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Global timber market to reach $903 billion by 2026, report says

Global timber market to reach 3 billion by 2026, report says

According to a report released by Dubai Wood Show (DWS), the global timber industry is expected to achieve solid growth in the next few years, and the market size is expected to reach 903 billion US dollars by 2026, with a compound annual growth rate (CAGR) of 7.2%.

The Wood Products Global Market Report 2022 states that the region’s building and construction boom is fueling the growth of the wood and woodworking machinery industry as they benefit from increased demand for sustainable products (wood, wood and wood products) and technologies .

The MENA region’s leading platform for the timber and woodworking machinery industry, DWS will be held at the Dubai World Trade Center from March 7th to 9th. In the upcoming 19th World Expo, the World Expo will launch a new form of activities.

According to organizers, Dubai Wood is poised to return strongly as the industry is on a positive growth curve with the rise of construction in the MENA region, especially the UAE.

They said the timber and woodworking machinery industry was boosted by ongoing construction projects in the region.

According to the “UAE Construction Market (2022-2027)” report, the industry is expected to be worth USD 133.53 billion by 2027, thus registering a CAGR of 4.69% during the forecast period.

The UAE government’s infrastructure projects, including housing, tourism and transport networks, will also contribute significantly to the industry.

Organizers said that considering the upcoming projects, it was clear that there were many design and build opportunities in the coming years that would further advance the timber industry.

Given its position in the global timber market, Egypt will be the country of honor at the upcoming event for the second year in a row.

Timber is one of the most important industrial sectors in Egypt. There are about 140,000 furniture factories and workshops, and 440,000 direct and 460,000 indirect workers.

In the first eight months of 2022, the country’s exports are worth about US$170 million. The UAE is one of the top importers of Egyptian furniture alongside the US, Saudi Arabia and Iraq, according to the Chamber of Wood and Furniture Products, the Egyptian Federation of 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.

Speaking at the upcoming event, Dawood Al Shezawi, President, Strategic Holding, said: “The 19th edition of Dubai Timber is sure to be an unconventional show as we introduce more dynamic features for lead generation, increased sales and There are more opportunities to build relevant connections within the industry”

“We have already started preparations to ensure that every participant can benefit greatly from this high-quality event,” he said.

AL Shezawi said that the increase in the number of construction projects in the region has increased the demand for wood products, in addition to large mega-projects and several new innovations ranging from resort-style communities to luxury developments.

He added: “This gives us the opportunity to make Dubai Wood a completely different event this year by offering more valuable activities and a highly enriching experience for all attendees.”trade arab news agency

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