Hardwood Market to grow by USD 9.55 billion between 2022 - 2027|The increasing residential and commercial construction activities drives market - Technavio

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:

• Environmental Sustainability: Concerns about deforestation, habitat destruction, and unsustainable logging practices are pressuring the hardwood market to adopt more responsible sourcing and manufacturing methods.
• Regulatory Compliance: Adhering to stringent environmental regulations and certifications poses challenges, particularly in regions where timber sourcing is complex.
• Price Volatility: Fluctuations in hardwood prices, influenced by supply chain disruptions and market demand, can impact profitability and market stability.
• Competition from Alternatives: Competition from engineered wood products and other materials leads a threat to traditional hardwood demand.
• Consumer Preferences: Shifting consumer preferences towards sustainable and eco-friendly materials may impact demand for certain hardwood products.

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

• Appalachian Hardwood Manufacturers Inc.
• Armstrong World Industries Inc.
• 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.

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Reclaimed Lumber Market: The reclaimed lumber market share is expected to increase by USD 12.39 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.41%. The report extensively covers market segmentation by end-user (commercial, residential, and industrial) and geography (Europe, North America, APAC, MEA, and South America).

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