📈Target Market

As of 2017, the global market for unprocessed wood/lumber production was valued at $223.1 billion. In 2020, the global market for wood products was already valued at $624 billion. In 2022, it was valued at $981.76 billion.

The global forestry and logging market is a huge global market that has grown from US$223.1 billion in 2017 to US$1083.25 billion in 2023 with a compound annual growth rate (CAGR) of 10.3% [source]. It is expected that the forestry and logging market will grow even stronger to US$1600.41 billion with a CAGR of around 10.2%.

In 2020, the Asia-Pacific region accounted for the largest share of the market, accounting for 39%, while North America represented the second-largest share – 27% or $169 billion. The highest market growth is expected to be observed due to the increased demand in residential construction and landscaping projects.

Moreover, China is the largest producer and consumer of Paulownia, with a total of over 2 million hectares of the tree. Japan is also a significant market for Paulownia wood, as it is highly valued for its lightness, strength, and resistance to warping [sources 1 / 2 / 3]