Trends & forecasts for components & industrial products: Wood Industry Almanac By Karen M. Koenig WoodworkingNetwork.com

Tied to other wood products industries, the wood components segment also looks to be on a generally upward growth trend. Included are products used in the cabinetry, furniture, home organization and architectural industries.

A snapshot of the U.S. wood moulding and trim market shows demand projected to grow 3.7% annually to $5.5 billion in 2022, driven by a strong rise in commercial construction activity and residential remodeling, with interior moulding continuing to account for the majority of the demand, according to The Freedonia Group study, Molding & Trim in the U.S., 7th edition. Although solid wood remains the dominant material choice, engineered wood and plastics are growing in usage.

On the industrial side, wood is also the dominant material for pallets, with U.S. demand for wood pallets projected to reach 1.4 billion units in 2019, according to Freedonia’s Pallets survey.

In addition to its strength properties, using wood for these products is also good for the environment, a fact highlighted by a Virginia Tech/USDA study that finds 95% of wooden pallets are recycled and kept out of landfills.

Wood also accounts for the largest share of U.S. residential fencing demand, according to another Freedonia study, Fencing in the U.S.  Residential fencing – half of all fencing demand – is forecast to rise 5.3% annually to $4.8 billion in 2022.