronavirus disease (COVID-19) outbreak has acted as a massive restriction in the wood products manufacturing market in 2020 as supply chains have been disrupted due to trade restrictions and consumption has declined due to lockdowns 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 wood products manufacturing market is expected to recover from the shock during the forecast period as it is a âblack swanâ event and not related to persistent or fundamental weaknesses in the market or the global economy.
Faster Economic Growth – The wood products manufacturing market is expected to benefit from the steady economic growth expected for many developed and developing countries. The International Monetary Fund (IMF) predicts that global GDP growth will be 3.3% in 2020 and 3.4% in 2021. The recovery in commodity prices, after falling during the historic period, is expected furthermore be an important factor of economic growth. The US economy is expected to register stable growth over the forecast period. In addition, emerging markets are expected to continue to grow slightly faster than developed markets during the forecast period. Greater economic growth is likely to boost public and private investment, joint ventures, foreign direct investment in end user markets, thereby dragging the market over the forecast period.
Read the full report: https://www.reportlinker.com/p06009750/?utm_source=GNW
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