Softwood Market Size Expected to Reach USD 1,85,387.9 Million by 2030 with a 4.1% CAGR
Research Reports
Apr 11, 2024
Market Overview
According to a Comprehensive Report by MRFR/Market Research Future (MRFR), Softwood Market Information by Type, Form, End Use, Resistant Capacity, and Region – Forecast till 2032,”The Softwood industry size will burgeon from USD 1,39,482.1 Million in 2023 to USD 1,85,387.9 Million by 2030, at a rate of 4.1% between 2023 and 2030.
Market Synopsis
Softwood is typically a type of timber that comes from different species of deciduous trees like fir, cedar, pine, treated lumber and redwood. The product mostly comes in rectangular forms, such as posts, rails and planks.
Furthermore, softwood has versatile characteristics like chemical resistance, high strength and water-resistant properties. It is also cheaper and grows faster than hardwood, which makes it the obvious choice for most people who use wood products. All these factors have made softwood lumber one of the best options in many areas including construction and packaging industries as well as manufacturing sectors.
The rapid growth of construction and manufacturing industries will stimulate the demand for softwood lumber. Softwood lumber is used extensively within inner walls and roof structures within the construction industry. Additionally, it can be utilized in doors and fixtures, among other building components. Conversely, in the manufacturing sector, it is widely used to make furniture, particularly wood carving. These aspects increase the need for softwood; therefore, further contributing to swelling its market share during the projection period.
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Market Competitive Landscape:
- Weyerhaeuser
- Georgia-Pacific
- Sierra Pacific Industries
- Interfor Corporation
- Canfor Corporation
- West Fraser Timber
- Tolko Industries
- UPM
- Kronospan
- Metsa Group
Market USP Covered:
Market Drivers:
In building, commercial and residential, softwood lumber is substantially used as a construction medium. The softwood lumber market depends on the construction industry. An increase in construction activities and expansion of the construction industry are projected to have positive impacts on the softwood lumber market. Moreover, softwood is greatly used for furniture making and wood carving. As compared to hardwood trees, softwood trees do not cause much harm to the environment since they regrow at a higher speed. This makes sure that there is always plenty of it hence leading to more use of this type of wood in different applications.
In bypassing strict government rules/regulations regarding cutting of trees, it grows much faster than hardwoods thereby allowing multiple harvests from the same plantation. For example, the cedar tree has wood that cracks slowly, hence being used for various constructions and manufacturing purposes. All these contribute to an increased demand for softwood material.
Softwoods have been used universally in building and interior finishing works for many years now. Subsequently, growth in the real estate sector has led to an increase in the number of housing societies, office spaces, commercial complexes, and residential buildings. Globally, this means high demand by various industries. The growing construction industry drives the market’s growth.
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Market Restraints:
Some softwood timber is insect-prone. This limits softwood lumber use. Additionally, fir timber is weaker. This represents poor demand for fir lumber, which slows softwood lumber market growth. Modern technology has created softwood lumber substitutes. This is projected to impact softwood lumber industry growth.
Market Segmentation
Global softwood market segmentation by type: cedar, Douglas fir, pine, spruce, redwood, and others.
The softwood market division, by form, covers plywood, timber, lumber, and veneer.
Walls, roofing, underlayment, fences, furniture, and others are softwood market segments by end- use.
Resistance capability divides the softwood market into moisture-resistant, fire-resistant, termite-resistant, and chemical-resistant.
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Regional Insights
During the forecast period, it is projected that the North America softwood market will expand at a considerable CAGR and have the largest market share in 2022. Consequently, technological advances and breakthroughs in forestry practices as well as timber processing play a vital role in enhancing efficiency and competitiveness within this sector.
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