Panels & Furniture Asia January/February 2021

WOODWORKING MACHINERY MARKET TO GROW
BY US$679.38 MILLION AMID ONGOING RECESSION
NEWS
• Woodworking machines are mainly used
in the furniture industry. The wooden
furniture and household wooden
furniture are the basic products that
are developed using woodworking
machinery.
• In residential spaces, furniture is used for
its usability and aesthetics. Specifically,
the demand for portable wooden
furniture is increasing due to the trend of
shifting homes.
• Market growth in this segment will be
slower than the growth of the market in
the construction and others segments.
Graphic: BusinessWire
Technavio’s new woodworking machines
market report titled Global Woodworking
Machines Market 2020-2024 indicates neutral
growth in the short term as the business
impact of COVID-19 spreads.
“One of the primary growth drivers for
this market is the adoption of automated
woodworking machines,” said a senior analyst
for the Industrials industry at Technavio.
As the markets recover, Technavio expects
the woodworking machines market size to
grow by US$679.38 million during the period
2020-2024.
WOODWORKING MACHINES MARKET
SEGMENT HIGHLIGHTS FOR 2020
• The woodworking machines market is
expected to post a year-over-year growth
rate of 1.19%.
REGIONAL ANALYSIS
• 34% of the growth will originate from the
Asia Pacific (APAC) region.
• Factors such as economic advancements
and population explosion will
significantly drive woodworking
machines market growth in this region
over the forecast period.
• China and India are the key markets for
woodworking machines in APAC. Market
growth in this region will be faster than
the growth of the market in other regions.
Source: BusinessWire
The increasing focus toward ensuring
flexibility and highly personalised products
in the woodworking industry has increased
the need for highly specialised woodworking
machinery in the production process. This
leads to the integration of automation
technologies into traditional woodworking
machinery. With the use of automated and
IoT-enabled equipment, this integration is
gaining prominence among all functions
within and outside the company floor.
Automated standalone machines are also
flexible enough to find easy integration
with other machinery and monitoring
systems in the wood industry with the
help of software; this enables the large
industrial plants to partially shift toward
the automated production process hence
ensuring high performance and flexibility of
production process with low human resource
requirement.
Photo: Andrew Ruiz/Unsplash
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