[FURL=https://www.industryarc.com/Research/Reclaimed-Lumber-Market-Research-508462]Reclaimed Lumber Market[/FURL] size is forecast to reach $16.2 billion by 2026, after growing at a CAGR of 4.6% during 2021-2026. Reclaimed lumber is recycled wood, retrieved from its original application for purposes of subsequent use such as Wine barrels, wood mantels in homes and others. Additionally, reclaimed wood can been taken from various sources such as Factories, Old barns, stock farms with other places. So, with the increase in use of refurnished woods the demand for reclaimed lumber industry is expected to drive. In addition, with rise in construction of wooded houses, specially in cold places, the reclaimed lumber market is expected to lead. Whereas government initiatives towards housing will enhance the overall market demand for reclaimed lumber market.COVID-19 Impact
The worldwide crisis of COVID-19 has declined the construction industry as many of the ongoing infrastructure projects are either post-ponded or cancelled which has led to a millions and billions of losses. The International Monetary Fund (IMF) forecasts that real gross domestic product (GDP) will shrink by around 3% worldwide, growing 5.9 percentage points less than the 2.9% growth in 2019. According to which United States will see mass layoffs in the construction sector as in many other industries and building activity in southern Europe is anticipated to contract by 60-70%. So, this has declined the construction industry and hence the reclaimed lumber market has restrained.
Key Takeaways
Asia-Pacific dominates the Reclaimed Lumber market owing to increasing demand from applications such as automotive and aviation industries.
Reclaimed Lumber avoids and reduces the consumption of new timber, this is likely to aid in the market growth of reclaimed lumber.
Increasing adoption and government initiatives towards green building will increase the market demand for reclaimed lumber in the near future.
High prices of reclaimed lumber will create hurdles for the reclaimed lumber market.
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Reclaimed Lumber Market Drivers
Growing demand for green building
Governments initiatives regarding construction/ infrastructure
Reclaimed Lumber Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Reclaimed Lumber market. Major players in the Reclaimed Lumber Market are Altruwood, Atlantic Reclaimed Lumber, LLC, Carpentier Hardwood Solutions NV, Elemental Republics, Elmwood Reclaimed Timber, Imondi Flooring, Jarmak Corporation, Longleaf Lumber, Inc., Montana Reclaimed Lumber Co., Olde Wood Ltd., among others.
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