Transparent Wood Market Expected to Reach $208.1 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Transparent Wood Market," The transparent wood market size was valued at $88.4 million in 2021, and is estimated to reach $208.1 million by 2031, growing at a CAGR of 9.0% from 2022 to 2031.

Transparent wood is a superior construction material that can be used as an alternative for glass. It is more reliable and possess excellent properties such as durability and thermal resistance. Unlike glass, this wood can splinters or bends instead of shattering. Further, transparent wood has a superior thermal efficiency as compared to the glass. The production of transparent wood involves bleaching and boiling of wood which removes lignin, a brown colored chemical. The wood is then penetrated with a synthetic polymer called polyvinyl alcohol, creating transparent wood.

The growth of the global transparent wood market is majorly attributed to its wide applications in construction, furniture, solar cell, and others. Also, growth in construction activities is predicted to drive the market growth during the forecast period. There is growing investments by the government in infrastructure growth across the globe. Besides, there are various construction projects initiated by the government globally, especially in the urban areas. The development of new infrastructure and development projects is increasing globally owing to the rising population, which is requiring the construction of new hotels, hospitals, schools, office buildings, education centers, colleges, and other public buildings.

"According to Invest India, the construction sector in India is anticipated to reach $1.4 trillion by 2025. The construction industry market in the country works across 250 sub-sectors with linkages across sectors. The Real Estate Industry in India is anticipated to reach $1 trillion by 2030 and will contribute 13% to the country's GDP. Further, under National Infrastructure Pipeline, India has an investment budget of $1.4 trillion on infrastructure. Schemes such as the revolutionary Smart City Mission are predicted to improve the quality of life through technology-driven urban planning."

Further, the government of Middle East, primarily, in Saudi Arabia is focused on developing its economy through expansion of multiple commercial & residential construction projects. The rising investment by the government in areas pertaining to healthcare, tourism, and education is predicted to stimulate the construction market in Saudi Arabia. These factors are consequently producing the demand for transparent wood globally.

There is increasing demand for transparent wood from developed and developing economies. In Europe, there is rising focus on sustainability. Besides, Europe is gradually shifting away from traditional timber and replacing non-tropical timber alternatives. Furthermore, populace with a rising environment awareness is inclining towards substitute for plastics, thereby propelling the demand for transparent wood in the region. In Japan, wood is extensively used in the construction. The Japanese population have a substantial inclination towards cost-effectiveness and energy efficiency, consequently bolstering the transparent wood demand in the country. Further, researchers in China are designing environment-friendly versions of transparent wood. The wood consumption in the country has risen notably in the past decade. As per the China Association of Forest Products Industry, the country's overall wood consumption has grown by 173% in the past ten years.

However, vulnerability of transparent wood to water damage is projected to hinder the expansion of the market. Nevertheless, surge in demand for sustainable building materials raise demand for transparent wood, which is expected to offer lucrative growth opportunities for the global transparent wood industry.

The transparent wood market is segmented into application and region. On the basis of application, the market is categorized into construction, furniture, solar cell, automotive windshields, packaging, flexible electronics, others. Region-wise, the transparent wood market share is studied across North America, Europe, Asia-Pacific, and LAMEA. Europe is predicted to dominate the transparent wood market during the forecast period.

The major players operating in the global transparent wood market include, Abro, Cellutech AB, DEFY, Hoffmann Mineral GmbH, Holland Composites, InventWood, Nomaco, Preserva Products LTD., Sayerlack, and Wash Safe.

COVID-19 analysis:

The COVID-19 pandemic has had a substantial impact on the global transparent wood market growth. Due to the surge in U.S. cases of COVID-19, there were implementation of emergency protocols, and in numerous cases, the city-wide and state-wide shutdown of all non-essential work. Such measures negatively impacted the construction industry. Multiple site owners, construction firms, and contractors were implementing travel bans for workers or travel restraints on those employees from high-risk states. However, due to increased time customers spending at home owing to lockdown, and stay at home In order to stay safe practices, the demand for wooden furniture raised worldwide, which propelled the furniture industry, thereby creating demand for the transparent wood during COVID-19.

Key findings of the study:

• By application, the construction segment was the highest revenue contributor to the market in 2021.
• Region-wise, Europe was the highest revenue contributor, growing with a CAGR of 9.2%.