COVID-19 Has Impacted The Production Of Wooden Products Resulting In A Slower Growth Of The Global Wood Processing Market
The Wood Processing Global Market Report 2020-30 Describes And Explains The Global Wood Processing Market And Covers 2015 To 2019, Termed The Historic Period, And 2019 To 2023 Termed The Forecast Period, Along With Further Forecasts For The Periods 2023-2025 And 2025-2030. The Report Evaluates The Market Across Each Region And For The Major Economies Within Each Region. Segments Covered In The Wood Processing Market Report Are: By Type - Sawmills And Wood Preservation.
LONDON, Dec. 03, 2020 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the global wood processing market, the COVID-19 outbreak has had a significant impact on the supply chain of the forestry industry, including the wood processing market as governments globally imposed lockdowns and suspended domestic and international transportation services to contain the virus. Supply of wood raw materials was affected as facilities were shut down and the movement of people and goods was restricted. However, as countries lifted lockdown restrictions in a bid to reopen their economies, suppliers began resuming operations. But these suppliers are operating with a limited workforce and are focusing on undelivered orders.
Wood processing companies around the globe had reduced operating activities during the lockdowns imposed by governments. These companies now are slowly resuming operations at full swing as countries ease lockdown restrictions. Top wood processing company Weyerhaeuser prioritized workforce safety in all global locations and instructed managers to take the necessary steps. The company implemented project mitigation measures that included reducing operating capacity. In April 2020, the company reduced its operating capacity by 20% for lumber, 15% for oriented strand board, and around 25% for engineered wood products by introducing mill curtailments and reduced shift hours. The company is also closely monitoring its capital allocation plans and reducing unnecessary expenditure in light of the pandemic.
The global wood processing market size is expected to grow from $144 billion in 2019 to $167.9 billion in 2023 at a compound annual growth rate (CAGR) of 3.9%. and to $ 269.3 billion in 2030 at a compound annual growth rate of 6.9%.
The Business Research Company’s report titled Wood Processing Global Market Report 2020-30: Covid 19 Impact And Recovery covers major wood processing companies, wood processing market share by company, wood processing manufacturers, wood processing market size, and wood processing market forecasts.
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The wood processing market is highly fragmented, with a large number of players. The top ten competitors in the market make up to more than 7% of the total wood processing market. The market fragmentation can be attributed to the presence of large number of players in different geographies. However, the market is expected to experience some consolidation with rising number of acquisitions and mergers in that geography. Major players in the market include West Fraser Timber Co. Ltd., Canfor, Weyerhaeuser, Interfor, Georgia Pacific and others.
The wood processing industry includes establishments that treat planed, sawed, and shaped wood with creosote or other preservatives such as alkaline copper quat, copper azole, and sodium borates, to prevent decay and to protect against fire and insects. Wood processing involves various types of procedures used to convert raw wood to produce substances or supplies that serve as the raw materials for the manufacture of various wood-based products. The application of chemicals and other additives that help prepare the raw wood for use is used in various processes. Some of the examples of wood processing include the production of timber for use in construction and wood chipping. A wide range of wood processing equipment is used to produce the products made from natural wood. Saws, chippers, hoppers, and a variety of other devices are used to create the type of wood product desired.
Wood Processing Global Market Report 2020-30: Covid 19 Impact And Recovery is one of a series of new reports from The Business Research Company that provide wood processing market overviews, analyze and forecast wood processing market size and growth for the whole wood processing market, wood processing market segments and wood processing market geographies, wood processing market trends, wood processing market drivers, wood processing market restraints, wood processing market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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