The Wood Bio-Products Market is experiencing a significant surge in demand, driven by the growing focus on sustainable and renewable materials. This market encompasses a wide range of products derived from wood, including biofuels, chemicals, and materials. The report "Wood Bio-Products Market by Type (Finished Wood Product, Manufactured Wood Material, Wood Processing), Distribution Channel (Online, Offline), Application (Residential, Commercial), And Region (Asia Pacific, North America) - Global Forecast to 2028", is projected to reach USD 435.9 billion by 2028, at a CAGR of 9.0% from USD 260.0 billion in 2022.
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Biofuels, such as wood pellets and biomass pellets, are gaining popularity as cleaner alternatives to fossil fuels. They are extensively used for heating, electricity generation, and transportation fuel. The renewable nature of wood-based biofuels makes them a key player in the transition towards greener energy sources.
Wood chemicals, including lignin, tannins, and turpentine, have various applications across industries. Lignin, for instance, is used in the production of adhesives, resins, and carbon fibers. Tannins find application in leather tanning, wood preservation, and the production of high-quality inks. Turpentine is a vital ingredient in paint solvents and fragrances.
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The scope of the wood bio-products industry extends beyond fuel and chemicals. Wood-based materials, such as engineered wood products and bioplastics, are gaining traction as sustainable alternatives to conventional materials. Engineered wood, including plywood and laminated timber, is used in construction, offering strength, durability, and reduced environmental impact.
Bioplastics derived from wood cellulose are biodegradable and renewable, presenting a promising solution to the plastic pollution crisis. They are utilized in packaging, disposable utensils, and other single-use items.
The end-use industry scope for wood bio-products is vast. It includes residential and commercial heating, power generation, transportation, construction, automotive, packaging, and textiles. The versatility and eco-friendliness of these products make them attractive to various sectors striving for sustainability and reduced carbon footprint.
The major drivers for the wood bio-products market are the growing demand for furniture and flooring products in both residential and commercial sectors, and rise in the construction industry, particularly in emerging economies. The fluctuating raw material prices is the major restraint in this market. Opportunities for the market include constant advancements in technology.
"Manufactured wood material segment is projected to grow at fastest CAGR, in terms of value, during the forecast period."
The global trend for manufactured wood materials is growing as they offer several advantages over natural solid wood, including cost-effectiveness, improved strength and stability, and environmental sustainability. The increasing demand for affordable and durable building materials, coupled with stringent regulations on logging and deforestation, has led to the widespread adoption of manufactured wood materials in various applications.
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"Offline segment is projected to be the fastest growing distribution channel in the wood bio-products market, in terms of value."
Offline distribution channels refer to the traditional method of selling and distributing products through physical stores, dealers, wholesalers, and distributors. Customers can visit a brick-and-mortar store and purchase them directly. Many manufacturers have established partnerships with wholesalers and building supply stores to sell their products. Contractors and builders also play a significant role in the distribution process as they often purchase in bulk for construction projects.
"North America is expected to be the second fastest growing market for wood bio-products during the forecast period, in terms of value."
The North American market for wood bio-products is witnessing significant growth owing to the growing applications, such as residential and commercial. The US dominated the North American market, accounting for a share of 60.8% in 2022. Canada and Mexico, although they are small markets, have witnessed promising demand and are expected to grow in the near future.
Acquisitions and partnerships are the major growth strategies adopted by the key players in the market. The key players in the wood bio-products market include UPM-Kymmene Corporation (Finland), Stora Enso (Finland), Lixil Group (Japan), West Fraser (Canada), Weyerhaeuser (US), UFP Industries Inc. (US), Canfor (Canada), Sappi (South Africa), Metsä Group (Finland), and JELD-WEN (US) among others.
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UPM-Kymmene Corporation is a global leader in forest-based bioindustry. The company offers a wide range of products such as biofuels, pulp, plywood & veneer, timber, self-adhesive label materials, wood-based renewable diesel, release liners, specialty & graphic papers, and wood plastic composites. The company operates in seven segments—UPM biorefining, UPM energy, UPM reflate, UPM specialty papers, UPM communication papers, UPM plywood, and other operations. The company has operations in more than 12 countries and operates in Asia, Europe, and the Americas.
In September 2022, UPM-Kymmene acquired AMC (Advanced Method of Coating) AG. It is a German self-adhesive label company. The reason for the acquisition was to increase the growth of UPM-Kymmene by expanding its offerings in removable graphic solutions and self-adhesive products.
Stora Enso is a leading global manufacturer of renewable solutions in packaging, biomaterials, paper, and wooden construction. The company operates in seven segments, namely, packaging materials, packaging solutions, woods product, paper, forest, biomaterials, and others. The company has a strong global presence which helps with brand recognition. It continues to invest in R&D to improve and expand its product offerings.
In September 2022, Stora Enso acquired the Dutch De Jong Packaging Group to grow its market share in renewable and circular packaging solutions. It also strengthens its global presence and provides entry into the corrugated packaging market in Belgium, the Netherlands, the UK, and Germany.