Reclaimed Lumber Market Size | Industry Report, 2021-2028?
Reclaimed Lumber market size reached USD 49.5 Bn in 2022 and is expected to reach USD 69.41 Bn by 2029, growing at a CAGR of 4.95% during the forecast period.
Reclaimed Lumber market is becoming increasingly popular for furniture and decor thanks to its unique characteristics and natural beauty.recclaimed lumber market trends
It is a processed wood that has been previously used in a structure or furniture piece and is nowadays repurposed for a variety of new uses, such as flooring, siding, furniture, and more. Reclaimed lumber is sourced from a variety of places such as old buildings that are being demolished, warehouses, barns, bridges, and even some forests. There are various types of reclaimed lumber available in the market. These include pine, oak, walnut, cedar, teak, mahogany, and more. Each type of them has its own unique characteristics that can add to the charm of any project. Additionally, some types of reclaimed lumber may have been treated with varnish or sealant making them more durable than new wood.
recclaimed lumber market trends
Construction activities are creating a massive demand for this material for the construction of residential and commercial buildings. For instance, in June 2021, Canada's national statistical agency investment in building construction increased by $ 21273 million in 2021. Therefore, the rising inclination of architects, developers, and engineers towards tall wooden buildings to reduce the carbon footprint in the environment is expected to boost the Reclaimed Lumber Market demand during the forecast period.
reclaimed lumber market growth
To know about the Research Methodology :- Request Free Sample Report
Reclaimed Lumber Market Dynamics:
Increasing use of reclaimed lumber in interior design to boosts Reclaimed Lumber Market In recent years interior design practice has seen a dramatic shift in design strategies that now focus on providing healthy and sustainable environments for individuals to live, work and play. This demand was fueled by residential construction and a surge in renovation projects. Approximately 70 million tons of solid wood are wasted annually in the United States, primarily from municipal solid waste, construction, and demolition sites. The U.S. Environmental Protection Agency (EPA) estimated that more than 270,000 housing units were demolished each year in the United States. Out of that total amount, up to 29 million tons could potentially be recovered and reused. Reclaimed lumber has slowly been introduced into the wood products industry. Reclaimed wood furniture is shaping the future of interior design similarly that healthy eating and well-being is becoming major focal point in our humanistic culture. Using Reclaimed Wood for Bedrooms Walls can be an inexpensive, creative, and affordable way to update the interior without spending a lot of money. Reclaimed lumber market is rising in popularity week by week. It is not surprising that people who grew up with polished artificial surfaces are falling in love with the warmth and beauty of wood. Reclaimed lumber can be difficult to incorporate in modern spaces such as the kitchen or bathroom. This task is much easier when it comes down to the bedroom. The most sought-after choice is undoubtedly the reclaimed wood feature wall. The increasing utilization of reconstructed wood products for the production of antique furniture is acting as a major growth factor for the Reclaimed Lumber market growth. Utilizing reclaimed lumber reduces the demand for newly-reaped wood from forests. Reclaimed Lumber use lends a unique design and aesthetic appeal to the end products, which is contributing to their rising popularity among the people. Growing use of Reclaimed lumber for commercial sectors to drive Reclaimed Lumber market Reclaimed lumber used in the commercial sector creates a warm, welcoming atmosphere in any commercial space. This type of design enhances the productivity of staff, impresses clients, or enhances the atmosphere for guests. Reclaimed lumber market swiftly replaced new lumber as a go-to option for commercial construction, despite its initial prominence as a specialty item. Its use in restaurants and coffee shops seeking to present an artisanal vibe was widespread initially. It quickly made the transition to commercial structures and has since gained popularity as a material for establishments including offices, restaurants, and hotels. Reclaimed lumber is being used in hospitals, schools, and retirement communities increasingly frequently as information about its benefits for health and well-being becomes available. As a result, reclaimed lumber firms can focus on a particular sector and increase their product differentiation to get a competitive advantage over other Reclaimed Lumber market players. Increasing construction activity by using reclaimed lumber across the globe The construction sector is thriving in many countries, including China and other emerging economies because of the economic progress they have made in recent decades. The construction sector is one of the largest industries in the world, with an estimated size of USD 10 trillion, and the use of reclaimed lumber in such a vast industry with many applications will boost the growth of the Reclaimed Lumber market during the forecast period. As sustainable building becomes more and more prevalent in the construction industry, builders and homeowners are experimenting more with different types of building materials. Reclaimed lumber is considered more of a specialty product rather than a practical solution to large-scale wood flooring and siding projects. However, as it becomes more and more popular different contractors are starting to use reclaimed lumber for different kinds of projects. Customers drawn towards contractors or builders who can help to save the environment. Sustainable building is a growing trend and recycled wood is one of the keys to creating environmentally friendly buildings. Thanks to the increasing construction activity across the world is expected to increase the Reclaimed Lumber market demand during the forecast period. The favourable government initiatives in various countries achieve green building to drive the Reclaimed Lumber market growth Governments around the world are focusing on modernizing their infrastructure to improve their countries. Green buildings have gained momentum in the construction sector as building practices and materials are being inspected for their environmental impact. The stringent regulatory framework, including various policies and regulations, such as The European Union Timber Regulation (EUTR), and certifications restructures the market prospect. Products made from Reclaimed lumber meet LEED and FSC certifications and are associated with responsible forestry and sustainability. China is expected to have significant product demand because of the increasing awareness of reducing Greenhouse Gas (GHG) emissions and the presence of a vast wood-based construction industry in the country. China has seen increased growth in wooden construction in recent years, as it offers excellent performance and energy conservation. Reclaimed lumber market manufacturers attempt to retrieve both the quality and quantity of recyclable and reusable materials to reduce the demolition debris and supply low-cost construction materials. Availability of old structures for deconstruction and increasing labour costs have a major impact on the material prices in this stage. The rising inclination of architects, developers, and engineers toward reducing the carbon footprint in the environment is expected to boost Reclaimed Lumber market demand during the forecast period. The high cost of Reclaimed Lumber may hamper the growth of the Reclaimed Lumber market Reclaimed wood costs more than buying new wood from a hardware store. Reclaimed lumber used for flooring is between $9 and $15 per square foot, depending on the type of wood. The next major factor hampering the price of reclaimed lumber is the process that is required to acquire it and prepare it for sale. This process can vary significantly based on the age of the wood and the environment it has been in. Thus, the high manufacturing cost of reclaimed lumber is hampers the Reclaimed Lumber market growth.Reclaimed Lumber Market Segment Analysis:
Based on Application, the furniture segment of the Reclaimed Lumber market held the revenue share of over 36% in 2022 and is expected to witness significant growth during the forecast period. High demand for antique furniture and custom-manufactured furniture such as chairs, shelves, etc. is expected to drive the segment growth during the forecast period. The others application segment includes architectural millwork and small item manufacturing, including gift boxes and slingshot handles. Small-item manufacturing requires small wood pieces, which can be easily obtained from reclaimed wood. The material used is often inexpensive; however, the product cost is usually high because of the high labor costs.
Based on End-User, the commercial end-user segment dominated the market in 2022 and accounted for over 54% of the global revenue share. The segment is expected to witness the fastest CAGR during the forecast period. Reclaimed lumber has several applications in the commercial sector, including wall coverings, flooring, tabletops, seats, and light fixtures. The product is ideal for its rustic design and unique look. The design aesthetic helps to disguise the wear and tear in high-traffic spaces, which is common in the commercial sector. Moreover, Reclaimed lumber usage for interior applications offers uniqueness to the design, which is often preferred by the operators.
reclaimed lumber market size
The Asia-Pacific region has the greatest potential for growth in the Global Reclaimed Lumber market. The Reclaimed Lumber market size in Asia-Pacific stood at USD 9.9 billion in 2022. The rapidly developing economies are giving attention to their increasing carbon footprints is the factor supporting the regional market growth. The increasing initiatives for the reuse of reclaimed lumber to decrease the cut down of new trees in place of mindful use of available resources are additionally propelling the regional value. Moreover, the growing commercial sector and their simultaneous efforts for the protection of the environment by performing required things such as the use of old woods as well as mindful disposal of used ones of their own. Flourishing tourism has led to growing requirements for restaurants and food chains in the Asia Pacific region, which is expected to fuel the Reclaimed Lumber Market demand during the forecast period. The Reclaimed Lumber market size in North America stood at USD 11.55 billion in 2021. The U.S. occupies the highest market share in the region. The growing demand for reclaimed lumber from residential and industrial segments is fueling the market growth in the region. The Growing trend of wooden houses in North America and the adoption of highly efficient building methods and good energy-efficiency materials are also expected to increase the market growth in the region. Market Share Insights Key Players in the global Reclaimed Lumber market primarily compete based on product quality, customer service, and product price. Manufacturers are focusing on providing high-quality materials and follow a focused cost leadership. Many key players try to gain a competitive advantage based on competitive prices, the wide selection of materials, and turnaround time. However, Reclaimed Lumber companies across every stage of the value chain face limitations on the expansion of their geographical scope because of the increasing transportation costs.Reclaimed Lumber Market Scope: Inquiry Before Buying
| Reclaimed Lumber Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2022 | Forecast Period: | 2023-2029 |
| Historical Data: | 2017 to 2022 | Market Size in 2022: | US $ 49.5 Bn. |
| Forecast Period 2023 to 2029 CAGR: | 4.95% | Market Size in 2029: | US $ 69.41 Bn. |
| Segments Covered: | by Application | • Flooring • Paneling & Siding • Beams & Boards • Furniture • Others | |
| by End User | • Residential • Commercial • Industrial | ||
| by Source | • Post-industrial Reclaimed • Post-Consumer Reclaimed • Water Reclaimed • Orchard Salvage Reclaimed • Forest Floor Salvage Reclaimed | ||
Comments
Post a Comment