The global Reclaimed Lumber Market size is expected to reach USD 70.37 billion by 2028 registering a CAGR of 4.6% over the forecast period, according to a new report by Grand View Research, Inc. The global market is fueled by increasing awareness about the product among building material consumers and rising demand for green building materials.
The
global industry growth is also credited to the burgeoning demand for wood-based
products in flooring, furniture, paneling & siding, and
architectural millwork owing to their durability and aesthetics. The antique
look and aesthetic appeal offered by these products are the major factors
responsible for its high demand.
Increased
penetration of the product in the construction industry due to factors, such as
its eco-friendly nature, availability of a wide range of products under LEED
certifications, and rising adoption of green building construction materials,
is expected to augment the market growth over the forecast period.
Key
market players majorly focus on offering high-quality materials to their
customers and follow a focused cost leadership. The companies attempt to
diversify their business through consistent quality and better customer
service. New entrants or small market players prefer to develop a strategic
relationship with local end-users, such as furniture manufacturers or
construction contractors, who consume a large portion of the products.
Related Press
Release @ Reclaimed
Lumber Market Report
Reclaimed Lumber Market Report Highlights
- The
furniture application segment dominated the market in 2020 and is expected
to retain the leading position throughout the forecast period
- This growth
can be attributed to the high product penetration in commercial and
residential construction sectors
- The
commercial end-use segment led the market in 2020 and is expected to
witness the fastest growth from 2021 to 2028
- The segment
growth is credited to the extensive product usage in commercial
applications as it offers aesthetic appeal and high durability &
strength
- Asia Pacific
is estimated to witness the fastest CAGR of 5.6%, in terms of revenue,
owing to the increasing awareness regarding the use of salvaged wood and
the potential of the region’s construction industry
- China
dominated the Asia Pacific regional market and is expected to witness a
CAGR over the forecast years due to its vast wood-based construction
industry and increasing awareness regarding the reduction of Greenhouse
Gas (GHG) emissions in the country
- The market
witnesses increased integration of companies across the value chain. The
companies attempt to diversify their business through consistent quality
and better customer service
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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