Wood Preservatives Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Wood Preservatives Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Key Highlights

• The wood preservatives market was valued at USD 2,553 million in 2021. It is projected to register a CAGR of over 4.5% during the forecast period (2022-2027).
• The market was negatively impacted by the COVID-19 pandemic in 2020. However, it has now returned to pre-pandemic levels and is expected to grow at a steady pace.
• Over the medium term, the factors driving the growth of the market studied are the increasing demand for wood in different applications​ and the increasing furniture production​.
• On the other hand, the stringent government regulations on various wood preservatives may act as barriers to the growth of the market studied.
• North America dominates the market studied, with the highest consumption recorded by United States and Canada.

• Wood is used for many applications, such as furniture, walls, flooring, doors, roofs, cabinets, columns, beams, and staircases. Wood preservatives are those that claim to control wood degradation problems due to fungal rot or decay, sap stains, mold, or wood-destroying insects.
• Wood preservatives include various chemicals, e.g., copper-based chemicals, borates, and creosote oils.
• Wood preservatives are used in the manufacturing of outdoor products for residential purposes, such as utility poles, fence posts, rails, and lawn furniture. They are also used during construction, such as structural members and log homes.
• The increasing demand for residential projects across the world is expected to drive the market for wood preservatives through the forecast period. ​
• The construction sector in the Asia-Pacific region is the largest in the world and is expanding at a healthy rate, owing to the rising population, increase in middle-class income, and urbanization.​
• Furthermore, India will likely witness an investment of around USD 1.3 trillion in housing over the next seven years. It is expected to witness the construction of 60 million new homes.
• Glue-laminated beams (Glulam) are used as straight beams, columns such as lintels, purlins, ridge beams, and floor beams, tied rafters, and trusses in the construction of buildings. Here, wood preservatives are prominently used.
• The growing residential construction activity in countries such as China, Japan, United Kingdom, United States, and India is driving the wood preservatives market.
• Hence, based on the aforementioned aspects, the residential segment is expected to dominate the market.

• With the growing construction activities in countries such as United States, Canada, and Mexico, the utilization of wood preservatives is increasing in the North American region.
• A trillion-dollar infrastructure bill by the US government is expected to drive the market for wood preservatives in United States during the forecast period.
• According to the Canadian Construction Association, the construction sector is one of Canada’s largest employers and a significant contributor to the country’s economic success. The industry contributes 7% of the country’s gross domestic product (GDP).
• In Canada, the residential and commercial sectors have been witnessing steady growth in the recent past. The country witnessed some of its largest construction projects, including the Panda Condominium, the Harwood Condominium, Power and Adelaide Condominium, and Amazon Distribution Centre/Ottawa.
• Apart from furniture, wood preservatives are also used in flooring, decks, plywood, cabinet, particleboard, windows, and doors.
• As part of the "Investing in Canada," the government announced its plans to invest nearly USD 140 billion in major infrastructure developments in the country by 2028. In 2019-2020, the government planned to approve investments of USD 5.6 billion for new infrastructure projects in the country. ​
• The aforementioned factors, coupled with government support, are expected to make the North American region dominant in the global market.

The global wood preservatives market is partially fragmented in nature, owing to the presence of a large number of players occupying insignificant shares. Some of the major companies are Koppers Performance Chemicals, Lonza Specialty ingredients, LANXESS, Wolman Wood and Fire Protection GmbH, and Troy Corporation.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support