Modified Wood Market: The sustainable material
- Wood has been used as a major material for a wide variety of applications in various end-use industries due to its structural strength and ecofriendly nature. However, wood does possess certain disadvantages, such as lack of resistance to fire and inability to withstand high moisture, which restricts its usage.
- It the recent years wood modification technology has witnessed major advancements. Companies have invested in research and development to overcome the shortcomings of wood. Modified wood is the result of one such technological development. Modified wood is wood that has been treated chemically or physically to alter its properties or characteristics. Various new modified wood products are presently readily available. These products offer enhanced durability and improved performance.
- Modified wood is extensively utilized in residential and commercial applications. These applications include decking, railing, staircase, and fencing.
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Increasing focus towards environmental sustainability is anticipated to boost the demand for modified wood market
- Wood construction materials are eco-friendly and have low carbon emissions as compared to other construction materials such as steel and concrete. The manufacturing process of steel and concrete is also energy intensive and leads to the emission of a large amount of carbon. Rise in focus on environmental sustainability across the globe is providing significant opportunity to the modified wood market across the globe.
- Rise in investment in building & construction in developed countries and extensive usage of modified wood in commercial construction are key factors augmenting the modified wood market. This is further encouraging companies to increase production of modified woods. Additionally, easy availability of raw materials is anticipated to boost the demand for modified wood in the near future.
- Rising demand for wooden decks in various residential and commercial projects due to excellent appearance and low maintenance coupled with environment friendly nature is driving the global modified wood market. Moreover, rising efforts taken by governments across the globe to reduce carbon emissions and hazardous air pollutants caused from usage of other construction materials is prompting manufacturers to develop construction materials that possess low environmental hazard. All these factors are driving the global modified wood market
Residential and commercial segment to offer attractive opportunities
- Modified wood as a construction material is gaining momentum in residential applications. It is used in to make decking, claddings, exterior fencings and various other interior applications.
- Rising urbanization and FDI investment in the building & construction sector, typically in Japan, China, and South Korea, is likely to offer significant opportunity to the manufacturers of modified wood in the near future
- Rising demand for modified wood for exterior fencing applications in commercial construction sector and increasing demand for modified wood for interior decoration applications in the residential construction sector is expected to provide lucrative opportunities to manufacturers operating in the modified wood market.
Intense competition from counterparts and high flammability to hamper market
- Modified wood faces intense competition from its counterparts, such as engineered wood, in applications where high strength is required. These materials cost less and possess similar physical and aesthetic appeal as of modified wood which may hinder market’s growth during the forecast period
- Modified wood also faces intense competition from other materials such as steel, aluminum, and concrete. These materials have a longer lifespan as compared to wood materials. Thus, it is anticipated to hinder the modified wood market.
- Modified wood is highly flammable liquid and hence, it has to be stored in a controlled environment. Additionally, chemically modified wood, such as wood modified with creosote oil, can cause chemical bleeding, which may be toxic to the surroundings. These issues associated with chemically treated modified wood are anticipated to restrain the modified wood market.
North America expected to be the growth driver in the global modified wood market
- In terms of region, the global modified wood market can be split into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
- North America is a leading consumer of modified wood, followed by Europe and Asia Pacific. Rising demand for wood claddings in U.S., Canada, and U.K. expected to create high demand for modified wood during the forecast period. Additionally, rising demand for wooden decking in the building & construction industry across developing countries of Asia Pacific, such as China, India, Indonesia, and Vietnam, is expected to offer considerable opportunity to the manufacturers of modified wood operating in the region.
- Rising FDI investment in the construction industry in developing countries of Asia Pacific is also likely to fuel the market in the region during the forecast period
- Rising demand for eco-friendly building materials for residential applications, such as interior, decking, cladding, and fencing, is driving the demand for modified wood in North America and Europe.
- Rising import of modified wood in Latin America and Middle East & Africa, due to its excellent aesthetic appeal and eco-friendly nature, is likely to boost its demand in both regions.
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Key players operating in the modified wood market
The global modified wood market is highly fragmented with top manufacturers accounting for approximately 10% to 15% share of the global market. Key players operating in the modified wood market include
- Titan Wood Limited
- WTT A/S
- Kärävä Oy
- Luxhammar Corporation
- Sunset Moulding Company
- LIGNIA Wood Company Limited
- The Sansin Corporation
- L. JOHNSON LUMBER MFG. CO.
- Arbor Wood Company
- Northland Forest Products
- Bailey Wood Products
- SIA REK
- Kebony AS