Hardwood Market - Global Industry Analysis & Forecast | TMR
Hardwood Market: Overview
Hardwood
is the timber obtained from dicot angiosperm trees. Most common dicot
angiosperm trees used for obtaining hardwood are ash, cherry, maple,
oak, birch, and poplar. A major difference between soft wood and hard
wood is the presence of pores or vessels of distinguished shapes &
sizes in the latter and the distinct structure of its cell wall.
Hardwood is observed to display a conspicuously wide variety of
characteristics, mainly due to the presence of different hardwood in the
market, each with its own distinctive features.
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Hardwood
is available in textures and colors of varying degrees depending on the
tree from which it has been obtained. The weight of hardwood also
differs based again on its source. For example, hardwood obtained from
the balsa tree is flexible and light, whereas that obtained from
mahogany is comparatively dense.
Hardwood Market: Trends
In
recent times, hardwood has been used in a range of applications such as
furniture, decorative articles, building & construction, and
interior & outdoor structures. Its other uses include craft
material, firewood boilers, and decorative articles.
Hardwood
is extensively employed in flooring and furniture. It is not just a
useful material but also attractive in the aesthetic sense. Hardwood is
easy to maintain and does not require special measures to be kept clean.
Another positive aspect is its ability to retain heat and keep a room
insulated even in cold weather conditions.
The
increasing demand for wood flooring are important factors driving this
market. Its distinct properties make it a suitable material to be used
in furniture as well as flooring.
However,
the usage of hardwood in different applications is linked to a number
of environmental concerns. Hardwood is obtained from valuable species of
flora which are almost on the verge of extinction. The limited
availability of tress also leads to a surge in its price. The scope of
using hardwood flooring is limited only in dry areas of the house such
as living rooms and bed rooms. Since, hardwood is not waterproof, it
can’t be used in areas such as bathroom, basement or kitchen.
Cheaper
alternatives for hardwood are being chosen these days, primarily due to
its low rate of availability and high cost. Keeping its benefits in
mind, the market is expected to experience moderate growth during the
forecast period as well as in the future, as wood floorings are used
exclusively in historic buildings and not on a domestic level.
Hardwood Market: Region-wise Outlook
The
market for hardwood is flourishing in Asia Pacific, mainly due to the
need for wood flooring in China. North America is next in terms of
demand for hardwood-based furniture, which was considerably high in
Canada and the southern part of U.S., which boosted the overall market
in this region. The market here is in its developmental stage and likely
to expand further in the future as well.
The
development of the hardwood market is moderate in Europe and
anticipated to remain constant in the future as well. Among all of its
varieties, demand for oak was comparatively high in Europe. Middle East
& Africa exhibited considerable growth in its requirement of
hardwood furniture. The market is comparatively less developed in Latin
America mainly due to the limited demand for hardwood products.
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Hardwood Market: Key Players
Key
players operating in the market for hardwood include Appalachian
Hardwood Manufacturers Inc., Mullican Flooring, A & M Wood
Specialty, Armstrong Flooring, and Somerset Hardwood Flooring.
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