Increasing adoption and government initiatives towards green building will increase the demand for Reclaimed Lumber Market in the near future.
HYDERABAD, TELANGANA, INDIA, January 3, 2023 /EINPresswire.com/ – IndustryARC, in its latest report, predicts that Reclaimed Lumber Market size is forecast to reach $16.2 billion by 2026, after growing at a CAGR of 4.6% during 2021-2026. Reclaimed lumber is recycled wood, retrieved from its original application for purposes of subsequent use such as Wine barrels, wood mantels in homes and others. Additionally, reclaimed wood can been taken from various sources such as Factories, Old barns, stock farms with other places. So, with the increase in use of refurnished woods the demand for reclaimed lumber industry is expected to drive. In addition, with rise in construction of wooded houses, specially in cold places, the reclaimed lumber market is expected to lead. Whereas government initiatives towards housing will enhance the overall market demand for reclaimed lumber market. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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Key takeaways:
This IndustryARC report on the Reclaimed Lumber Market highlights the following areas -
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Asia-Pacific dominates the Reclaimed Lumber market owing to increasing demand from applications such as automotive and aviation industries.
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Reclaimed Lumber avoids and reduces the consumption of new timber, this is likely to aid in the market growth of reclaimed lumber.
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High prices of reclaimed lumber will create hurdles for the reclaimed lumber market.
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Segmental Analysis:
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Furniture segment held the largest share in the reclaimed lumber market in the year 2020 and is expected to grow at a CAGR of 4.9% during the forecast period. The wood is used strictly in applications such as furniture or decorative purposes. One of the major benefit is, the high-quality, old-growth timber is that it is seasoned and stable, and so is not subject to twisting or shrinking when reused in a building.
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APAC dominated the Reclaimed Lumber market in the year 2020 and is expected to grow at a CAGR of 4.8% during the forecast period. In this region, China is projected to witness a high demand for reclaimed lumber owing to its vast wood-based construction industry and increasing awareness regarding reducing greenhouse gas emissions. Whereas according to the USDA foreign agriculture service, in India, annual import of logs, lumber and wood products have increased from USD$1.3 billion to $2 billion in the past decade. So, with the increase in demand for wood, the market for reclaimed lumber will drive.
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Commercial sector has been the primary market for reclaimed lumber in the year 2020 and is expected to grow at a CAGR of 5% during the forecast period. Reclaimed wood is considered more of a specialty item rather than a practical solution to large-scale wood flooring and siding projects in commercial sector.
Competitive Landscape:
The top 5 players in the Reclaimed Lumber Industry are -
- Altruwood,
- Atlantic Reclaimed Lumber, LLC,
- Carpentier Hardwood Solutions NV,
- Elemental Republics,
- Elmwood Reclaimed Timber
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