The global modified wood market is slated for robust revenue growth during the course of next few years, according to Persistence Market Research, a research and consulting firm. Over the projection period 2018-2026, global modified wood market revenue will expand at a solid CAGR of 9.6 percent. Most of the demand for modified wood will be accounted by the residential sector of the construction industry, as indicated by their report.
Modified wood is a thermally or chemically treated species of wood with a life span of more than two decades when used for exterior applications. Owing to enduring lifespan, modified wood is preferred for decking and cladding applications. Moreover, growing spending on construction activities owing to changing lifestyle patterns across developed as well as developing economies is creating healthy demand for wooden construction.
Moreover, the aesthetic look provided by wooden products when used in decking, cladding, windows, and doors, is a prominent factor responsible for attracting builders and architects to use modified wood in the construction sector.
According to Persistence Market Research, the biggest challenge faced by modified wood manufacturers is the lack of awareness about the product among both consumers and intermediates. People across major economies do not have proper knowledge about modified wood and for what purposes is it used.
On the basis of the process of manufacturing, the thermally treated segment is estimated to dominate the market in terms of market share, among all process segments. The chemical-free nature of this type of modified wood and its long lifespan are important factors making this segment find huge applications in the residential end-use sector. In terms of CAGR, the thermally treated segment is projected to lead the modified wood market.
Decking and cladding segments are anticipated to be most prominent segments in the global modified wood market. Various properties of modified wood, such as long lifespan, UV resistance, heat resistance, and high sustainability make modified wood a good choice for exterior construction applications.
In terms of end use, the residential segment holds majority share in the global market. Changing lifestyle and increasing spending on wooden constructions are two important factors making the segment dominate the global market.
The market in North America is expected to witness significant transitions in future owing to growing preference for thermally modified wood over pressure treated wood products. This is further anticipated to create healthy growth opportunities for the players operating in the global modified wood market.
The modified wood market is moderately consolidated, the report states, owing to the presence of relatively less number of established and other local players. The report highlights some of the leading players in the global Modified Wood market, such as Oy Lunawood Ltd, Accsys Technologies PLC, Kebony, Thermory AS, Stora Enso, Oy SWM-Wood Ltd, Houthandel Lambert van den Bosch, Kärävä Oy, Timura and Holzmanufaktur GmbH, among others.
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