According to a new market research report published by Credence Research “Lumber Equipment Market (Equipment Type – Harvesters, CNC Routers, Chain & Chisel Mortising Machines, Grinding Machines, Sawmills, Shredders, Sander Machines and Others; Operating Principle – Electric and Mechanical; End-user – Pulp & Paper Industry, Construction Industry, Lumber Factories & Sawmills and Others) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global lumber equipment market was valued at US$ 44.8 Bn in 2017 and is set to demonstrate promising CAGR of 3.72% across the forecast period through 2018 to 2026.
The global lumber equipment industry is a vibrant in nature due to globalization, production assortment and the development of technologies. From substantial machinery to handheld tools, lumber equipment are used to manufacture everyday products with increasing levels of precision, quality and scale. Equipment used for lumber processing applications are ubiquitous. Alongside big scale organizations, these equipment are also essential to support millions of private ventures and self-employed home contractors.
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Lumber equipment find vital application in pulp & paper, construction, manufacturing and other industries. Major factor supporting market growth is steady growth of furniture industry. Furniture industry market growth attributed by steadily diminishing commodity prices. In hardwoods, the International Monetary Fund reports that log prices declined from $282 (per cubic meter) in 2014 to $246 in 2015. Similarly, average prices of framing softwood lumber dropped from a high of $401 (per thousand board feet) in August 2014, to $316 by December 2015. With constant decreasing prices, demand for furniture work expected to witness promising growth in following years subsequently driving the demand for lumber equipment.
Overall lumber equipment market segmented based on product type, operating principle and end-user. By product type, market directed by sawmills segment primarily due to accuracy offered by the equipment in multiple shape cutting process. Modern sawmills equipped with process control and optimization tools have increased the productivity of lumber processing by multiple times. Further multi tool handling technology along with growing penetration of automation in overall process expected to cement the dominant position of sawmill segment across the forecast period. Based on the geography, North America dominated the lumber equipment market globally in 2017. The market in the region firmly supported by the China, Japan, Korea, Taiwan and India. In 2015, China exported lumber equipment worth of US$ 9.73 Bn and also represented as world largest exporter of lumber equipment in same year.
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Further, along with growth of high-yielding population in the city, the increasing demand for luxurious hotels and the upgrading concept of consumption, the demand for high-grade & personalized furniture gradually improved. On the other hand, development of urbanization lead to the rural population into the city, bringing a new round of low-end furniture industry demand. Commercial property sales are the main factor stimulating the consumption of furniture, as past two years of real estate resulted in the rapid growth of furniture consumption. Subsequently, lumber equipment market expected to register promising growth rate across the forecast period.
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By Equipment type Segment
- CNC Routers
- Chain & Chisel Mortising Machines
- Grinding Machines
- Sander Machines
- Others (Stamping & Punching Tolls, Knives & Cutting Blades, etc.)
By Operating Principle
BY End-user Segment
- Pulp & Paper industry
- Construction Industry
- Timber Factories & Sawmills
- Others (Municipalities, Park Districts & Universities, etc.)
By Geography Segment
- North America
- Asia Pacific (APAC)
- Latin America (LATAM)
- Middle East & Africa (MEA)
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