Introduction
Reclaimed lumber states to wooden scrap and materials that are collected from old furniture, buildings, or remains. Reclaimed lumber is exposed to a number of procedures to re-establish its worth and distinction and can be utilized as fresh wood.
Factors such as the superior structural features, increasing need from end-use industries, the growing interest in recycling, and escalating perseverance to deal with waste management issues a that will further boost the growth of the reclaimed lumber market.
However, the high raw material costs associated with the product, availability of substitutes in the market is limiting the market demand.
Despite the current pandemic situation, the ceiling tiles manufacturers are recovering their operations in full capacities from 2021 beginning. Along with this, the recovering construction activities across the globe are expected to mitigate to numerous potential negative impacts caused during COVID-19 and maximize their opportunities in future.
Table of Contents
Market Overview
The Global reclaimed lumber is expected to grow to $63.70 billion by 2025
Growth momentum is expected to accelerate during the forecast period with a 4.92% CAGR
Raising environmental awareness, increasing inclination towards recycling, and intensifying
provisions to deal with waste management-related issues are some of the factors favoring the market growth.
Europe is dominating the market owing to significant growth and increased private investments in the construction sector.
Key Trends
The growing interest in recycling, and escalating perseverance to deal with waste management issues is likely to provide opportunities for the market growth.
The increasing environmental alertness is also expected drive the demand.
The increasing number of renovation and refurbishment projects in the developed countries is anticipated to boost the demand for materials, thereby propelling the industry growth.
Key Market Players
Some of the key players in the market are Vintage Timberworks, Carpentier Hardwood Solutions, Imondi Flooring, TerraMai, Jarmak Corporation, Olde Wood
The players in the global market primarily compete based on product quality, customer service, and product price. The players focus on providing high-quality materials and follow a focused cost leadership. The market has been witnessing an increasing trend of organic growth. They are also adopting certain strategic initiatives, M&A activities to increase their production capacity and to enhance their product portfolio to cater to the growing demand.
Growth Drivers and Challenges
The rising investment in various construction and infrastructure projects across the globe is driving the market. The global construction industry is growing at a faster pace with a major contribution from emerging countries. The revenue is expected to reach approximately $14.98 trillion by 2025
Growth in the construction of green buildings in developed nations is driving the demand.
The market growth is hampered by high raw material costs associated with the product.
Availability of various substitutes, along with the absence of quality control across emerging nations, is another factor restricting the market growth.