Reclaimed lumber market size is anticipated to grow from USD 55.72 Billion to USD 98.10 Billion in 10 years. The market is growing due to reasons such rising environmental awareness, strict restrictions aimed at deforestation and carbon emissions, growing demand for sustainable building materials, and the expansion of the furniture and construction industries.
Newark, March 06, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 55.72 Billion in 2023 reclaimed lumber market will reach USD 98.10 Billion by 2033. Some of the factors propelling market expansion include rising recycling rates, increased environmental awareness, and stronger waste management-related regulations. The cross-laminated timber (CLT) building sector has observed a growing trend towards sustainable building. The rising use of reclaimed wood in CLT products and the increasing inclination of engineers, developers, and architects towards tall wooden buildings to reduce their carbon impact are expected to drive up demand for the product.
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Report Coverage Details
|
Report Coverage |
Details |
|
Forecast Period |
2024–2033 |
|
Base Year |
2023 |
|
Market Size in 2023 |
USD 55.72 Billion |
|
Market Size in 2033 |
USD 98.10 Billion |
|
CAGR |
5.82% |
|
No. of Pages in Report |
236 |
|
Segments Covered |
by Application, End-use, Regions |
|
Drivers |
Growing need for environmentally friendly building materials |
|
Opportunities |
Expansion of the furniture and building sectors in emerging economies |
Key Insight of the Reclaimed Lumber Market
Asia Pacific is anticipated to expand at the highest CAGR of 7.83% over the projection period.
Asia Pacific is expected to grow at the highest CAGR of 7.83% over the forecast period. It is caused by the region’s fast urbanisation, growing population, and expanding number of construction projects. The market is primarily driven by the business sector’s product penetration. The region’s need for eateries and food chains has increased as a result of the boom in tourism, which is expected to drive up demand for the goods.
The flooring segment is expected to register the highest CAGR of 9.27% over the projected period in the reclaimed lumber market.
The flooring segment is anticipated to grow at the highest CAGR of 9.27% in the reclaimed lumber market. One of the most common uses is flooring. For flooring, materials with clear, vertical grain to naily grade are recommended.
Over the projected period, the residential segment is expected to register the highest CAGR of 8.28% in the reclaimed lumber market.
Over the forecasted period, the residential segment is anticipated to grow at the highest CAGR of 8.28% in the reclaimed lumber market. Products made of reclaimed lumber are a great option for a variety of residential applications, including cabinets, flooring, trim, casework, panelling, framing, and interior design elements. Over the course of the projection period, the segment’s growth is anticipated to be driven by the need for high-quality ornamental end uses. Products made from reclaimed lumber are linked to sustainable development and responsible forestry, and they are certified by the FSC and LEED.
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Market Dynamics
Driver: Growing need for environmentally friendly building materials
Global demand for reclaimed lumber is rising significantly due to the growing focus on sustainable building practices. As awareness of environmental issues rises, architects, builders, and homeowners are aggressively searching for alternatives to conventional lumber. Using recycled wood—wood taken from barns, abandoned buildings, and other structures—is a wise choice. Reducing the impact of building projects on the environment is the main motivation behind this movement. Reclaimed lumber lessens the need for fresh logging and keeps wood waste out of landfills. Owing to its eco-friendliness, reclaimed wood is becoming a more popular choice for construction as green building certifications like LEED (leadership in energy and environmental design) gain popularity. By incorporating reclaimed lumber in a sustainable design manner, carbon emissions are reduced and a more circular use of resources is encouraged. The broader push to minimise carbon emissions and the stringent environmental regulations have a significant effect on the reclaimed lumber business. Governments around are enacting stricter legislation to discourage deforestation and promote sustainable forestry methods. The present regulatory environment forces the construction and furniture manufacturing industries to look into greener alternatives like reclaimed lumber. Moreover, industries are searching for carbon offsets associated with the logging, transporting, and processing of new timber due to the demand for products with less of an impact.
Opportunity: Expansion of the furniture and building sectors in emerging economies
The growth trajectory of the worldwide furniture and building sectors, particularly in emerging economies, is closely associated with that of the reclaimed lumber market. Building materials and furnishings are in high demand as these countries see increased urbanisation, infrastructural development, and economic expansion. Reclaimed lumber is popular with consumers and architects looking for real, robust furniture because of its unique character and historical significance. Additionally, reclaimed lumber is less expensive than new timber, catering to the cost-conscious nature of these markets.
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Some of the major players operating in the reclaimed lumber market are:
• Carpentier Hardwood Solutions NV
• TerraMai
• Elemental Republic
• Trestlewood
• Beam and Board, LLC
• Vintage Timberworks, Inc.
• Altruwood
• Imondi Flooring
• Olde Wood Ltd.
• True American Grain Reclaimed Wood
• Jarmak Corporation
Key Segments cover in the market:
By Application:
• Paneling
• Furniture
• Flooring
• Beams & Boards
• Others
By End-use:
• Commercial
• Residential
• Industrial
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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