Latest News- Hardwood Market: Flooring is expected to lead the Application segment during 2025-2029

The Hardwood Market is being driven by Increasing residential and commercial construction activities

The Hardwood Market is expected to grow at a CAGR of 4.6% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 9897 million. The global home renovation and remodeling sector have experienced significant growth, with North America leading the charge. Government initiatives and programs have fueled this trend, resulting in a 60% increase in median remodeling expenditure to USD24,000 in 2023, compared to 2020. Routine maintenance costs, averaging USD3,018 per household, further underscore this commitment to home improvement. The US home services market has consequently expanded to a substantial USD657 billion, with homeowners projected to invest over USD330 billion during the forecast period on upgrades, replacements, and routine maintenance. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Flooring
  • Furniture
  • Others
• Type
  • Ash
  • Cherry
  • Maple
  • Oak
  • Birch
• End-user
  • Residential
  • Commercial
  • Industrial
• Geography
  • APAC
    • China
    • India
    • Japan
    • Vietnam
  • North America
    • Canada
    • Mexico
    • US
  • Europe
    • Germany
    • France
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing residential and commercial construction activities
• Growing global hardwood trade and market expansion
• Growing demand for aesthetic interiors

However, the market also witnesses some limitations, which are as follows:

• Environmental and sustainability concerns associated with hardwood
• Availability of several substitutes for hardwood
• Hygroscopic issues in hardwood flooring

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Market Scope in Hardwood Market Research Report

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Research Analysis Overview

In the hardwood market, various aspects are crucial for producing high-quality products. These include adhering to lumber grading standards, optimizing timber yield and sawing patterns, scheduling kiln drying, employing veneer slicing techniques, grading plywood panels, fabricating glulam beams, treating lumber with preservatives, and applying stains and paints. Furniture design principles, hardwood floor refinishing, wood carving techniques, and sustainable timber sourcing are also essential. Additionally, considerations for wood species selection, microscopic wood analysis, fungal decay prevention, insect infestation control, forest management plans, wood by-product recovery, bioenergy feedstock supply, charcoal quality standards, pulp fiber characterization, paper strength properties, wood fiber modification, bio-based composites, and wood surface coating play significant roles in the industry.

Market Research Overview

The hardwood market encompasses various forest products, including industrial roundwood, sawnwood, wood-based panels, fiber furnish, wood fuel, charcoal, and pellets. Manufacturers of forest and paper products generate the market size, as calculated by Technavio. Factors driving growth in this sector include the rising adoption of hardwood lumber in the production of cost-effective and reusable wooden pallets and boxes. The food and beverage industry, in particular, is embracing this trend due to hardwood's natural ability to absorb bacteria, enhancing product safety. Sawmill operational efficiency and advanced hardwood lumber grading techniques, along with timber harvesting innovations, further bolster market expansion.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/