The market for reclaimed lumber is expected to grow at a CAGR of around 4.9% from 2020 to 2027 and expected to reach the market value of around US$ 69.0 Bn by 2027.
Lumber or timber is a type of processed wood that is turned into beams and planks while in the initial process of wood production. These are mainly used for construction but have many other usages as well. Whereas, reclaimed lumber is high-quality “upcycled” wood that’s been recovered from various sources like factories, old barns, retired ships, stock farms, warehouses, and wine casts among others for reuse in a new application. These reclaimed woods are highly used in homes and businesses, helps in reduced consumption of new timber, ultimately results in fewer disturbances to forest ecosystems. Some of the other major benefits include reduce landfill waste, and has a lower carbon footprint than new lumber production, as well as reclaimed lumber gains points toward LEED certification in construction projects.
The rising environmental awareness, increasing inclination towards recycling, and intensifying focus of governmental as well as private bodies towards the waste management-related issues are driving the market growth. The emerging trend of sustainable construction especially in the developed economies construction sector, coupled with the rising inclination of architectures, developers, and engineers towards the tall wooden buildings in order to reduce their carbon footprints is additionally supporting the market growth. Furthermore, the increasing initiatives or startups with the intent of environment protection are further likely to create potential opportunities with newer applications of reclaimed lumber in the market
On the other hand, the high cost associated with the final product derived from the reclaimed lumber due to extra finish and high labor cost of artisans is likely o limit the growth over the forecast period from 2020 to 2027.
Global Reclaimed Lumber Market
Commercial sector is leading the market with major revenue share
Based on end-use, the commercial sector accounted for the maximum revenue share (%) in terms of revenue. The increasing usage of reclaimed lumber for aesthetic furniture and other constructional purpose is supporting the segmental market value. The increasing numbers of startups that are providing exceptional solutions to the commercial sector are further bolstering the commercial sector market value.
Europe accounted for the maximum revenue share in the global market
In 2019, Europe accounted for the maximum revenue share in the reclaimed lumber market. The major economies of the region including Germany and the UK combined dominated the regional market. The high awareness about environment protection and waste management at the same time is supporting the regional dominating share. The residents are already paying attention to the sustainable options for the construction especially to decrease the carbon footprints is boosting the regional market value. The well-established architectural sector of the region along with the strong footprints in the residential sector is additionally contributing to the regional market growth.
Asia Pacific is likely to exhibit the fastest growth over the forecast period
The rapidly developing economies of the region including China and India are supporting the regional market growth. The rising awareness about environmental protection among the consumers is supporting the regional market value. The commercial sector is also focusing on reducing their carbon footprints and is considering proper disposal of their waste as the company social responsibility (CSR) is another factor boosting the regional market value.
The players profiled in the report include 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.
Market By Source
Orchard Salvage Reclaimed
Forest Floor Salvage Reclaimed
Market By Application
Paneling & Siding
Market By End-use
The market for reclaimed lumber is expected to reach a market value of around US$ 69.0 Bn by 2027.
The reclaimed lumber market is expected to grow at a CAGR of around 4.9% from 2020 to 2027.
Commercial is the leading segment by end-use in the reclaimed lumber market
The raising environmental awareness, increasing inclination towards recycling, and intensifying focus of governmental as well as private bodies towards the waste management-related issues, and emerging trend of sustainable construction are some of the primary factors driving the market growth.
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. are the prominent players in the reclaimed lumber market.
Europe held the highest market share in the reclaimed lumber market
Asia Pacific is expected to be the fastest growing market over the forecast period