Reclaimed Wood Market Value Expected to Reach US $ 69.0 Billion by 2027: Smart Research and Advice
Acumen Research and Consulting, a global provider of market research, in a recently published report titled “Reclaimed Wood Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, April 27, 2021 (GLOBE NEWSWIRE) – The Global Reclaimed Wood Market is expected to grow at a CAGR of approximately 4.9% from 2020 to 2027 and reach a market value of over US $ 69.0 billion by 2027.
Reclaimed wood is wood reclaimed from the previous installation, especially for reuse in other applications. This is done to reduce wastage of wood, support environmental protection, reduce carbon footprint, make new products look aesthetically pleasing, as well as decrease the need to reduce forest area which greatly disrupts livelihoods. dependent living beings. Growing environmental awareness is the main driving force behind the reclaimed wood market.
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The global reclaimed wood market is segmented on the basis of source, application, end use, and geography. Based on the source, the market is bifurcated between post-industrial recovery, post-consumer recovery, water recovery, orchard recovery and forest soil recovery. Reclaimed wood has application to floors, panels and siding, beams, furniture and more. In addition, the end use is studied in the residential, commercial and industrial sectors.
Europe dominated the reclaimed wood market in 2019 and the region is also expected to maintain its dominance throughout the forecast period from 2020 to 2027. Major economies in the region including Germany and UK , are the main contributors to the region’s income. The region’s conscious population as well as supportive government policies and initiatives further contribute to the regional market value.
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In addition, Asia-Pacific is expected to show the fastest growth during the forecast period of 2020 to 2027. Rapidly developing economies are paying attention to their growing carbon footprint and the increase in the amount of waste is the main factor. factor that supports regional market growth. Growing wood reuse initiatives to reduce the cutting of new trees instead of conscious use of available resources further enhance regional value. In addition, the expanding commercial sector and their simultaneous efforts to protect the environment by performing demanded tasks like the use of old wood as well as the careful disposal of their own used wood.
Some of the main competitors for reclaimed wood are Altruwood, Beam and Board, LLC, Carpentier Hardwood Solutions, NV, Elemental Republic, Imondi Flooring, Jarmak Corporation, Olde Wood Ltd., TerraMai, Trestlewood, True American Grain Reclaimed Wood and Vintage Timberworks, Inc The major players continuously make unparalleled efforts to create products with reclaimed wood which can offer more value than the previous ones.
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Here are some of the main observations regarding the reclaimed wood industry:
- In 2021, four master craftsmen were assigned to an office project in Boston for Vice President Kamala Harris and Secretary of the Navy using salvaged materials (wood, copper, and nails) from the USS Constitution. Sailors built the office from the frigate USS Constitution, launched in 1797.
- One hotel (Flophouze Shipping Container Hotel) in Texas is fast becoming one of the best green hotels, due to its ultimate design and construction from a few recycled shipping containers. Shipping containers have been refitted with bedrooms and bathrooms, all using sustainably harvested wood from White’s farm in upstate New York and reclaimed wood from a Kentucky distillery.
- The ULI (Urban Land Institute) celebrates Earth Day 2021 with the theme “Restore our Earth”. The organization continually works to improve the built environment and implement solutions to make communities healthier, greener and more equitable. The ULI Greenprint Center for Building Performance has provided the real estate industry with thoughtful and intentional leadership on the business case for green buildings as well as a focus on the circular economy. The circular design allows materials to be reduced, reused and recycled throughout the building’s life cycle, from construction through operation to end of life. In addition, ULI’s 2021 Sustainability Outlook highlights a study presenting the successful financial performance of five European cities that have implemented circular economy frameworks.
- A Barrio Logan startup named Old Fashioned Lumber makes custom rustic furniture from reclaimed and reclaimed wood slabs. The initiative works with locally reclaimed wood to create custom live edge furniture. The team starts with harvesting, crushing and drying, then designs and builds furniture and accessories from these trees.
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