New YorkAnd January 28, 2022 /PRNewswire/ – file Global Modified Wood Market It is expected to witness a high growth rate of around 9.5% during the decade. Increasing urbanization, expanding construction sector, and rising individual living standards are expected to drive the expansion of the market.
In residential applications, modified wood is gaining traction as a building material. Decking, cladding, exterior fencing, and a variety of other interior uses are all produced from modified lumber. Because of its high aesthetic appeal and environmentally friendly properties, an increase in imports of modified timber has been observed in Latin america and the Middle east And Africa.
Due to the increase in the development of residential, industrial and commercial buildings, especially 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 use heat treated timber in the construction of homes and buildings due to its appearance, durability and dimensional stability. The surfaces and cladding are also made of heat-treated wood. It gives siding royal texture, colour, consistency, grade, stability and longevity.
Due to widespread closures and transportation restrictions, the Covid-19 pandemic had a major impact on market growth in 2020. Construction work has been halted as a result. As a result of the halt in the construction of residential, commercial and institutional buildings, the demand for exterior wall materials, furniture and flooring materials has fallen.
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Acquisitions, expansions, investments, etc. by the major players in the market are seen across the landscape.
- in a December 2019, Accent Equity 2017 LP investment fund has signed an agreement to acquire Lunawood from funds managed by CapMan and a number of minority shareholders.
- employment May 28, 2021A new wood acetylation reactor has been installed at the Accsys Accoya wood production facility in Arnhem, Holland. This will increase the annual production capacity of Accoya timber from 60,000m3 to ~80,000m3 per year.
The main takeaway from the market study
- Global demand for modified timber is expected to reach the highest value 1.9 billion USD by the end of 2031.
- Europe It is a major market that accounts for about 72% of the global market share.
- The global modified wood market is driven by the increasing demand for wood decking in many residential and commercial projects due to its good looks and ease of maintenance, as well as its eco-friendly nature.
- The decorating segment is expected to experience a compound annual growth rate of 9.9% over the decade.
- By end use, the residential sector is expected to remain a key sector and account for more than 50% of the market share by value.
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“To boost its annual turnover, key market participants are focusing on strategic expansions, acquisitions, and technology development in modified lumber,” says Insistence Market Research Analyst.
The global modified timber market has been defined as a segmented space due to the large presence of key market participants along with a huge number of small and medium-sized companies.
Some of the major market players included in the report are Oy Lunawood Ltd, Accsys Technologies PLC, Thermory AS, Stora Enso, Kebony, Oy SWM-Wood Ltd, Novawood and Kärävä Oy. These market participants are expected to maintain a competitive environment worldwide.
The main market participants focus on expansion through acquisitions, collaborations, and entry into emerging economies. Market players are also launching new and innovative products associated with low carbon emissions.
- For example, in August 2020Accsys and Eastman Chemical Company introduced Accsys United States of America Limited liability company, joint company. To serve the North American market, the joint venture plans to build and operate the Akoya lumber production plant.
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The global modified lumber business is expected to witness significant growth due to the growth of the construction sector and increased per capita spending. Increased urbanization is promoting the construction of more residential and commercial buildings, which has boosted the demand for cladding, trim, furniture, doors and windows.
Moreover, the increasing demand of Modified Wood for Interior Decoration presents various opportunities for the major players to achieve further growth in the market. Many market participants focus on expansions and strategic partnerships to increase their global footprint. The major players are focusing on increasing their investment in research and development to meet the increasing demand from end users.
More valuable insights
Persistence Market Research, a research and consulting firm, has published a new market research report on the global Modified Wood Market which contains industry analysis for 2016-2020 and opportunity assessment for 2021-2031.
The report gives an in-depth analysis of the market by different segments, namely process, application, end use, and region. The report also provides supply and demand trends along with an overview of the parent market.
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