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Wood Industry Statistics for 2024

Table of Contents

The wood industry continues to grow and evolve, driven by increasing demand for sustainable building materials and innovations in forestry management. This article presents key wood statistics and trends for 2024, covering market size, production, consumption, technological advancements, and more.

Top Wood Statistics (Editor’s Picks)

  • Global Wood Market Value: Projected to amount to $174.3 billion in 2024.
  • Annual Growth Rate: The industry is growing at a CAGR of 1.1% from 2023 to 2028.
  • U.S. Wood Product Manufacturing: Expected to reach $9.7 billion by 2024.
  • Global Wood Production: 4 billion m3 per year.
  • Contribution to GDP: The global forest sector contributed more than $663 billion to world GDP in 2015.
  • Deforestation Rate: 10 million hectares lost annually.
  • Automation in Sawmills: 50% of sawmills globally use automated processes.
  • Global Smart Forestry: Projected to reach a valuation of USD 8,326.1 million by 2027, growing at a Compound Annual Growth Rate (CAGR) of 11.6% between 2020 and 2027.
  • Global Timber Trade: Projected to grow to $1054.43 billion by 2028.
  • Employment: In the Wood market, there will likely be 4.80 million workers by 2024.

Market Size and Growth

  1. Global Wood Market Value is projected to amount to $174.3 billion in 2024 (Statista)
  2. Annual Growth Rate: The industry is growing at a CAGR of 1.1% from 2023 to 2028 (Statista).
  3. U.S.Wood Product Manufacturing industry expected to reach $9.7 billion by 2024 (IBISWorld)
  4. The European Wood  Market is projected to amount to US$67.8bn in 2024 and is Projected to grow at a CAGR of 0.79% from 2024 to 2029 (Statista).
  5. Asia-Pacific Market of wood, forestry, and  paper is the largest market producing market with a value of $916 billion (Euro Monitor)

Production and Consumption

  1. Global Wood  Production is 4bn m3 per year. (Thunders Aid Energy)
  2. Global Wood Pulp Production amounted to over 195.79 million metric tons in 2022(Statista).
  3. Softwood Production in the U.S. was 292.1 million cubic meters in 2023 (Geeks for Geeks).
  4. Top Producer: The United States produces 19% of industrial wood, with 292.1 million cubic meters of wood production is a top producer of wood(Geeks for Geeks).
  5. Top Consumer: The United States, consuming 20% of global wood production, is the top consumer of wood (Wikipedia)

Economic Impact

  1. Contribution to GDP: The global forest sector contributed more than $ 663 billion to world GDP in 2015 (FAO).
  2. Export Value: Global wood exports valued at $188 billion in 2022 (OEC).
  3. Import Value: Global wood import value was $257.7 million in 2023 (Trade Map).

Sustainability and Certification

  1. FSC-Certified Forests: 160 million hectares of forests are FSC-certified worldwide (FSC).
  2. PEFC-Certified Forests: 320 million hectares are PEFC-certified (PEFC).
  3. Deforestation Rate: 10 million hectares lost annually (Our World in Data)
  4. Carbon Sequestration: Forests sequester 4 billion tonnes of CO2 annually (IMF).

Technological Advancements

  1. Automation in Sawmills: 50% of sawmills globally use automated processes (FAO).
  2. AI in Forestry: 30% of forestry companies utilize AI for forest management (PwC).
  3. Biomaterials: Wood-derived biomaterials market was valued at $162 billion in 2022 (The Brain Insights)
  4. AI in Wood Processing: AI has revolutionized lumber production, enabling precise cutting, shaping, and grading with minimal wastage, making the wood industry more sustainable and cost-effective (HF Switzerland)
  5. Global Smart Forestry: The Global Smart forestry market is projected to reach a valuation of USD 8,326.1 million by 2027, growing at a Compound Annual Growth Rate (CAGR) of 11.6% between 2020 and 2027.(Verified Market Reports)

Regional Insights of Global Wood Bio Products

  1. North American softwood lumber production capacity for 2023 was over 75 BBFT (Forisk)
  2. Asia-Pacific: Leading with 45% of global wood production(Euro Monitor).
  3. Europe: Home to 25% of the world’s certified forests (FSC).
  4. Latin America: Significant growth in reforestation, with Brazil leading (UNECE).

Africa: Rising timber exports, particularly from Central African countries (Flegtimm).

Construction and Furniture

  1. Wood in Construction: By 2030, the engineered wood market is expected to grow at a compound annual growth rate of 6.52% from its estimated USD 276,838 million in 2021 to USD 458,855 million.(Straigts Research).
  2. CLT (Cross-Laminated Timber): The size of the worldwide cross-laminated timber (CLT) market was estimated at USD 1.11 billion in 2021, and over the forecast period, it is anticipated to expand at a CAGR of 14.54%. (Polaris Market Research)
  3. Furniture Industry: Global wooden furniture market is projected to generate a revenue of 765 billion in 2024(Statista).
  4. Sustainable Furniture market Expected to grow by 11.2% from 2022 to 2030 (We Market Research)

Consumer Preferences

  1. Local Sourcing: 60% of consumers prefer locally sourced wood (BioResources)
  2. Naturalness and Organic: 45.6% of consumers believe that wood is a natural and organic material that people enjoy and become happy when using it (BioResources)
  3. Furniture: 82.5% of consumers use wood for furniture at home (BioResources)
  4. Wood Composite Furniture: 71.8% of consumers prefer wood composite furniture due to its functionality and design options (BioResources)
  5. Price: 57.8% of consumers consider the price of natural wood to be a significant factor in their purchasing decision (BioResources)

Global Trade In the Wood Industry

  1. Top Exporter: Canada, with $29.7 billion in wood exports annually (TimberBiz)
  2. Top Exporting Countries: Canada, USA and Germany are the leading exporters(TimberBiz)
CountryAnnual Exports (Billions)
Canada29.7
United States21.7
Germany24.2
Sweden16.8
Finland14.3
China14.8
Russia10
Brazil11.2
  1. Top Importer: United States, with $35.3 billion in wood imports annually (OEC)
  2. Top Importing Countries: USA, China and Germany are the leading importers (OEC)
CountryAnnual Imports (Billions)
United States35.3
China18.1
Germany11.9.
Japan11.8
United Kingdom9.0
  1. China’s Imports: China is the largest wood pulp importer and imports 37.91% of global wood pulp imports (Statista).
  2. Global Timber Trade is projected to grow to $1054.43 billion by 2028(Global Timber).

Environmental Impact of Wood Industry

  1. Carbon Storage: Forests store 662 billion tonnes of carbon (FAO).
  2. Deforestation Hotspots: The Amazon and Congo Basin lose the most forest cover annually (CNR, Forest News).
  3. Forest Degradation: 30% of tropical forests are degraded, and 34% are completely gone (RegnsKog).
  4. Forest Recovery: 25% of degraded forests show signs of recovery (FAO).
  5. Carbon Footprint: Using wood instead of concrete can reduce a building’s carbon footprint by 69% (Science Direct).
  6. Annual Tree Cover Loss: Fires are now causing an additional 3 million hectares (7.4 million acres) of tree cover loss per year than they did in 2001 (Mongo Bay).
  7. Global Forest Loss Due to Fires: Globally, nine million hectares of tree cover were lost to wildfires in 2023 (Statista)

Sustainability and Recycling

  1. Wood Recycling: 15% of wood waste is recycled globally (Tomra).
  2. Biomass Production: Wood accounts for 49% of global biomass production (EIA).

Construction and Building Materials

  1. Mass timber construction industry with a compound annual growth rate (CAGR) of 6%, the mass timber construction industry, estimated at $857.1 million in 2021, is expected to reach $1.5 billion by 2031. (Allied Market Research)
  2. Wood-based Panel Market: With a compound annual growth rate (CAGR) of 6.75%, the global wood-based panel market is projected to increase from USD 182,643.28 million in 2023 to USD 328,787.01 million by 2032(Credence Research)
  3. Wood Pallet Market: Expected to reach $20 billion by 2025 (Mordor Intelligence).

Economic Contributions

  1. Industry Value Add: The wood products market is a significant contributor to the global economy, adding over $1.5 trillion annually(FAO).
  2. U.S. Economic Impact: The forest products industry contributes $300 billion to the U.S. economy annually and 4% of US manufacturing GDP. (Customcy)
  3. EU Economic Impact: The wood sector contributes €136 billion or 7.2% of the total manufacturing industry to the EU economy annually (European Commission).
  4. Canadian Economic Impact: Wood products contribute CAD 33.4 billion to Canada’s GDP (Natural Resources Canada).

Forestry and Logging

  1. Global Forest Area: 4.06 billion hectares of forest worldwide as of 2021 (Statista).
  2. Sustainable Forestry: 30% of global forests are managed sustainably (UN FAO).
  3. Logging Machinery Market: Forestry Machinery Market size is estimated at $ 11.12 billion in 2024 (Mordor Intelligence).

Innovations in the Wood Industry

  1. Wood Plastic Composites: In 2023, the market for wood plastic composites was estimated to be worth USD 7.5 billion. (Markets and Markets).
  2. Nanocellulose: The market for Nanocellulose is expected to grow from its 2022 valuation of USD 0.4 billion to USD 2.0 billion by 2030.(MarketsandMarkets).

Employment and Workforce

  1. Employment: In the Wood market, there will likely be 4.80 million workers by 2024.(Statista).
  2. Labor Efficiency and Productivity: The labor efficiency in the Wood market is projected to amount to US$97.6k while labor productivity to.US$36.4k in 2024.
  3. The employment rate in 2024 in the Wood market is expected to be 0.06%.
  4. Gender Diversity: Women make up 20% of the workforce in the wood industry (FAO).
  1. Global Wood Consumption is projected to reach 3.1 billion cubic meters in 2030 (Yachen Wood).
  2. Per Capita Consumption: The average global consumption of wood products is 0.5 cubic meters per person annually (FAO).

Wood Products Market Segments

  1. Sawn Wood  Market expected to reach $757.33 million in 2024 (Mordor Intelligence)
  2. Wood Flooring: The market is expected to reach $10.69 billion in 2024 (Mordor Intelligence).
  3. Plywood Production: Global production reached 141 million cubic meters in 2023 and was valued at 54.2 billion in 20222 (Beroe Inc, Markets and Markets).
  4. Particle board Market: Expected to reach 105.86 million cubic meters in 2024 (Mordor Intelligence).
  5. Laminated Veneer Lumber (LVL): Market valued at 3577.65 Million in 2022 (Market Research Future)

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Muhammad Asim

Muhammad Asim

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