Global wood market to hit $903 billion by 2026

The global wood industry will grow in the next few years as the market is expected to hit $903 billion in 2026, registering a compound annual growth rate (CAGR) of 7.2%.

The boom in the construction and building sectors is driving the growth of the wood and woodworking machinery industries as they benefit from the increased demand for sustainable products (wood, timber, and wood products) and technologies.

The Dubai Wood Show will start from March 7 to 9 at the Dubai World Trade Centre which will make a strong comeback as the industry is on a positive growth turn following the rise in the construction industry in the Mena region and, more specifically, in the UAE.

UAE’s construction sector is expected to reach a value of $133.53 billion by 2027, registering a CAGR of 4.69%.

The UAE government’s infrastructure projects, including housing, tourism, and transport networks, will also make a significant contribution to the sector.