Reclaimed Lumber Market Growth & Trends
The global reclaimed lumber market size is expected to reach USD 70.37 billion by 2028 registering a CAGR of 4.6% over the forecast period, according to a new report by Grand View Research, Inc. The global market is fueled by increasing awareness about the product among building material consumers and rising demand for green building materials.
The global industry growth is also credited to the burgeoning demand for wood-based products in flooring, furniture, paneling & siding, and architectural millwork owing to their durability and aesthetics. The antique look and aesthetic appeal offered by these products are the major factors responsible for its high demand.
Increased penetration of the product in the construction industry due to factors, such as its eco-friendly nature, availability of a wide range of products under LEED certifications, and rising adoption of green building construction materials, is expected to augment the market growth over the forecast period.
Key Market Players majorly focus on offering high-quality materials to their customers and follow a focused cost leadership. The companies attempt to diversify their business through consistent quality and better customer service. New entrants or small market players prefer to develop a strategic relationship with local end-users, such as furniture manufacturers or construction contractors, who consume a large portion of the products.
Reclaimed Lumber Market Report Highlights
- The furniture application segment dominated the market in 2020 and is expected to retain the leading position throughout the forecast period
- This growth can be attributed to the high product penetration in commercial and residential construction sectors
- The commercial end-use segment led the market in 2020 and is expected to witness the fastest growth from 2021 to 2028
- The segment growth is credited to the extensive product usage in commercial applications as it offers aesthetic appeal and high durability & strength
- Asia Pacific is estimated to witness the fastest CAGR of 5.6%, in terms of revenue, owing to the increasing awareness regarding the use of salvaged wood and the potential of the region’s construction industry
- China dominated the Asia Pacific regional market and is expected to witness a CAGR over the forecast years due to its vast wood-based construction industry and increasing awareness regarding the reduction of Greenhouse Gas (GHG) emissions in the country
- The market witnesses increased integration of companies across the value chain. The companies attempt to diversify their business through consistent quality and better customer service