New York, July 07, 2020 (GLOBE NEWSWIRE) -- The global Reclaimed Lumber market is forecast to reach USD 17.79 Billion by 2027, according to a new report by Reports and Data. Growing demand for recycled wood furniture due to low costs and environmental benefits will drive the global market over the forecast period. Various government mandates and the increased cost of landfills to reduce waste have encouraged the recovery of wood waste. The industry has experienced a notable shift from recovering wood recovered with little or no defects to recovering higher-value applications, including doors, wall panels, and fencing, to increase the percentage of salvage value.
Reclaimed lumber is of higher quality than sustainably harvested and virgin wood, but is available at a higher price than its counterparts. Besides, the industry is experiencing a significant gap between supply and demand, which results in high consumption of substitutes, thus limiting the growth of the industry. There are a large number of regional companies operating in the world market. Entry into the market is not capital intensive, which should intensify competition from emerging companies. Besides, the increase in profit margins associated with the growing demand for the product should also attract new companies to the industry.
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The COVID-19 impact:
The COVID-19 pandemic is expected to have a slight downward impact on the global Reclaimed Lumber market in 2020, the reason being the halt in the commercial and industrial end uses, which are responsible for the significant demand. After the pandemic, however, trends discussed in the study of the Global Reclaimed Lumber Market do hold ground.
Also, production shutdowns and supply chain disruptions have led to a downgraded demand among residential end-users, which will have short-term impacts on the sale of the market. This will have a lasting effect on the market. While the experts in the industry expect things to return to its previous state before the end of 2020, negative demand shock caused by the pandemic is anticipated to last.
Further key findings from the report suggest
- Flooring dominated the market in 2019 and accounted for 30.7% of total volume due to the demand for aesthetic and durable products in the residential and commercial sectors.
- The commercial sector is expected to be the fastest-growing segment during the forecast period due to the preference for rustic appearance and unique designs for applications such as flooring, wall coverings, tabletops, and light fixtures.
- The industry is concentrated in North America and is expected to reach sales of USD 5.34 billion by 2027 due to an upward trend for green building materials and positive green building code developments.
- Growing demand for products for structural applications, including cross-laminated timber (CLT) and glued laminated timber (glulam) in Europe, is expected to fuel regional growth.
- The global market for reclaimed lumber presents an increased integration of companies along the value chain combined with deconstruction contractors, often being integrated into distribution forwardly. In contrast, product manufacturers generally present a backward integration to processing.
- Key participants include Carpentier Hardwood Solutions NV, Recycling the Past, LLC, Vintage Timberworks, Inc., Longleaf Lumber, Inc., Atlantic Reclaimed Lumber, LLC, Imondi Flooring, Jarmak Corporation, Elmwood Reclaimed Timber, G R Plume Company, and Olde Wood Ltd., among others.
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For the purpose of this report, Reports and Data have segmented into the global Reclaimed Lumber market on the basis of Application, Source, End-Use, and Region:
Application Outlook (Revenue, USD Billion; 2017-2027)
- Beams & Boards
- Flooring
- Paneling and Siding
- Furniture
- Others
Source Outlook (Revenue, USD Billion; 2017-2027)
- Post-industrial Reclaimed
- Post-Consumer Reclaimed
- Water Reclaimed
- Orchard Salvage Reclaimed
- Forest Floor Salvage Reclaimed
End-Use Outlook (Revenue, USD Billion; 2017-2027)
- Commercial
- Residential
- Industrial
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/reclaimed-lumber-market
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S
- Canada
- Europe
- Germany
- UK
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
- Latin America
- Brazil
- Rest of LATAM
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