LONDON, Feb. 19, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company's Wood Bio-Products Global Market Report 2024, the global wood bio-products market has been experiencing rapid growth, with the market size projected to increase from $254.22 billion in 2023 to $279.96 billion in 2024, representing a compound annual growth rate (CAGR) of 10.1%. This wood bio-products market expansion is attributed to the escalating demand for sustainable and eco-friendly products, government backing for wood bio-product development, rising awareness regarding environmental benefits, and increased research and development endeavors.
Projected Growth and Market Dynamics
In the forthcoming years, the wood bio-products market is expected to witness robust growth, reaching $392.67 billion by 2028 at a CAGR of 8.8%. This wood bio-products market surge is fueled by the escalating demand for furniture and flooring products, geographical expansion, augmented investments, and heightened environmental awareness. Key trends forecasted for the period include advancements in wood conversion technologies, biorefinery development, technological innovation, collaborative initiatives, and sustainability drives. Notably, the integration of wood-bio products into construction activities is anticipated to be a significant growth driver. Wood bio-products offer a sustainable, eco-friendly, and versatile alternative to conventional construction materials, contributing to environmentally responsible and energy-efficient building practices.
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Utilization in Construction Activities
Wood bio-products are increasingly being utilized in construction activities worldwide. These products offer sustainability, eco-friendliness, and versatility, aligning with the growing demand for environmentally responsible building materials. For instance, according to Stats NZ Tatauranga Aotearoa, building activities in New Zealand rose by 3.7% in March 2021, and residential activities surged by 4.3% compared to the previous year. Similarly, the US Census Bureau reported a 10.2% increase in the value of construction activities from 2021 to 2022, reaching $1,792.9 billion. This trend underscores the pivotal role of wood bio-products in driving market growth.
Opportunities for Stakeholders
Stakeholders across various industries can leverage the Wood Bio-Products Global Market Report to navigate this dynamic market landscape effectively. The wood bio-products market report provides comprehensive insights into market dynamics, growth projections, major players, and key trends. By analyzing the report, stakeholders can make informed decisions, identify growth opportunities, formulate strategic plans, and stay ahead of the competition.
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The Wood Bio-Products Global Market Report covers a wide range of segments, including product types (biofuels, bioplastics, biochemicals, biocomposites, pulp and papers), distribution channels (offline, online), applications (energy, packaging, construction, automotive, chemicals), and end-use industries (residential, commercial, industrial, infrastructure, other end-use industries).
Major players in the wood bio-products market include Stora Enso Oyj, UPM-Kymmene Oyj, Weyerhaeuser Company, West Fraser Timber Co. Ltd., Suzano S.A., and many others.
Wood Bio-Products Global Market Report 2024 by The Business Research Company provides insights on the wood bio-products market size, wood bio-products market segments, wood bio-products market trends, drivers and restraints, major competitors' market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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