Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Reclaimed Lumber Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, April 27, 2021 (GLOBE NEWSWIRE) -- The Global Reclaimed Lumber Market is expected to grow at a CAGR of around 4.9% from 2020 to 2027 and reach the market value of over US$ 69.0 Bn by 2027.
The reclaimed lumber is the recovered timber from the previous installation, particularly for reuse in other applications. This is done to reduce waste of timber, support environment protection, reduces carbon footprints, provide an aesthetic appearance to the new products, as well as to decrease the necessity of cutting down the forest area that majorly disrupts the livelihood of dependent living beings. The rising environmental awareness is the primary factor driving the reclaimed lumber market.
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The global reclaimed lumber market is segmented on the basis of source, application, end-use, and geography. Based on source, the market is bifurcated into post-industrial reclaimed, post-consumer reclaimed, water reclaimed, orchard salvage reclaimed, and forest floor salvage reclaimed. The reclaimed lumber has application across flooring, paneling & siding, beams, furniture, and others. Additionally, the end-use is studied across the residential, commercial, and industrial sectors.
Europe dominated the reclaimed lumber market in 2019 and the region is also projected to maintain its dominance throughout the forecast timeframe from 2020 to 2027. The prominent economies of the region including Germany and the UK are the major revenue contributors in the region. The aware population of the region as well as supportive government policies and favorable initiatives are further contributing to the regional market value.
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Furthermore, Asia Pacific is anticipated to exhibit the fastest growth during the forecast timeframe from 2020 to 2027. The rapidly developing economies are giving attention to their increasing carbon footprints and bolstering waste quantity is the factor supporting the regional market growth. The increasing initiatives for the reuse of timber in order to decrease the cut down of new trees in place of mindful use of available resources are additionally propelling the regional value. Moreover, the expanding commercial sector and their simultaneous efforts for the protection of the environment by performing required things like the use of old timber as well as mindful disposal of used ones of their own.
Some of the leading competitors in the reclaimed lumber are Altruwood, Beam and Board, LLC, Carpentier Hardwood Solutions, NV, Elemental Republic, Imondi Flooring, Jarmak Corporation, Olde Wood Ltd., TerraMai, Trestlewood, True American Grain Reclaimed Wood, and Vintage Timberworks, Inc. The major players are continuously making unmatchable efforts for creating products with reclaimed lumber that can provide more value compared to the prior one.
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Some of the key observations regarding the reclaimed lumber industry include:
- In 2021, four master craftsmen were assigned to work on a desk project in Boston for Vice President Kamala Harris and the Secretary of the Navy using reclaimed materials (lumber, copper, and nails) from the USS Constitution. The sailors have built the desk from the frigate USS Constitution, which launched in 1797.
- A hotel (Flophouze Shipping Container Hotel) in Texas is on its way to becoming one of the cool eco-friendly hotels, due to its ultimate design and construction from a few recycled shipping containers. The shipping containers got re-fitted with bedrooms and bathrooms, all using sustainably harvested wood from White's farm in upstate New York and reclaimed lumber from a distillery in Kentucky.
- The ULI (Urban Land Institute) is celebrating Earth Day 2021 with the theme, “Restore Our Earth.” The organization is continuously working to enhance the built environment and implement solutions to make communities more healthy, green, and equitable. The ULI Greenprint Center for Building Performance has provided the real estate industry with thoughtful and intentional leadership on the business case for green buildings along with the emphasis on the circular economy. The circular design helps to reduce, reuse, and recycle materials during the building’s life cycle, from construction to operations to end-of-life. Additionally, ULI’s Sustainability Outlook 2021 highlights a study featuring the successful financial performance of five European cities that implemented circular-economy frameworks.
- A startup by Barrio Logan named Old Fashioned Lumber makes custom rustic furniture out of reclaimed and salvaged wood slabs. The initiative works with locally sourced reclaimed wood to create custom live edge furniture. The team starts with harvesting, milling, and drying and later designs and builds furniture and fixtures from these trees.
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