USD 39.82 billion
Global Teakwood Market Size, Share, Growth Analysis, By Type(Finished Teakwood Products, Teakwood Processing), By Distribution Channel(Offline, Online), By Application(Boat Building, Exterior Construction), By End-Use(Residential & Commercial) - Industry Forecast 2024-2031
Report ID:
SQMIG15P2017 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
115 |
Figures:
77
Global Teakwood Market Insights
Teakwood Market size was valued at USD 39.82 billion in 2019 and is poised to grow from USD 43.26 billion in 2023 to USD 83.76 billion by 2031, growing at a CAGR of 8.6% in the forecast period (2024-2031).
Teak (Tectona grandis) is a Lamiaceae family tropical hardwood tree. It grows as a large deciduous tree in mixed pine forests. Small, fragrant white flowers are arranged in grape-like clusters (panicles) at the ends of the branches of the Tectona grandis. It is one of the world's most valuable tropical hardwoods. Teak is one of the world's most valuable timbers, with a demand that exceeds supply. The color of the timber is mellow, ranging from golden to brown, with a fine grain and smooth texture. Teak is a medium-weight, strong wood with an average hardness when compared to other industrial woods. Teak is one of the most popular tropical hardwoods, in high demand for furniture, shipbuilding, decorative building components (such as doors, window frames, and flooring), construction materials, and reconstituted products due to its strength, pleasing color, attractive figure, and favorable working and finishing properties.
Teak's high oil content, high tensile strength, and tight grain make it ideal for applications requiring moisture resistance. It is used in the production of patio furniture as well as boat decks. It is also used as a veneer for indoor finishings, cutting boards, indoor flooring, and countertops. Although it is easily worked, the presence of silica in the wood can cause serious blunting on edged tools. Teak can heat wave to a silvery-grey finish over time, especially when exposed to sunlight.
Teak is widely used in India to start making doors and glass panels, furniture, and home columns and beams. It is resilient to termite threats and other insect damage. Mature teak retails for a high price. It is extensively grown in forest areas by forest departments from various states. Teak wood tree leaves are utilized to produce Pellakai Gatti (jackfruit dumpling), in which batter is pumped into a teak leaf and steamed. These factors associated with the several uses of teak are expected to accelerate the demand over the forecast year.
US Teakwood Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Residential
Fastest Growth
Residential
Growth Rate
8.6% CAGR
Global Teakwood Market 2022-2028 ($ Bn)
Country Share for Asia-Pacific Region- 2021 (%)
Global Teakwood Market Size By End-Use 2022-2028 ($ Bn)
Global Teakwood Market Size By End-Use 2022-2028 (%)
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Global Teakwood Market Segmental Analysis
The Global Teakwood market is segmented based on Type, Distribution Channel, Application, End-Use, and Region. Based on Type, the market is segmented into Finished Teakwood Products, Teakwood Processing, and Manufactured Teakwood Materials. Based on the Distribution Channel, the Teakwood market is segmented into Online and Offline. Based on Application, the market is segmented into Boat Building, Exterior Construction, Indoor & Outdoor Furniture, and Others. Based on End-Use, the Teakwood market is segmented into Residential, Commercial. Based on region the global Teakwood market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Teakwood Market Analysis by End-Use
The residential segment accounts for a large portion of the market due to the high demand for seating options and furniture among domestic customers for their home and backyard seating needs. Furthermore, the increasing urbanization rate as well as the rising number of nuclear families in many countries around the world are driving segmental growth.
Due to the widespread distribution of computer desks in various sizes and shapes around the world, the commercial segment has a sizable market share, resulting in significant revenue. Furthermore, the growing popularity of remote working among corporate professionals is expected to reduce demand for ergonomic design office chairs for their remote office setup, fuelling further segmental growth.
Global Teakwood Market By End-Use, 2021 (%), 2023 (%)
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Global Teakwood Market Regional Insights
In the Global Teakwood Market, Asia-Pacific led the market, accounting for more than XX% of global revenue in 2021. India accounts for approximately 75% of global teak trade, followed by Thailand, China, and Vietnam. Myanmar is the largest supplier to all of these markets, with a supply maintained through native forest harvesting. The remainder of the trade is made up of a large number of teak growers in Central and South America, Africa, and Asia, all of whom depend on plantation-grown resources. Pricing and trade flow patterns for these four major importing countries, as well as Lao PDR and other suppliers, have been established, quantified, and trading partnerships identified using data from the Global Trade Atlas, the Indian Directorate General of Commercial Intelligence and Statistics (DGCIS), and the databases of Chinese, Vietnamese, Thai, and Lao Customs.
Global Teakwood Market By Geography, 2022-2028, 2024-2031
- Largest
- Fastest
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Global Teakwood Market Dynamics
Teakwood market Driver
- Farmers can diversify farm production, support food security, generate income, and reduce financial risk by using teak-based small-scale production systems. Teak plantations are an important alternative source of high-quality timber for the wood industry. Furthermore, Teak clonal forestry has proven to be effective in establishing fast-growing industrial stands with high yields, good wood quality, and commercial value. Using outstanding and site-adapted genotypes, the clonal option appears to be the best way to maximise returns on investments in the shortest period of time. With retail businesses applying voluntary verification (sustainability) standards and/or governments introducing involuntary regulatory (legality) compliance systems that influence market access and acceptance, the global teak wood markets have become increasingly sensitive to timber sourced illegally or unsustainably. There is now a greater emphasis on trade and aid policies to encourage developing countries to adopt more sustainable forest management approaches and reduce instances of illegal forest product trade. The major change occurring within international markets is that demonstrating sustainability is no longer a primary requirement for market access; management and governance systems must now demonstrate a commitment to product legality and supply transparency. These factors are expected to drive the global Teakwood market over the forecast year.
Teakwood market Restraint
- Natural teak forests are dwindling, particularly old-growth, high-quality stands. Similarly, due to overexploitation of existing stands, deforestation, conversion to other land uses, and increasing competition for environmental services, the sustained production of teak logs from natural forests is decreasing. These factors are expected to stifle the global market growth of teak over the forecast year.
- There is no single internationally accepted method for evaluating logs that allow for reliable price comparisons between countries. Log quantities can be determined by calculating in a variety of ways, each yielding a valid (but distinct) result. The volume produced by the grower in real cubic meters may not be the same as the volume traded. This can lead to significant misunderstanding and confusion: a grower wants to be paid for wood grown, whereas a trader wants to pay only for wood that can be processed. Conversion factors have been developed to aid this important dialogue, but they have yet to be applied uniformly.
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Global Teakwood Market Competitive Landscape
Teak's aesthetic and physical qualities have earned it a global reputation as a premium timber, with a huge cultural reputation in markets such as India and China, as well as a quality reputation in the dominant markets of North America and Europe. This reputation was founded on high-quality timber from natural forests, which is now in short supply, with Myanmar remaining the sole exporter of saw logs from organic teak forests. Wood from mature teak plantations (>50 years old) in India, Thailand, and Indonesia fetches prices comparable to native teak. Competition for these mature resources is likely to increase, as will prices, with a market response expected to be a shift to younger teak of smaller sizes.
Teakwood MarketTop Player's Company Profiles
- Jindal Timber Traders
- Green Valley Timber
- Pinewood Industries Sdn Bhd
- Global Teak
- Veritas Exports
- Neptune Co. Ltd.
- KAYU MAS Company
- Chai & Chai Trading
- Redwood Global LTD
- CV Talang Mas
- Crown Teak Furniture Co., Ltd.
- Eximcorp India Pvt Ltd
- Nova Wood Products Pvt Ltd
- Teakia Furniture
- Teakwood Sandstone
- Thai Teak Marine
- Golden Teakwood Industries
- Hua Hng Trading Co Pte Ltd
- Island Teak Company
- Teaknet
Teakwood Market Recent Development
- In June 2022, The Central Vista Project, which aims to redevelop and expand India's Parliament, will now have teakwood interiors from the Gadchiroli district of Maharashtra as part of the 'Make in India' initiative (India).
Global Teakwood Key Market Trends
- Tracking and tracing technologies have been implemented as a result of the growing demand for transparency in supply chains and strict government regulations on the timber industry. To maintain transparency in their timber supply chain, many timber companies have implemented their tracking systems. Wood companies and government agencies are favouring electronic tracking over paper-based systems, and techniques such as radio-frequency identification chips, barcodes, and advanced traceability software are being used. For instance, the Forest Stewardship Council, a leading non-profit organization, has created an Online Claims Platform to provide FSC Certificate holders with timely information about FSC products and the businesses that manufacture them. This allows FSC-certified suppliers and customers to connect digitally.
Global Teakwood Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, we found that Teak wood's unmatched qualities make it one of the tropical hardwoods in high demand in luxury markets (for example, yacht building), applications in the construction industry (for example, in India), and furniture manufacturing (e.g., in Indonesia, China). Teak's international reputation was founded on long-lasting, high-quality wood from natural forests. However, most planted teak forests are managed in shorter rotations. Teak from plantations does not yet have a high-quality image on the international market.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 39.82 billion |
| Market size value in 2031 | USD 83.76 billion |
| Growth Rate | 8.6% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Teakwood Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Teakwood Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Teakwood Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Teakwood Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Teakwood Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Teakwood Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Teakwood Market Report Snapshots
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