The outlook for wood components remains relatively positive, particularly for manufacturers of products used in interior applications, such as cabinetry, casework, closets, and furniture. And while solid wood remains the dominant substrate for these components, the popularity of composite panel products continues to grow.

With regard to colors and species, warm neutrals, lighter wood tones and earth tones top the trends list for the next three years, according to respondents in the NKBA/KBIS 2024 Kitchen Trends Report. Texture is also “in.” When it comes to species choice, hard maple, oak (both white and red), soft maple, walnut, poplar, and cherry remain popular, with hickory and pecan also strong in items such as flooring and other millwork.

For industrial products, wood continues to be a dominant material in many products, including crossties and pallets.

Click on the infographic to enlarge. Find more market data in the December 2023 FDMC Wood Industry Almanac.

Quick Stats (Includes items not shown in print.)
• Almost three-quarters of respondents to the Woodworking Network Benchmark Study of the Industry say they are partially outsourcing products. The study was conducted by Preston/Rogers Associates Inc. and sponsored by Hexagon.

• The global moulding and trim market was valued at $12.9 billion USD in 2022 and is projected to grow to $23.85 billion by 2032, at a CAGR of 8.0% (2023-2032) according to MR Accuracy Reports.

• With more than 1.8 billion wooden pallets used daily in the United States alone, the industry contributes $10.7 billion to the American economy, says the National Wooden Pallet & Container Assn.

• Total purchases of new wood crossties are projected to stay steady, reaching 18.151 million in 2023, and growing 2.4% in 2024 to 18.591 million, according to Railway Tie Assn./Crossties magazine’s mid-year market update.

• The global MDF crown moulding market size reached $113.1 million USD in 2022. MarketsGlob forecasts the market to reach $155.9 million by 2029, exhibiting a CAGR of 4.7% during 2023-2029.

• The North American pallet market is projected to reach $2.59 billion by 2028, growing at a CAGR of 5.8% (2021-2028), according to Data Bridge Market Research.

• When it comes to specialty storage items inside cabinetry, storage for cookie sheets (53%), spices (41%) and cutlery (38%) top the list, followed by deep drawer (36%), utensils (33%), pots and pans (29%) and dishes (14%). Also making the list: built-in bookshelves, cited by 14% of respondents in the 2023 U.S. Houzz Kitchen Trends Study.

Market Data Sources: Wood Component Manufacturers Assn. (WCMA), Wood Products Manufacturers Assn. (WPMA), Woodworking Network, Hexagon (Alphacam and Cabinet Vision), Statistics Canada, U.S. Census Bureau USA Trade data, National Kitchen & Bath Assn. (NKBA), Houzz, Railway Tie Assn. (RTA), Crossties magazine, National Wooden Pallet & Container Assn., National Wood Flooring Assn. (NWFA), Hardwood Floors magazine, MR Accuracy Reports, MarketsGlob, Data Bridge Market Research. Category: Wood Components includes: cabinet doors & drawers, furniture parts, mouldings & trim, turnings, dimension stock, stair parts & specialty items, industrial products. Industrial products includes: pallets, reels, household utensils, crates, plus crossties and pellets.

More data on North American woodworking and the specific wood product market segments can be found in the December 2023 FDMC Wood Industry Almanac. Also, find market data year-round at WoodworkingNetwork.com/news/almanac-market-data.