The North American wood products market is forecasted to reach $243.9 billion in 2026, witnessing growth at a CAGR of 6.75%, over the period 2022-2026.
The factors such as growing population, escalating new residential construction, high availability of forest reserves, surging demand for wooden furniture in offices, and rising inclination of the population towards home repair and remodeling would drive the growth of the market.
However, the growth would be challenged by price fluctuations in North American softwood lumber and the rising availability of alternatives for wood products. A few notable trends include an accelerating preference for engineered wood, an upsurge in housing starts, growing investment in the development and renovation of tourism infrastructure and an upswing in wood product manufacturing.
The fastest growing market in the region is the U.S. due to the rising inclination of the population towards home repair and remodeling, rebound in new residential construction, high presence of forest reserves in the region, increasing disposable income and upswing in wood product manufacturing on account of aesthetically pleasing properties of wood, and the perception of wood as an environmentally friendly material.
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