Modified Wood Market Competitive Landscape And Application Development Analysis
Posted by Pradnya on May 24th, 2022
The global modified wood market is anticipated to witness a high growth rate of around 9.5% over the decade. Growing urbanization, expanding building sector, and rising individual living standards are expected to drive market expansion. In residential applications, modified wood is gaining traction as a construction material. Decking, cladding, outside fencing, and a variety of other inside uses are all produced with modified wood. Because of its high aesthetic appeal and eco-friendly qualities, increased imports of modified wood are being witnessed in Latin America and the Middle East and Africa.
Due to an increase in the development of residential, industrial, and commercial buildings, particularly 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 employ thermally treated wood in the construction of houses and buildings because of its appearance, durability, and dimensional stability. Decking and cladding are also made from thermally treated wood. It gives the siding a royal texture, color, consistency, grade, stability, and longevity.
Due to widespread lockdowns and transportation limitations, the Covid-19 pandemic has had a substantial influence on market growth in the year 2020. The construction business, has been placed on pause as a result of this. As a result of the halt in the construction of residential, commercial, and institutional buildings, the demand for external wall materials, furniture, and flooring materials has decreased.
Acquisitions, expansions, investments, etc., by key market players are being witnessed across the landscape.
Key Takeaways from Market Study
The global market for modified wood has been identified as a fragmented space owing to substantial presence of key market participants along with enormous number of small and medium size players.
Some of the key market players included in the report are Oy Lunawood Ltd, Accsys Technologies PLC, Thermory AS, Stora Enso, Kebony, Oy SWM-Wood Ltd, and Novawood, Kärävä Oy. These market participants are expected to maintain a competitive environment across the world.
Key market participants are focusing on expansion through acquisitions, collaborations, and by entering into emerging economies. Market players are also launching new and innovative products that are associated with low carbon emissions.
The global business of modified wood is projected to witness significant growth owing to the growing construction sector and increasing per capita expenditure. Rising urbanization is boosting the construction of more residential and commercial buildings, which has bolstered demand for cladding, decking, furniture, doors, and windows.
Furthermore, increasing demand for modified wood for interior decoration provides various opportunities to key players for further growth in the market. Several market participants are focusing on strategic expansions and partnerships to increase their global footprint. Key players are focusing on increasing their investments in research & development to cater growing demand from end users.
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Joined: February 3rd, 2017
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