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Global Market Overview of Wood

June 2022

This briefing examines how the wood commodity is performing globally and in the largest countries in terms of wood supply and consumption. The report also provides data and analysis for wood prices, imports, exports and top consuming industries as well as global economic forecasts. The supply, consumption and main consuming industries overview provides benchmarks against other countries globally.

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This report comes in PPT.

Key Findings

Mass timber buildings

Going forward, the new construction projects are expected to rely more on wood products made of large, solid wood panels or columns amid growing interest in construction from mass timber. As the wood requires less energy to process compared to other materials such as steel or concrete, wood is increasingly viewed as a renewable, low-carbon and energy-efficient option for buildings. In addition, recent changes adopted by International Building Code (IBC) 2021, a model building code developed by the International Code Council (ICC), assure of the safety of mass timber buildings and allow construction of developments using mass timber that are up to 18 storeys high.

Digitalisation and big data

Digital innovations allow wood producers to better monitor and manage forests, increase productivity and improve production quality, while big data analysis provides opportunities for better process management and production planning. Innovations in technologies are set to play an important role in the industry’s future development, mapping resources and offering cost-cutting solutions and production improvements.

Prefabricated homes

Wood is set to continue to be excessively used in prefabricated and modular houses as demand for more affordable housing is increasing. The construction sector increasingly adopts innovative and digital tools such as building information modelling or 3D modelling, making the construction of prefabricated buildings easier.

Climate change

Warming climate and intensifying adverse weather events are anticipated to continue to pose major threats to the world’s forestry resources. According to the recent study from the American Association for the Advancement of Sciences, without a significant reduction of the current disturbance rates, undisturbed forests are expected to disappear entirely in humid tropical regions by 2050. As a result, the global community is encouraged to strengthen sustainable forestry management practices in order to address detrimental long-term changes in forestry.

Introduction

Scope
Key findings
Key trends impacting commodities market in 2022

Global supply of wood

Wood production growth sees a rebound in 2021
Increasing interest rates result in lower wood prices
Fluctuations in prices observed over 2021 and 2022
US and India continue to dominate the global wood supply scenery
US and India record a decline in wood production over the historic period
US: Wood output decreases due to climate change, trade war with China and COVID-19
India: Elevated expenses for timber production may encourage increased wood imports
China: Continues to seek foreign timber resources, while protecting its own forests

Global consumption of wood and wood products

Consumption value has increased over the years across the top wood markets globally
China: Wood trade to be hampered by supply chain disruptions and zero-COVID policy
US: Lower demand is anticipated from residential construction amid rising interest rates
Germany: Newly adopted reforms set to modernise Germany’s timber industry
Construction continues to be the main wood and wood products buyer
Construction: Decarbonisation of buildings and infrastructure to shape the industry’s outlook
Furniture: Booming consumer spending on furniture fosters demand for wood
Paper: Paper demand for pulpwood to be driven by sustainability concerns in packaging
Retail and wholesale: Demand from retail grows as consumers return to physical stores

Country snapshots

Top 10 country profile: US A
Top 10 country profile: India
Top 10 country profile: China
Top 10 country profile: Brazil
Top 10 country profile: Russia
Top 10 country profile: Canada
Top 10 country profile: Indonesia
Top 10 country profile: Ethiopia
Top 10 country profile: Congo, Democratic Republic
Top 10 country profile: Germany

Conclusion

Key challenges and opportunities
Economic forecasts
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