According to the report analysis, ‘VietNam Wood Industry report Q1/2020 Comprehensive’ states that in Vietnam wood industry there are numerous corporates which presently operating more actively for leading the fastest market growth and registering the handsome value of market share while delivering the better consumer satisfaction, spreading the awareness related to the wood industry, decreasing the linked price, advancing the applications of manufactured goods, employing the young workforce, implementing the profitable strategies and investing the effective amount of money in advancement of wood includes Wanek furniture Co,. Ltd, Viet Nam Nitori production Co, Shing Mark Vina Co,. Ltd, An Cuong wood JSC, MDF VRG DONGWHA Wood JSC, Viet Nam San Lim Furniture Co,. Ltd, Viet Nam Woodwoth Wooden Co, Ltd, ROCHDALE SPEARS Co,. Ltd, Viet Nam POH HUAT JSC, Timber Industries Co,. Ltd and several others.
However, the report offers a wide-ranging evaluation of the market. It does so via in-depth qualitative intuitions, historical data, and demonstrable projections related to the market size. The projections presented in the report have been derived utilizing proven research methodologies and conventions.
In addition, the worldwide wood processing market is predicted to effectively augment from USD 283 billion in 2012 to USD 531 billion in 2020 with an annual growth of 9.2%. Asia is the region principal in wood processing market in the terms of consumption in 2017, registering for 55% market share. This could be owing to the great requirement for wooden products, propelled by one large amount of the middle class and disposable income is augmenting in the regions such as China and India.
In 2019, the determined forestation area was predicted to reach 273.6 thousand hectares, down 4.5% from the preceding year. In 2019, the total import worth of the raw wood is predicted at 1.96 billion USD, up 3.5% associated to 2018. In which, the import turnover of the logs and sawn timber is 635.7 and 966.3 million USD, correspondingly.
In 2019, the wood chip introduction is predicted at 7,275 thousand tons, up 13% associated to 2018. In 2019, the establishment of the artificial boards (involving plywood, veneer, and wood has been augmented) snakes, plywood from wood and similar materials) is predicted at 6,422 thousand m³, almost unaffected compared to 2018.
Whereas, the low product cost attached with the superior properties involving the strength and durability is the foremost aspect propelling the requirement for wood based panels for ceiling, cladding, roofing, flooring and furniture submissions.
The significant growth in the investments in residential and commercial construction activities around the foremost geographies is predicted to influence the requirement for wood based panels. Moreover, growing public-private partnerships for the advancement of the construction segment in emerging regions such as India, China, and several others are likely to assist the market growth.
The foremost augment in the consumer spending on aesthetically interesting furniture products and momentous growth in single-family housing constructions are other aspects likely to propel the regional product requirement over the projected duration.Therefore, in the coming years, it is predicted that the market of Vietnam wood will increase around the globe more positively over the upcoming duration.
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Ankur Gupta, Head Marketing & Communications