The wood bio-products market is projected to reach USD 435.9 billion by 2028, at a CAGR of 9.0% from USD 260.0 billion in 2022. The growth of the global wood bio-products market can be attributed to the increasing demand for furniture and flooring products in both residential and commercial sectors, municipal water treatment, and rise in the construction industry in emerging economies.
The key global players in the wood bio-products market include UPM-Kymmene Corporation (Finland), Stora Enso (Finland), Lixil Group (Japan), West Fraser (Canada), Weyerhaeuser (US), UFP Industries Inc. (US), Canfor (Canada), Sappi (South Africa), Metsä Group (Finland), and JELD-WEN (US) among others. These companies are strong in their home regions and explore geographic diversification alternatives to grow their businesses. They focus on increasing their market shares through new product launches and other expansions.
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UPM-Kymmene Corporation is a global leader in forest-based bioindustry. The company offers a wide range of products such as biofuels, pulp, plywood & veneer, timber, self-adhesive label materials, wood-based renewable diesel, release liners, specialty & graphic papers, and wood plastic composites. The company operates in seven segments—UPM biorefining, UPM energy, UPM reflate, UPM specialty papers, UPM communication papers, UPM plywood, and other operations. The company has operations in more than 12 countries and operates in Asia, Europe, and the Americas.
In September 2022, UPM-Kymmene acquired AMC (Advanced Method of Coating) AG. It is a German self-adhesive label company. The reason for the acquisition was to increase the growth of UPM-Kymmene by expanding its offerings in removable graphic solutions and self-adhesive products.
Stora Enso is a leading global manufacturer of renewable solutions in packaging, biomaterials, paper, and wooden construction. The company operates in seven segments, namely, packaging materials, packaging solutions, woods product, paper, forest, biomaterials, and others. The company has a strong global presence which helps with brand recognition. It continues to invest in R&D to improve and expand its product offerings.
In September 2022, Stora Enso acquired the Dutch De Jong Packaging Group to grow its market share in renewable and circular packaging solutions. It also strengthens its global presence and provides entry into the corrugated packaging market in Belgium, the Netherlands, the UK, and Germany.
Lixil Group is a global leader in housing and building materials. The company provides a wide range of products, such as windows, interior and exterior building materials, entrance doors, tiles, and interior fabrics for washstands, kitchens, bathrooms, and toilets. The company operates in four segments Lixil water technology, Lixil housing technology, Lixil building technology, and housing and services business. The company has a presence in Europe, the Middle East and Africa, the Americas, and Asia Pacific. Its strategy is to grow business with strong, long-term, sustainable, and fundamental competitive advantage by acquisitions and divestments of existing businesses.
In December 2022, Lixil Group acquired Basco on 14th December 2022. Basco is a leading manufacturer of showers and has a strong presence in the Southeast, Midwest, and East Coast regions. Through this acquisition, Lixil Group has expanded its reach in bathroom products.
Wood Bio-Products Market by Type (Finished Wood Product, Manufactured Wood Material, Wood Processing), Distribution Channel (Online, Offline), Application (Residential, Commercial), And Region (Asia Pacific, North America) - Global Forecast to 2028
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