Demand for massive wood slabs is projected to witness significant increment, globally, over the forecast period, due to increasing preference for wooden furniture among consumers, especially in developed regions. Rapid urbanization and improved lifestyle in these regions have led to significant upsurge in demand for wooden furniture, which has subsequently increased demand for massive wood slabs. As such, manufacturers have also increased their production of massive wood slabs and wood products.
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For instance, according to the Food and Agriculture Organization of the United Nations (FAO), in the year 2018, production of forest products increased by around 5% and international wood trade value was 11% higher as compared to year 2017.
According to a recent report published by Fact.MR, the global massive wood slabs market will expand at CAGR of 5% in terms of value, and will account for more than US$ 2 billion by the end of forecast period (2020–2030).
Key Takeaways from Global Massive Wood Slabs Market Study
- The global massive wood slabs market is expected to progress at a CAGR of nearly 3% in terms of volume, and is anticipated to expand 1.3X (volume) from 2020 to 2030.
- Mahogany wood type will hold the highest share in terms of value, and is projected to create an absolute dollar opportunity of US$ 124 million during the forecast period.
- Rough milled slab type is expected to expand at a CAGR of 5% in terms of value, but is expected to lose 22 BPS from its market share by the end of the forecast period.
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- Massive wood slabs with width over 30 inches are expected to account for a majority share in terms of value, projected to create an absolute $ opportunity of around US$ 195 million during the forecast period.
- Coffee table applications are expected to hold a majority value share in the global massive wood slabs market, and is expected to be valued 2.7X as compared to bench applications by the end of the forecast period.
- The timber wholesaler sales channel is expected to progress at a CAGR of 5%, and be valued 2.5X more than the timber online store sales channel by the end of the forecast period.
- Europe is expected to hold maximum share in terms of value. However, the massive wood slabs market in the region is expected to lose 36 BPS from its market share in terms of value by the end of the forecast period.
“The global massive wood slabs market will create enormous opportunity during the forecast period. However, in the near future, the market will experience sluggish growth due to the unprecedented impact of COVID-19,” says a Fact.MR analyst.
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Key Manufacturers Focus on Expanding Product Portfolio for Growth
The global massive wood slabs market is fragmented in nature, with a majority of market share owned by small-scale players or saw mill owners. Key manufacturers are focusing on expanding their product portfolios by adding new tree species. For instance, in Traverse City, a U.S.-based massive wood supplier – Rare Earth Hardwoods – has added over 40 domestic and exotic massive wood slab species into its portfolio. Another U.S.-based massive wood supplier – Wood Vendors, Inc. – has added 35 types of wood slab species into its product portfolio.
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