Market Synopsis
According to the MRFR analysis, the global Reclaimed Lumber Market is projected to reach a market value of over USD 70 billion by the end of 2027 at a CAGR of over 4.5%.
Reclaimed lumber is old timber that has been recovered and repurposed. It is high-quality “upcycled” wood taken from various sources such as factories, old barns, retired ships, warehouses, among others. Reclaimed lumber offers several advantages over virgin wood, for instance, is up to 40 points harder on the Janka hardness scale than virgin wood. In addition, reclaimed lumber provides a vintage look, is long-lasting, and lends beautifully rustic character to any building, modern or traditional, commercial or private.
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The prominent factor favoring the growth of the global market is the increasing demand for reclaimed lumbers in the building & construction industry, especially in commercial and residential constructions. As per MRFR analysis, the expenditure in the global construction industry was USD 11.2 trillion in 2019and is projected to rise at a healthy rate year-on-year, to reach USD over 14 trillion by the end of 2027. The expanding construction sector in the emerging economies of Asia-Pacific is likely to drive market growth during the forecast period. The growing investments in commercial construction projects in Southeast Asian economies such as Thailand, Indonesia, Malaysia, Myanmar, Singapore, and Vietnam are likely to favor the global market growth.
Moreover, the green building concepts are becoming increasingly widespread in the construction field, thus resulting in a rise in examination of building materials for their environmental impact. Reusing building materials has a distinct advantage over using newly manufactured materials as these reclaimed materials avoid greenhouse gas emissions associated with new (virgin) material manufacturing. For instance, the total energy required to produce 1 m3 of wood flooring from virgin wood materials is about 13 times the energy required to use reclaimed flooring.
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SEGMENTATION
By End Use
- Commercial Construction: The commercial construction sector is the major end-use segment for the reclaimed lumber market, with a share of over50% in 2019. The rising commercial construction, especially in India and China, due to the growing economies and population, the increasing private sector investments, the rising per-capita incomes, growing consumer spending, and the improving standard of living are together expected to boost the demand for furniture and other construction materials, and thus for reclaimed lumbers. Widespread use of reclaimed lumbers for both interiors and exteriors(flooring, furniture, or cladding) in commercial constructions, such as offices, hotels, high-rise buildings, warehouses, shopping malls is expected to favor the growth of the segment in the years to follow.
- Residential Construction: The residential construction segment is expected to witness healthy growth, particularly in the developing economies of Asia-Pacific, Latin America, and the Middle East & Africa. Increasing demand for luxury and vintage furniture and wooden items in the residences is expected to favor the growth of the segment in the years to follow.
- Industrial
By Type
- Furniture: Reclaimed lumber furniture provides rustic and elegant look naturally without requiring using paints, stains, and other related chemicals to refine reclaimed wood furniture as this is the desired trendy look. Moreover, reclaimed lumber furniture is gaining popularity as it offers a unique, natural, rustic look or a vintage feel. Moreover, growing sentiments over deforestation have driven people to choose environment-friendly products. Furniture made of reclaimed lumber is eco-friendly and is considered sustainable furniture. The durability is much higher, and the dense wood is stronger and will continue to last much longer than newly harvested wood. Additionally, the reclaimed lumber is also resistant to termites due to the hardness and density.
The furniture segment held the largest share of over 35% in the global market in 2019.
- Flooring: Reclaimed lumber in flooring applications is one of the most promising applications in the global market. Reclaimed lumber flooring offers warmth, character, and durability. The enduring beauty of reclaimed oak floors, the charm of reclaimed hemlock, the varying colors of reclaimed hickory, and the rustic comfort of reclaimed pine flooring makes reclaimed lumber a preferred flooring material. In addition, reclaimed lumberis extremely versatile in terms of desired finishing look, it can be stained in a variety of tones, from light to dark, or finished with a clear stain for a natural look.
This segment held the second-largest share of the market, around 25%, in 2019.
- Beams: Reclaimed lumber beams are often used as decorative, exposed elements in residential housing -ridge beams, trusses, rafters, posts, and headers. Alternatively, they can be surfaced, ground, hand hewn or sawn to change their original appearance to better fit in with the design expectations.
- Paneling & Siding
- Others: The other segment includes fences, external structures, countertops.
By Region
- North America
- Europe: Western European countries, including Germany, France, and Spain, are the major contributors to the regional market growth. The established building & construction industry is expected to support the growth of the regional market during the forecast period.
- Asia-Pacific: Asia-Pacific is the fastest-growing regional market for reclaimed lumbers, with China and India being the leading country-level markets.
- Latin America: The booming construction sector in Mexico and Brazil is likely to fuel the demand for reclaimed lumbers in Latin America in the coming years.
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TABLE OF CONTENTS
1 EXECUTIVE SUMMARY
2 MARKET INTRODUCTION
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.3 ASSUMPTIONS & LIMITATIONS
2.4 MARKET STRUCTURE
2.5 KEY TAKEAWAYS
3 MARKET INSIGHTS
4 RESEARCH METHODOLOGY
4.1 RESEARCH PROCESS
4.2 PRIMARY RESEARCH
4.3 SECONDARY RESEARCH
4.4 MARKET SIZE ESTIMATION
4.5 FORECAST MODEL
5 MARKET DYNAMICS
5.1 INTRODUCTION
5.2 DRIVERS
5.2.1 INCREASING DEMAND FOR RECLAIMED LUMBER IN COMMERCIAL CONSTRUCTIONS
5.2.2 INCREASED FOCUS ON USE OF SUSTAINABLE BUILDING MATERIALS
5.2.3 GROWING NEED FOR CONSTRUCTION OF GREEN BUILDINGS
5.2.4 ROBUST GROWTH OF THE RESIDENTIAL AND COMMERCIAL CONSTRUCTION IN THE EMERGING ECONOMIES
5.3 RESTRAINTS
– 5.3.1 HIGH COST ASSOCIATED WITH THE PRODUCT
– 5.4 OPPORTUNITIES
5.5 CHALLENGES
Continue…
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