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Being increasingly looked at as a potential substitute for glass- and plastic-based materials, the worldwide transparent wood market size was nearly US$15 Bn in 2021 and is projected to demonstrate a notable pace during the forecast period.
Market Analysis in Brief
One of the cutting-edge building materials is transparent wood, which is eco-friendly, and a great potential replacement for glass and plastic in the manufacturing of transparent packaging, auto windscreens, and biomedical devices. Additionally, cost-effective, the energy efficiency of transparent wood is 5x when compared with that of glass, which reduces the overall costs. It is made by treating and compressing strips of wood. Lignin is switched out for polymers to make the wood translucent during the production process. It has the same strength as lumber and is stronger than glass. The global transparent wood market is thus set for a promising growth outlook in the years to come.
Key Report Findings
Growth Drivers
Critically Progressing Sustainability Drive
In 2017, the FAO coordinated a project with a number of groups called Sustainable Wood for a Sustainable World (SW4SW). The campaign demanded that all natural resources, including forests, be used sustainably. The goal of the entire strategy is to establish a cyclical ecology for the use of wood. The Paris Agreement of 2015 and the 2030 Sustainable Development Goals Agenda are both in line with this endeavour. The demand for sustainable wood products has changed due to consumer behaviour.
Wood is a sustainable and renewable resource that helps reduce CO2 emissions and carbon footprint. Danish Technological Institute stated in January 2019 that switching to wood for the load-bearing structure might reduce CO2 emissions by as much as 50%.
Sustainable wood is anticipated to play a significant role as almost the entire world pursues carbon credits. To guarantee that their products come from sustainably managed forests, businesses like IKEA are developing sustainability policies and concentrating on obtaining 100% of their wood, paper, and cardboard from sustainable sources, mostly FSC-certified forests. In summary, as sustainability is anticipated to raise demand for sustainable wood, which will spur innovation in the sector, transparent wood might serve as an example. This is likely to be among the key factors pushing the transparent wood market up.
An Expanding Application Base
Transparent wood is widely used in several end-use industries, including building, furniture, solar cell manufacturing, and others. Due to its strengths and lighter weight, it can be used in buildings in place of stone, and steel. Since transparent wood is lighter than steel and exhibits excellent strength with the addition of polymers and epoxies, it may be employed as a fundamental structural element.
In some buildings, transparent wooden roofs can be used to provide uniform illumination rather than glass. It provides a better approach for contractors to add additional light to their construction sites. Research indicates this as a strong push factor for the transparent wood market.
Increasing Inclination Toward Green Buildings
Globally, consumers are becoming more aware of the building industry's carbon footprint. According to a World Green Building Council report, construction-related activities and supplies are responsible for more than 11% of carbon emissions. As a result, using wood for construction is regarded as a method of storing carbon, unlocking the lucrative potential for suppliers of translucent wood.
One of the key trends driving the expansion of the global transparent wood market is the rising demand for green building materials amid the real estate boom and population growth.
Growth Challenges
Exposure to Water Damage, and COVID-19 Impact
Wood that is translucent is more susceptible to water damage. Translucent wood may suffer exterior damage due to this. To protect the wood substance, regular wood sealant sealing is necessary. This is one of the elements that could soon have a detrimental effect on the transparent wood market.
The COVID-19 pandemic-related lockdown is causing temporary slowdowns in nations like China, the United States, and Japan. The economy is anticipated to return to normal levels soon, much as it did, following the SARS outbreak.
Overview of Key Segments
Solar Cell Segment to Dominate with Growing Government Impetus
By 2032, the transparent wood market is expected to hold a significant share due to the solar cell segment's use of the product as a sustainable alternative to the substrate for solar cell construction. The use of renewable energy worldwide has increased dramatically over time. By 2050, the International Energy Agency projects that solar power will provide nearly one-third of the world's electricity. The adoption of sustainable energy will grow, increasing the need for clear wood among those who make solar cells. Additionally, transparent wood can be used to create panels, which has advantages over glass in impact resistance, thermal conductivity, and density.
Additionally, some photovoltaic gadgets, such as solar cells, and electrochromic devices, utilise this wood as a transparent structural component. The development of smart buildings makes considerable use of functionalised translucent timber. Transparent wood can create luminous construction materials, planar light sources, or crafted furniture by incorporating quantum dots to give it diffused luminescence qualities.
Transparent Wood Market: Regional Landscape
North America Spearheads
North America remains the largest transparent wood market. Wood is in high demand in the US, and Canada due to growing construction activity, an abundance of wood supply, wood's aesthetic appeal, and its environmental friendliness. Transparent wood will inevitably become popular due to renovation and rework activities, particularly in the residential market.
Europe a High-potential Market with a Shift Away from Traditional Timber
As the leader in innovation, Europe is anticipated to be the first region to use translucent wood. Sustainability and the demand for renewable energy are crucial for a transparent wood market. Additionally, the need is anticipated to rise due to the potential of translucent wood in the automotive industry.
Europe is gradually moving away from traditional timber and toward non-tropical timber substitutes. Transparent wood can be useful in place of plastic as consumers become more environmentally conscious.
Asia Pacific Represents an Attractive Pocket
Japan Has Been a Traditional Wood Consumer
Japan is a developed country with wood being a traditional element. It is thus anticipated that Japan will remain amongst the top buyers on the market. Japanese architecture makes extensive use of wood. A sizable population employs imported laminated lumber and timber for building and has a great affinity for both energy efficiency and affordability that happen to be the key offerings of translucent wood.
China Records Massive Growth in Wood Consumption
A team of Chinese scientists has developed transparent wood in newer, more environment-friendly ways. China's overall wood consumption has increased significantly over the past decade. China's whole wood production, according to the China Association of Forest Products Industry. In the last ten years, consumption has climbed up by 173%. It is anticipated that China will concentrate on creating transparent wood greenhouses once it has confirmed that the product is scalable.
India’s Residential Sector Sets the Stage
India's wood sector is currently going through a period of upheaval. The industry is becoming more organised, and businesses like IKEA are attempting to establish a stronghold in the area. The fact that India is a net importer of wood panels makes an argument for transparent wood. Demand in India will impact the transparent wood market due to the country's almost 1.3 billion-strong population growth, rising disposable income, an exploding residential real estate sector, and continued customer preference for wood-based products.
Global Transparent Wood Market: Competitive Landscape
Notable Developments
The University of Maryland conducted research in 2021 and discovered a method involving lignin as a binder to provide a scaffold for polymer infiltration. This method has the advantages of speeding up processing and requiring fewer chemicals and energy. This research created approximately one mm thick, energy-efficient, translucent wood. It exhibited high transmittance, haze, and light-guiding properties over the visible spectrum. This method of wood transparency is both efficient, and adaptable.
Regional Classification of the Global Transparent Wood Market is Described Below:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.
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