(MENAFN- PR Newswire) Wide applications of transparent wood in end-use industries such as construction, furniture, solar cell, and others and growth in construction activities globally drive the global transparent wood market. By region, the market in Europe would dominate through 2031
PORTLAND, Ore., Jan. 16, 2023 /PRNewswire/ --
Allied Market Research published a report, titled, ' Transparent Wood Market by Application (Construction, Furniture, Solar Cell, Automotive Windshields, Packaging, Flexible Electronics, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031 .' According to the report, the global transparent wood industry
is estimated to generate $88.4 million in 2021 and $208.1 million by 2031, witnessing a CAGR of 9.0% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Drivers, Restraints, and Opportunities
Wide applications of transparent wood in end-use industries such as construction, furniture, solar cell, and others and growth in construction activities fuel the growth of the global transparent wood market. However, vulnerability of transparent wood to water damage hinder the global market growth. On the other hand, surge in demand for sustainable building materials will present new growth opportunities for the global transparent wood market in the coming years.
Covid-19 Scenario
The COVID-19 pandemic had a major impact on the global transparent wood market. The implementation of emergency protocols and cancellation or postponement of all non-essential work due to rise in Covid-19 cases negatively impacted the construction industry. Multiple site owners, construction firms, and contractors, imposed travel bans for workers or travel restraints for those from high-risk states. However, due to customers spending more time at home, owing to lockdown and stay at home policy, the demand for wooden furniture grew globally, which propelled the furniture industry.
The construction segment to dominate the market in terms of revenue during the forecast period
Based on application, the construction segment contributed to the largest share of nearly one-third of the global transparent wood market in 2021, and is expected to rule the roost during the forecast period. This is because transparent wood is one of the creative materials in the construction industry. It is used in residential buildings to let more light inside the building. It is also used as an encapsulating material to prevent heat leakage from the phase change material. However, the solar cell segment is projected to witness the fastest CAGR of 9.4% from 2022 to 2031, as transparent wood is used in solar cell panels, which may practically generate power from windows in workplaces, residences, automobile sunroofs, or even cellphones. The report also studies the furniture, automotive windshields, packaging, flexible electronics, and others segments.
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Europe to garner the largest revenue by 2031
Based on region, the market in Europe was the largest in 2021, accounting for over one-third of the global transparent wood market, and is likely to maintain its dominance during the forecast timeframe. Transparent wood is primarily used in the packaging industry in Europe, as it has good oxygen resistance, water absorption, and biodegradability. Transparent wood is also used in the furniture and construction industries in load bearing window door frames and columns. However, the market in Asia-Pacific is likely to show the fastest cagr
of 9.5% during the forecast period. Transparent wood is produced in Asia-Pacific by polymerization of vinyl acetate monomer, followed by hydrolysis, and is used in a variety of end-user sectors such as paper, packaging, flexible electronics, and construction and furniture. The report also provides an analysis of the regions such as North America and LAMEA.
Leading Market Players
Hoffmann Mineral GmbH InventWood Nomaco Sayerlack Abro Cellutech AB Holland Composites Preserva Products Ltd. Wash Safe DEFY
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