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Global demand for massive wood slabs is projected to witness significant growth over the next decade, due to increasing preference for wooden furniture among consumers, especially in developed regions.
Rapid urbanization and improved lifestyle in these regions have led to significant demand for wooden furniture, which has subsequently increased demand for massive wood slabs.
Manufacturers have also increased their production of massive wood slabs and wood products. According to a recent report, the global massive wood slabs market will expand at an annual rate of 5 percent in terms of value, and will account for more than $2 billion by the end of forecast period (2020–2030).
Mahogany wood will hold the highest share in terms of value, and is projected to create an absolute dollar opportunity of $124 million during the forecast period, the report said.
Rough milled slab type is expected to expand at an annual rate of 5 percent in terms of value.
Massive wood slabs with width over 30 inches are expected to account for a majority share in terms of value, projected to create an opportunity of around $195 million during the forecast period.
Coffee table applications are expected to hold a majority value share in the global massive wood slabs market, and they are expected to be valued at more than twice as much as bench applications by the end of the forecast period.
“The global massive wood slabs market will create enormous opportunity during the forecast period. However, in the near future, the market will experience sluggish growth due to the unprecedented impact of Covid-19,” the report stated. See www.factmr.com
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