According to a new report by FactMR, the massive wood slabs market is expected to show a positive growth outlook in the coming years. This is attributed to increasing per capita spending and improving lifestyle in developing regions.
In developed regions, demand for wooden furniture has seen a significant upsurge over the last few years, due to the various benefits that this type of furniture offers, such as high durability and better aesthetics as compared to metal furniture. Customers prefer customized furniture, as it allows them to decorate their house and office space as per specific requirements. Therefore, wooden furniture is favored over metal furniture, as it offers ease for customization.
Massive wood slabs are large pieces of wood cut from trees, and are used in furniture and cabinetry. They are preferred due to the desire to have different texture and moisture content in furniture, which gives off an appearance unique to different wood types. Therefore, it is projected that, demand for massive wood slabs will grow significantly in near future, expanding the massive wood slabs market size to a great extent.
Massive Wood Slabs Market Analysis by Wood Type
As the popularity of wood furniture is growing across developed regions, manufacturers or sawmill owners are introducing wood slabs of different wood species into their product portfolios. Companies are focusing on maximizing their massive wood slabs offering list.
Different species offer numerous advantages in different weather conditions, such as optimized durability, adequate moisture control, different aesthetics, etc. In Fact.MR’s study, it is revealed that, mahogany and rosewood are the most popular wood types in the global massive wood slabs market, and they are projected to collectively create an absolute $ opportunity worth US$ 245 million during the forecast period of 2020 to 2030.
Massive Wood Slabs Market Analysis by Sales Channel
Global emergence of the e-Commerce sales channel has influenced the wood industry on a huge scale. In developed countries, leading wood industry players have either established their own e-Commerce sites or have made their products available on other popular e-Commerce portals.
Several companies have also started dedicated e-Commerce sites for wood products. For instance, U.S.-based wood products company KC Custom Hardwoods has started its own e-Commerce website for the sale of its massive wood slabs across the country. Another U.S.-based company, The Lumber Shack, has tied up with an international e-Commerce site for sale of its products, internationally.
In Fact.MR’s study, the timber online stores sales channel in poised to witness the fastest growth at a CAGR 5%, and account for around 17% value share of the global massive wood slabs market by the end of the forecast period.
Regional Outlook of Massive Wood Slabs Market
Developed regions such as North America and Europe dominate the global massive wood slabs market share, with a combined share of around 59%. High per capita income and improved lifestyle have led to maximum consumption of massive wood slabs in these regions. However, developing regions such as Asia Pacific are also showing a positive growth outlook, and are expected to create enormous opportunities for massive wood slab manufacturers in the coming years. In Fact.MR’s study, East Asia and South Asia & Oceania are projected to showcase growth at CAGR of 5.4% and 5.6%, respectively, during the forecast period.
Massive Wood Slabs Market Competitive Analysis: Key Players Focus on Expanding Product Portfolio
The global massive wood slabs market is fragmented in nature, with small, privately-owned saw mills serving the maximum number of customers. Leading players are focusing on introducing various wood species into their product portfolios in order to offer a variety of massive wood slabs that suit the particular requirements of customers, such as different weather conditions and aesthetics.
For instance, Cook Woods, an Orlando, U.S.-based wood products company, introduced massive wood slabs of more than 250 wood species into its product offering list.
COVID-19 Impact on Massive Wood Slabs Market
The unprecedented impact of the COVID-19 pandemic is burgeoning, as nationwide lockdowns across most countries is ongoing. Most companies have had to either stop production or work with less than half capacity due to the imposition of restrictions. Apart from this, the supply chain has also been impacted, substantially, and retail avenues such as furniture showrooms have been shut for now.
Movement in the global massive wood slabs market has been observed to be sluggish in the first two quarters of 2020. However, some relaxation in lockdown measures is implemented in most countries, which has enabled the resuming of businesses to some extent. But as we speak, some countries are again imposing stringent lockdowns as infection rates spike once again. For instance, on July 7 2020, the Government of Australia announced a six-week stringent lockdown in Melbourne. Such developments are poised to cause sluggish growth of the global massive wood slabs market over the next couple of fiscal quarters of 2020.
Global Massive Wood Slabs Market: Scope of the Report
Fact.MR published an exclusive forecast report on the massive wood slabs market for the period of 2020-2030. The foremost objective of the massive wood slabs market report is to pitch spearhead insights on the market scenario, demand generators, and technological advancements in the market. Also, the massive wood slabs market study addresses key dynamics that are expected to diversify the adoption and future prominence of massive wood slabs.
The report on the massive wood slabs market begins with an executive overview, in which, product definition has been provided. The report further proceeds with the taxonomy of the massive wood slabs market, elaborating on key segments. The report also outlines visionary insights on the dynamics of the massive wood slabs market, including the drivers, restraints, opportunities, trends, and pricing analysis, along with key buying factors.