(Newswire.net — January 27, 2022) –The wood industry is one of the major industries in the world. The global wood market is exponentially growing, making it a force to reckon with. It comprises many economic activities and benefits to its participants. Let’s look at the following interesting statistics on the wood industry.
1. The wood industry employs about 41 million people in the informal sector.
The wood industry belongs in the informal industry. Approximately 41 million people have been hired in different roles from forestry, timber trade, logging as well as the production of wood products. An additional 13.2 million people are also job owners in the formal sector of the wood industry.
2. About 10 to 15 billion cubic feet of wood industries are used each year.
There is no doubt that wood is an efficient resource and an essential part of our day-to-day lives. From paper to firewood in our homes to tool making and the very furniture we use, it’s clear that it is a popular material. Statistics show that more than 100 million tons of wood are used each year in the US.
3. The wood industry generates a gross value of 600 billion yearly.
In addition to providing so many people with the means to achieve their livelihood, it also contributes greatly to the economic sector. About 1% of the GDP can be traced to the formal sector of the wood industry. When it comes to the informal industry, it is unclear how much value is generated, but the estimates show that it could even double the GDP calculations.
4. The growth of the wood industry is expected to slow down in the next 5 years following the pandemic.
One of the sectors significantly affected by the surge of the COVID pandemic is the wood industry. In a bid to control the spread of this virus, the government placed restrictions that affected normal operations. Since workers could not undertake their tasks remotely, an economic disruption occurred. Businesses either reduced production or shut down for good. This has become the new normal. Statistics show that it’ll take around five years for the industry to recover fully.
5. The demand for timber is expected to triple by 2050.
As the population increases, the demand for wood is also expected to triple by the year 2050. Both developed and developing countries are predicted to increase consumption in the coming years.
6. China is the topmost net importer of forest products in the world.
When it comes to the wood industry, China seems to have taken the crown. It is both the largest importer and exporter country of wood worldwide. China mainly imports wood charcoal and wood articles.
7. IKEA is the world’s topmost single consumer of the wood industry.
IKEA is a Swedish conglomerate that has dominated the furniture business. This furnishing company uses around 1% of the world’s wood, which can be translated to about 17.8 million cubic feet, in making its furniture that is sold in about 300 stores globally. They make around 100 million pieces of furniture in a year.
8. The market size of the wood manufacturing industry in the US is expected to be at $8.1 billion in 2022.
The wood industry is predicted to have a strong business outlook in 2022 despite the current pandemic and its challenges. It is expected that the market size will hit a revenue of The wood industry plays a huge role in the world. With so much growth expected in this sector, it’s certain that it’s going to remain one of the major contributors to the economy.