Forestry And Logging Market – Opportunities And Strategies – Global Forecast To 2023
The Business Research Company’s Forestry And Logging Market Report – Opportunities And Strategies – Global Forecast To 2030
LONDON, GREATER LONDON, UK, January 27, 2021 /EINPresswire.com/ — New year, new updates! Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
According to the logging industry and forestry industry overview, wood being used as a building material is increasing due to numerous advantages of wood buildings over concrete buildings, thus driving the timber market. Presently, the building industry is causing 25% of the greenhouse gas emissions globally. Therefore, the concept of green building construction has evolved, which is expected to reduce CO2 emissions and store carbon. Also, constructing buildings with wood will produce very little waste and can be constructed quickly when compared to a concrete building. For instance, in 2017, The University of British Columbia inaugurated an 18-storey wooden hybrid building which was built four months faster than similar non-wooden buildings, reducing construction time by almost 20%. Wooden building construction has increased the demand for wood components such as cross-laminated timber (CLT) and laminated veneer lumber (LVL). According to Karl-Henrik Sundström, CEO of Stora Enso, indicated, timber is becoming the building material of the future and therefore to meet the increasing demand from construction industries, the company built its third production unit of manufacturing CLT in Sweden in 2019. Countries such as the US, Japan and China are also witnessing an increase in wood construction due to its economic and environmental benefits.
The global forestry and logging market size is expected to grow from $535.96 billion in 2020 to $559.47 billion in 2021 at a compound annual growth rate (CAGR) of 4.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The forestry and logging equipment market is expected to reach $726.51 billion in 2025 at a CAGR of 7%.
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