Overview and Scope
Wood bio-products refer to materials and commodities derived from wood and its components through sustainable and eco-friendly processes. These products utilize the natural properties of wood, such as cellulose, lignin and hemicellulose, to create various items with residential and commercial applications. Wood bio-products use renewable resources and reduce dependence on fossil fuels.
Sizing and Forecast
The wood bio-products market size has grown rapidly in recent years. It will grow from $254.22 billion in 2023 to $279.96 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to growing demand for sustainable and eco-friendly products, government support for the development of wood bio-products, increasing awareness of the environmental benefits of using manufactured wood products, increasing research and development activities.
The wood bio-products market size is expected to see strong growth in the next few years. It will grow to $392.67 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to increasing demand for furniture and flooring products, geographic expansion , increasing investments in the wood bio-products, environmental awareness. Major trends in the forecast period include advanced wood conversion technologies, biorefinery development, technological innovation, collaboration and partnerships, sustainability initiatives.
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Segmentation & Regional Insights
The wood bio-products market covered in this report is segmented –
1) By Product Type: Biofuels; Bioplastics; Biochemicals; Biocomposites; Pulp And Papers
2) By Distribution Channel: Offline; Online
3) By Application: Energy; Packaging; Construction; Automotive; Chemicals
4) By End Use Industry: Residential; Commercial; Industrial; Infrastructure; Other End Use Industries
Asia-Pacific was the largest region in the wood bio-products market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in wood bio-products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The growing demand for furniture and flooring products is expected to propel the growth of the wood bio-products market going forward. Furniture and flooring products encompass interior furnishings like chairs, tables and sofas and materials for covering floors, such as hardwood, laminate and carpet, contributing to the aesthetic and functional aspects of interior spaces. Wood bio-products offer environmentally friendly furniture and flooring materials that contribute to sustainability and reduce reliance on traditional materials. The use of wood bio-products for furniture and flooring maintenance also promotes a natural and beautiful finish. For instance, in August 2023, according to the U.S. Census Bureau, a US-based government agency, retail sales in furniture and home furnishings solutions increased to $12.53 billion in January 2023 from $11.73 billion in January 2021. Therefore, the growing demand for furniture and flooring products will drive the growth of the wood bio-products market.
Key Industry Players
Major players in the wood bio-products market are Stora Enso Oyj, UPM-Kymmene Oyj, Weyerhaeuser Company, West Fraser Timber Co. Ltd., Suzano S.A., UFP Industries Inc., Drax Group PLC, Georgia-Pacific LLC, Mondi Group, Sappi Limited, Canfor Corporation, Arauco Wood Products Inc., JELD-WEN Holding Inc., Domtar Corporation, BillerudKorsnäs AB, Metsä Group, Ekman & Co AB, Holmen AB, Kruger Inc., Enviva Partners LP, Södra Skogsägarna ekonomisk förening, Borregaard ASA, HS Timber Group GmbH, Verdo Renewables Ltd., Bio Diversity LLC.
The wood bio-products market report table of contents includes:
1. Executive Summary
2. Wood Bio-Products Market Characteristics
3. Wood Bio-Products Market Trends And Strategies
4. Wood Bio-Products Market – Macro Economic Scenario
5. Global Wood Bio-Products Market Size and Growth
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26. South America Wood Bio-Products Market
27. Brazil Wood Bio-Products Market
28. Middle East Wood Bio-Products Market
29. Africa Wood Bio-Products Market
30. Wood Bio-Products Market Competitive Landscape And Company Profiles
Top Major Players:
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