The reclaimed lumber market size to reach 65.29 billion by 2028.
According to Yahoo! Finance, the global reclaimed lumber market size is expected to reach Usd 65.29 billion by 2028 according to this study. The report gives a detailed insight into current market dynamics and provides analysis on future market growth.
Increasing use of reclaimed lumber in the construction industry, surging use of processed wood for interior design, and rise in demand for green construction across the globe are the main driving forces for the lumber market growth. The industry is finding various applications in construction owing to its high durability and strength. It has applications in furniture, paneling, flooring, and siding, and architectural millwork.
The construction sector is thriving in many countries, including China and other emerging economies, due to the economic progress they have made in recent decades. The construction sector is one of the largest industries in the world, with an estimated size of Usd 10 trillion, and the use of reclaimed lumber in such a vast industry with many applications will boost the growth of the global market for reclaimed lumber during the forecast period.
The scrapped woods from the demolished buildings contribute 15 million tons of wood waste dumped into the landfill, raising many environmental issues Hence in recent years, woods have been recovered from older demolished buildings and are recycled for various purposes. Since many believe that the quality of old timber is better than new timber, their lumber demand has increased in recent years.
The recycling of old woods will also reduce the cutting of trees for new timbers, which will significantly help reduce greenhouse gases across the globe. In recent years, green buildings have been gaining prominence in regions such as Europe due to their environmentally friendly construction and hence are extensively used in such buildings.