As the cabinetry, furniture and closet/home organization markets continue to grow, so does the components segment, for both solid wood and composite panel products. 

When it comes to cabinetry components, 46% of renovating homeowners prefer white, according to the 2024 U.S. Houzz Kitchen Trends Study. Wood tones are the second most popular, chosen by 25%, followed by gray (8%), blue (4%) and green (4%). 

For flooring and other millwork, white oak continues to be high in demand, according to an industry outlook survey by the National Wood Flooring Association. Light-tone woods, including maple, hickory and pecan also top the list of domestic species. 
With industrial products, wood remains a dominant material for crossties, pallets, trusses and other products.

The 2024 Wood Industry Almanac is sponsored by IMA Schelling Group.

Click on the infographic to enlarge. 

Quick Stats (Includes items not shown in print.)
• The Freedonia Group forecasts U.S. demand for wood millwork to increase by 1.9% yearly through 2027.

• The wooden pallet and container manufacturing industry has a $31 billion economic impact in the United States and generates more than 173,000 jobs, says the National Wooden Pallet & Container Assn.

• The global wood products market, $788.45 billion USD in 2023, is forecast to reach $1.15 trillion in 2028 at a CAGR of 7.87%, according to Research and Markets. The market is then forecast to grow at 6.67% (2028-2033) to $1.58 trillion.

• Estimated at 18.877 million in 2024, total purchases of new wood crossties are expected to dip slightly, by 0.5% to 18.780 in 2025, according to Railway Tie Assn./Crossties magazine’s mid-year market update.

• Drawer storage is essential in today's cabinetry. According to the 2024 U.S. Houzz Kitchen Trends Study, popular solutions/drawer options include: pullout waste/recycling 66%, cookie sheets/trays 55%, spices 44%, cutlery 41%, microwave 38%, utensils 37%, deep drawer 36%, revolving/Lazy Susan 36%, pullout/swingout 35%, pots and pans 30%, small appliances 24%, wine/bar 18%, pullout corner 17%, undersink 16%, dishes 14%, bookshelf 14%, and pet feeding station 6%.

• The global wood truss market, valued at $1.02 billion USD in 2023, is forecast to reach nearly $1.45 billion by 2030 at a CAGR of 5.2% (2024-2030), per Maximize Market Research.

• More than nine in ten homeowners in the 2024 U.S. Houzz Kitchen Trends Study said they would opt for sustainable choices during their kitchen renovation, including in the areas of sustainable cabinetry, eco-friendly flooring, and recycled materials.

• Data Bridge Market Research projects the $8.44 billion USD (2022) global lumber pallet market to reach $13.86 billion by 2030, with a CAGR of 6.1% (2023-2030). 

Market Data Sources:  Houzz, Wood Component Manufacturers Assn. (WCMA), Wood Products Manufacturers Assn. (WPMA), National Wood Flooring Assn. (NWFA), Hardwood Floors magazine, (10/11-24), Railway Tie Assn. (RTA), Crossties magazine, National Wooden Pallet & Container Assn., National Kitchen & Bath Assn. (NKBA), Statistics Canada, U.S. Census Bureau USA Trade data, The Freedonia Group, Research and Markets, Maximize Market Research,  Data Bridge Market Research. Category: Wood Components includes: cabinet doors & drawers, furniture parts, mouldings & trim, turnings, dimension stock, stair parts & specialty items, industrial products. Industrial products includes: pallets, reels, household utensils, crates, plus crossties and pellets.

More data on North American woodworking and the specific wood product market segments can be found in the December 2024 FDMC Wood Industry Almanac digital edition or the online almanac articles. Also, find market data year-round at WoodworkingNetwork.com/news/almanac-market-data.