Study: Massive wood slabs market to exceed US$2 billion by 2030
According to a recent report published by Fact.MR, the global demand for massive wood slabs will see a significant increment due to an increasing preference for wooden furniture. Set to expand at a compound annual growth rate (CAGR) of 5%, the massive wood slabs market will be valued at more than US$2 billion by 2030.
Owing to urbanisation and improved lifestyles of consumers in developed regions, manufacturers have thus increased production of massive wood slabs and wooden products. For instance, according to the Food and Agriculture Organization of the United Nations (FAO), in 2018, production of forest products increased by around 5% and international wood trade value was 11% higher compared to 2017.
Key takeaways from the study
- The global massive wood slabs market is expected to progress at a CAGR of nearly 3% in terms of volume, and is anticipated to expand 1.3X (volume) from 2020 to 2030.
- Mahogany wood type will hold the highest share in terms of value, and is projected to create an absolute dollar opportunity of US$124 million during the forecast period.
- Rough milled slab type is expected to expand at a CAGR of 5% in terms of value, but is expected to lose 22 BPS from its market share by the end of the forecast period.
- Massive wood slabs with width over 30 inches are expected to account for a majority share in terms of value, projected to create an absolute $ opportunity of around US$195 million during the forecast period.
- Coffee table applications are expected to hold a majority value share in the global massive wood slabs market, and is expected to be valued 2.7X as compared to bench applications by the end of the forecast period.
- The timber wholesaler sales channel is expected to progress at a CAGR of 5%, and be valued 2.5X more than the timber online store sales channel by the end of the forecast period.
- Europe is expected to hold maximum share in terms of value. However, the massive wood slabs market in the region is expected to lose 36 BPS from its market share in terms of value by the end of the forecast period.