Millwork demand to rise every year through 2023, new report says
Demand for wood millwork in the U.S. is forecast to increase 2.4 percent annually in nominal terms through 2023, according to Wood Millwork: United States, a report recently released by Freedonia Focus Reports. Freedonia – a division of MarketResearch.com – publishes reports every month on a variety of industries and markets.
Gains will be driven by rising building construction activity, the aesthetically pleasing properties of wood, and the perception of wood as an environmentally friendly material. However, further growth will be limited by negative characteristics of wood (e.g., susceptibility to cracking and decay). Furthermore, intensifying competition from plastics and other alternative materials offering similar aesthetics, including woodgrain patterning, will restrain additional gains.
Wood moulding and trim sales are expected to remain the leading product segment. Demand will be supported by rising new housing construction activity and advances in office, commercial, and institutional building construction. Sales of wood hard-surface flooring – the second largest product segment – will be fueled by expanding residential replacement and renovation activity and the superior aesthetics of wood flooring.
These and other key insights are featured in Wood Millwork: United States. This report forecasts to 2023 US wood millwork demand in nominal US dollars at the manufacturer level. Total demand is segmented by product in terms of:
- moulding and trim
- hard-surface flooring
To illustrate historical trends, total demand, the various product segments, and trade are provided in annual series from 2008 to 2018.
Product segment demand is further broken out by market for 2018 as follows:
- new residential
- residential improvement and repair (I&R)
- new commercial
- commercial I&R
Millwork is defined in this report as fabricated wood millwork, including products covered with materials such as metal and plastic. Excluded from the scope of this report are cut stock, dimension lumber and other wood products manufactured from logs and bolts, millwork fabricated at construction sites, and finished furniture parts and frames. Also excluded from the scope of this report are wood doors, windows, moulding and trim, and flooring utilized in applications other than residential and nonresidential buildings (such as transport equipment). Re-exports of wood millwork are excluded from demand and trade figures.
Have something to say? Share your thoughts with us in the comments below.