Wood Moulding and Trim Demand to Grow 3.7% Annually Through 2022
CLEVELAND, April 16, 2018 /PRNewswire/ — Demand for wood moulding and trim is projected to increase 3.7% annually to $5.5 billion in 2022, the slowest rate of advance of any material type. However, wood will still account for more than half of moulding and trim sales in 2022. Demand growth will be driven by:
- a strong rise in office, commercial, and institutional building construction activity
- growth in interior trim product sales
- the need to replace worn or damaged existing wood products
Interior moulding is expected to continue to account for the majority of wood moulding and trim demand through 2022. However, wood is used extensively in all three product segments, which distinguishes it from other materials. These and other trends are presented in Moulding & Trim in the US, 7th Edition, a new study from The Freedonia Group, a Cleveland-based industry research firm.
More information about this study is here: https://www.freedoniagroup.com/industry-study/moulding-and-trim-in-the-us-by-material-product-market-and-region-7th-edition-3617.htm
In 2017, wood was the dominant moulding and trim material, accounting for 53% of the market despite its share steadily falling over the 2007-2017 period. Wood lost market share to engineered wood and plastic, which can be more durable, have fewer maintenance requirements, and cost less than natural wood. Wood is expected to continue to lose share through 2022, though it will remain popular because of its aesthetic appeal and versatility.
About The Freedonia Group, a division of MarketResearch.com – The Freedonia Group is a leading international industrial research company publishing more than 100 studies annually. Since 1985, we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Additional Construction & Building Products studies can be purchased at https://www.freedoniagroup.com/, www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group