Global wood market to hit $903bn by 2026, says report
DUBAI, February 26, 2023
The global wood industry is poised for solid growth in the next few years with the market expected to hit $903 billion in 2026, thus registering a compound annual growth rate (CAGR) of 7.2%, said a report released ahead of Dubai WoodShow (DWS).
The boom in the region’s construction and building sectors is fuelling the growth of the wood and woodworking machinery industries as they benefit from the increased demand for sustainable products (wood, timber, and wood products) and technologies, stated the Wood Products Global Market Report 2022.
A leading platform for wood and woodworking machinery industry in the Mena region, DWS will run from March 7 to 9 at the Dubai World Trade Centre. In its upcoming 19th edition, the expo is set to unveil a completely new event format.
According to the organisers, Dubai WoodShow is gearing up to make a strong comeback as the industry is on a positive growth curve following the rise in the construction industry in the Mena region and, more specifically, in the UAE.
This, as the ongoing construction projects in the region give a boost to the wood and woodworking machinery industry, they stated.
According to the “UAE Construction Market (2022-2027)” report, the sector is expected to reach a value of $133.53 billion by 2027, thus registering a CAGR of 4.69% over the forecast period.
The UAE government’s infrastructure projects, comprising housing, tourism, and transport networks, will also make a significant contribution to the sector.
Given the pipeline of upcoming projects, it is evident that design-and-build opportunities are in plenty for the next few years, further contributing to the progress of the wood industry, said the organisers.
Given its position in the global wood market, Egypt will be the country of honour at the upcoming event for the second year in a row.
Wood is one of the most important industrial sectors in Egypt, with the number of furniture factories and workshops reaching about 140,000, and direct and indirect workers as many as 440,000 and 460,000, respectively, they stated.
The country’s value of exports during the first eight months of 2022 amounted to about $170 million. The UAE was one of the top importers of Egyptian furniture alongside the US, Saudi Arabia, and Iraq, according to the Wood and Furniture Products Chamber of the Federation of Egyptian Industries.
The Egyptian pavilion will include 15 companies showcasing the latest developments in the fields of technology, furniture and wood industry machinery, and alternative materials.
On the upcoming event, Strategic Holding President Dawood Al Shezawi said: "The 19th edition of Dubai WoodShow will definitely become an unconventional show because we will launch more dynamic features providing more opportunities for generating leads, increasing sales, and building relevant connections within the industry."
"We have already started our preparations in order to ensure that every participant will be able to profoundly benefit from this high-quality event," he stated.
AL Shezawi said in addition to major giga-projects and several new and innovative projects ranging from resort-style communities to luxury developments, the rise in the number of construction projects in the region is beefing up demand for wood products.
"This gives us an opportunity to bring an entirely different Dubai WoodShow this year by providing more rewarding activities and a highly enriching experience to all our attendees," he added.-TradeArabia News Service
