Modified Wood Market 2022
The global modified wood market is estimated to be valued at around US$ 789.3 Mn as of 2021. Consumption of modified wood is projected to increase at 9.5% CAGR and be valued at around US$ 1.95 Bn by 2031-end. Growing urbanization and significant growth in the construction industry, coupled with increasing demand for durable wood products to remain key growth factors for the market. Acquisitions and mergers, expansions, collaborations, and investments in R&D by key players are being witnessed in this industry. The Germany modified wood market is set to surge at 11.4% CAGR through 2031.
In residential applications, modified wood is gaining traction as a construction material. Decking, cladding, outside fencing, and a variety of other inside uses are all produced with modified wood. Because of its high aesthetic appeal and eco-friendly qualities, increased imports of modified wood are being witnessed in Latin America and the Middle East and Africa.
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Due to an increase in the development of residential, industrial, and commercial buildings, particularly in emerging countries, the market for decking, cladding, window frames, and exterior doors is expected to grow over the coming years.
Thermally modified wood is mostly used in building and construction. Architects, builders, and homeowners employ thermally treated wood in the construction of houses and buildings because of its appearance, durability, and dimensional stability. Decking and cladding are also made from thermally treated wood. It gives the siding a royal texture, color, consistency, grade, stability, and longevity.
Due to widespread lockdowns and transportation limitations, the Covid-19 pandemic has had a substantial influence on market growth in the year 2020. The construction business, has been placed on pause as a result of this. As a result of the halt in the construction of residential, commercial, and institutional buildings, the demand for external wall materials, furniture, and flooring materials has decreased.
Acquisitions, expansions, investments, etc., by key market players are being witnessed across the landscape.
- In December 2019, investment fund Accent Equity 2017 L.P. signed an agreement to acquire Lunawood from funds managed by CapMan and a number of minority shareholders.
- On 28 May 2021, a new wood acetylation reactor was installed at the Accsys production facility for Accoya wood in Arnhem, the Netherlands. This will increase the annual production capacity of Accoya wood from ~60,000m3 to ~80,000m3 per year.
Key Companies-
- Oy Lunawood Ltd
- Accsys Technologies
- Kebony
- Thermory AS
- Stora Enso
- Oy SWM-Wood Ltd
- Novawood
- Karava Oy
- Houthandel Lambert van den Bosch
- ARBOR WOOD
- Coillte Panel Products
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Key Takeaways from Market Study
- Global demand for modified wood is forecasted to top a value of US$ 1.9 Bn by the end of 2031.
- Europe is a key market accounting for around 72% of global market share.
- The global modified wood market is being driven by rising demand for wooden decks in various residential and commercial projects due to their good appearance and easy maintenance, as well as their environment friendly nature.
- The decking segment is anticipated to witness a CAGR of 9.9% over the decade.
- By end use, the residential segment is anticipated to remain a key sector and account for more than 50% market share by value.
“To enhance their annual turnover, key market participants are focusing on strategic expansions, acquisitions, and technology development in modified wood,” says a Persistence Market Research analyst.
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Key Questions Answered in modified wood Market Report –
- How much is the global market for modified wood currently worth?
- What is the main factor driving demand for modified wood?
- What will be the modified wood consumption outlook through 2031?
- What are the key trends being witnessed in the global landscape?
- Which 5 countries drive most of the demand for decorative exterior materials?
- How is Germany faring in the European modified wood market?
- Which countries are major producers and exporters of modified wood?
- What is the outlook for the market in Japan and S. Korea?
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