Major companies in the manufactured wood materials market include Georgia-Pacific Corporation; Weyerhaeuser Company; Celulosa Arauco y Constitución; Norbord Inc and RLC Industries Co. The global manufactured wood materials market is expected to grow from $243.
New York, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Manufactured Wood Materials Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06025307/?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 the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that 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 consists of sales of produced wood materials by entities (organizations, sole traders and partnerships) that produce veneer, plywood, engineered wood members and reconstituted wood products. Some products produced by this industry include hardwood and softwood veneer, fabricated and laminated wood arches, wood roof, floor trusses, wood sheets and boards. The manufactured wood materials market 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 global manufactured wood materials market.
Manufactured wood material companies are increasingly integrating automation and robotics in their operations to enhance productivity and reduce costs. Robotics are generally being adopted in those functional areas where working conditions for human labour are not safe and it can be implemented to complement human labour to increase operational efficiency. Automation is being utilized to reduce the time taken for manufacturing reconstituted wood products and thereby improving process efficiency. According to a survey by the Manufacturers Alliance and the MN Precision Manufacturing Association, 38% of the respondents were currently using automation or robotics, and 32% of the respondents were in process of implementing automation or robotics. Major companies providing automation equipment include Timber Automation and CG Power and Industrial Solutions.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the manufactured wood materials market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in halting of manufacturing activities and a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the manufactured wood materials market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Increasing demand for online shopping is expected to help the manufactured wood materials market grow. Manufacturers can now sell their products on a larger platform than before, which will increase their customer base geographically driving the growth of the manufactured wood market. In countries such as India, for instance, e-commerce portals have boosted the sales of wood manufacturers by giving larger exposure to producers who were confined to one geography.
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