Development Growth in Global Reclaimed Lumber Market Size & Share Will Reach to USD 65.29 Billion By 2028
The global reclaimed lumber market size is expected to reach USD 65.29 billion by 2028 according to a new study by Polaris Market Research
Increasing use of reclaimed lumber in the construction industry, surging use of processed wood for interior design, and rise in demand for green construction across the globe are the main driving forces for the lumber market growth. The industry is finding various applications in construction owing to its high durability and strength. It has applications in furniture, paneling, flooring, and siding, and architectural millwork.
The construction sector is thriving in many countries, including China and other emerging economies, due to the economic progress they have made in recent decades. The construction sector is one of the largest industries in the world, with an estimated size of USD 10 trillion, and the use of reclaimed lumber in such a vast industry with many applications will boost the growth of the global market for reclaimed lumber during the forecast period.
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The scrapped woods from the demolished buildings contribute 15 million tons of wood waste dumped into the landfill, raising many environmental issues. Hence in recent years, woods have been recovered from older demolished buildings and are recycled for various purposes. Since many believe that the quality of old timber is better than new timber, their lumber demand has increased in recent years.
The recycling of old woods will also reduce the cutting of trees for new timbers, which will significantly help reduce greenhouse gases across the globe. In recent years, green buildings have been gaining prominence in regions such as Europe due to their environmentally friendly construction and hence are extensively used in such buildings.
Many new developments have been taken place in the global market in recent times. For instance, In August 2020, Owners of worldwide Steel acquired Elmwood Reclaimed that has annual revenue of over UD 6 million. In March 2021, Travel Leisure has released news on Flophouze Shipping Container Hotel in Texas, the U.S., as a cool eco-friendly hotel, for its unique design and construction from repurposed shipping containers.
COVID-19 is expected to have a negative impact on the growth of the global market since in many major countries such as in the U.S., Europe, China, and India, the construction operations have slowed down due to the lockdown imposed to contain the spread of the pandemic. The lockdown has resulted in a shortage of laborers and disruption in the construction material supply chain. All these factors will hamper the industry growth during the initial phase of the forecast period.
Market participants such as Altruwood, Atlantic reclaimed lumber, LLC, Beam and Board, LLC, Carpentier Hardwood Solutions, NV, Elemental Republic, Elmwood Reclaimed Timber, Imondi Flooring, Jarmak Corporation, Longleaf Lumber, Inc., Montana Reclaimed Lumber Co., Olde Wood Ltd., TerraMai, Trstlewood, True American Grain Reclaimed Wood, and Vintage timberworks, Inc., are some of the key players operating in the global industry for reclaimed lumber.
Polaris Market research has segmented the reclaimed lumber market report on the basis of application, end-use, and region:
Reclaimed Lumber, Application Outlook (Volume – Million sq. m.; Revenue – USD Million, 2016 – 2028)
- Paneling & Siding
Reclaimed Lumber, End-Use Outlook (Revenue – USD Million, 2016 – 2028)
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Reclaimed Lumber, Regional Outlook (Revenue – USD Million, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
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