WELLESLEY, Mass., Aug. 07, 2018 (GLOBE NEWSWIRE) -- The construction wood market is being driven by government support for affordable housing, tax waivers, and subsidies for construction companies and homeowners. According to the BCC Research report Construction Wood Manufacturing: Global Markets to 2022, the market reached a value of nearly $204.7 billion in 2017 and is expected to grow at a compound annual growth rate (CAGR) of 3.7% to reach nearly $245.4 billion by 2022.
The construction wood market includes wood window and door manufacturing, cut stock, resawing lumber, planing, and other millwork utilized in construction and furniture industries. Major players in the market are Andersen Corporation, Canfor Corporation, Georgia-Pacific LLC, JELD-WEN Holding, Inc., Masonite International Corporation, among many others.
Research Highlights
- Wood window and door manufacturing accounted for the largest share of the market in 2017 at $43.9 billion.
- The Asia-Pacific region is the largest construction wood market, accounting for 52.9% of the global market.
- The U.S. and India are forecast to have the fastest growth, growing at a CAGR of 5.6% and 4.7%, respectively.
“The global construction wood market is growing due to rapid population growth and urbanization in emerging markets owing to economic growth and low mortgage rates in many developed and developing countries,” the report notes. “These factors, along with technological advances such as robotics and automation, are expected to drive the construction wood products industry.”
Global construction wood products market outlook is positive with growth potential for dimension lumber, studs and other cut stocks, and other lumber products.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.