Wood Tool Market

The global wood tool market is projected to grow with a CAGR of +2.8% for volume and +5.4% for value from 2022 to 2030. China leads in consumption and production, with India leading in value terms. The market saw fluctuations in consumption and production over the years, with import and export volumes and prices also showing varying trends. Key exporting countries include China, the Netherlands, and Brazil, while the United States leads in export prices. Overall, the market is expected to continue growing in the years to come.

Market Forecast

Driven by increasing demand for tools of wood worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.8% for the period from 2022 to 2030, which is projected to bring the market volume to 1.2M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.4% for the period from 2022 to 2030, which is projected to bring the market value to $5.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Tools Of Wood

In 2022, consumption of tools of wood decreased by -6% to 937K tons, falling for the second year in a row after five years of growth. The total consumption volume increased at an average annual rate of +3.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, global consumption attained the maximum volume at 1M tons in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

The global wood tool market revenue reduced modestly to $3.5B in 2022, shrinking by -2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +7.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -4.3% against 2020 indices. Global consumption peaked at $3.7B in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Consumption By Country

China (232K tons) constituted the country with the largest volume of wood tool consumption, comprising approx. 25% of total volume. Moreover, wood tool consumption in China exceeded the figures recorded by the second-largest consumer, the United States (98K tons), twofold. India (81K tons) ranked third in terms of total consumption with an 8.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China stood at +3.6%. In the other countries, the average annual rates were as follows: the United States (+6.1% per year) and India (+5.7% per year).

In value terms, India ($1.3B) led the market, alone. The second position in the ranking was taken by China ($626M). It was followed by the United States.

From 2012 to 2022, the average annual growth rate of value in India amounted to +11.7%. In the other countries, the average annual rates were as follows: China (+9.0% per year) and the United States (+8.7% per year).

The countries with the highest levels of wood tool per capita consumption in 2022 were France (416 kg per 1000 persons), Russia (318 kg per 1000 persons) and the United States (292 kg per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +5.4%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Tools Of Wood

In 2022, production of tools of wood decreased by -5.4% to 909K tons, falling for the second consecutive year after five years of growth. The total output volume increased at an average annual rate of +3.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of 11% against the previous year. Global production peaked at 962K tons in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

In value terms, wood tool production reduced modestly to $3.5B in 2022 estimated in export price. Over the period under review, production, however, showed resilient growth. The growth pace was the most rapid in 2014 with an increase of 30%. Over the period under review, global production hit record highs at $3.7B in 2020; however, from 2021 to 2022, production failed to regain momentum.

Production By Country

The country with the largest volume of wood tool production was China (273K tons), accounting for 30% of total volume. Moreover, wood tool production in China exceeded the figures recorded by the second-largest producer, the United States (78K tons), fourfold. The third position in this ranking was taken by India (74K tons), with an 8.1% share.

In China, wood tool production expanded at an average annual rate of +3.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (+4.9% per year) and India (+4.6% per year).

Imports

World Imports of Tools Of Wood

In 2022, after two years of decline, there was significant growth in supplies from abroad of tools of wood, when their volume increased by 10% to 198K tons. The total import volume increased at an average annual rate of +3.7% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when imports increased by 22% against the previous year. As a result, imports reached the peak of 198K tons. From 2020 to 2022, the growth of global imports failed to regain momentum.

In value terms, wood tool imports expanded rapidly to $428M in 2022. The total import value increased at an average annual rate of +4.1% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 19%. Global imports peaked in 2022 and are expected to retain growth in years to come.

Imports By Country

The United States (24K tons) and France (20K tons) represented roughly 22% of total imports in 2022. It was followed by Germany (12K tons), comprising a 6.2% share of total imports. India (8.5K tons), South Africa (6.4K tons), Portugal (6.1K tons), Iraq (5.4K tons), the Netherlands (5.3K tons), Saudi Arabia (4.4K tons), the UK (4.2K tons), Mexico (4.2K tons), El Salvador (4K tons) and Bolivia (3.8K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +34.7%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest wood tool importing markets worldwide were the United States ($65M), Germany ($44M) and France ($32M), with a combined 33% share of global imports. Iraq, the Netherlands, Mexico, the UK, Portugal, El Salvador, India, Saudi Arabia, South Africa and Bolivia lagged somewhat behind, together comprising a further 21%.

Iraq, with a CAGR of +35.4%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average wood tool import price amounted to $2,164 per ton, with a decrease of -3.3% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average import price increased by 21% against the previous year. Global import price peaked at $2,242 per ton in 2018; afterwards, it flattened through to 2022.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mexico ($3,805 per ton), while Bolivia ($182 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iraq (+19.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Tools Of Wood

In 2022, shipments abroad of tools of wood increased by 19% to 169K tons, rising for the second consecutive year after two years of decline. The total export volume increased at an average annual rate of +3.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the global exports hit record highs at 169K tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, wood tool exports reduced to $507M in 2022. In general, total exports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +30.7% against 2019 indices. The pace of growth appeared the most rapid in 2021 with an increase of 27% against the previous year. As a result, the exports attained the peak of $553M, and then dropped in the following year.

Exports By Country

China (42K tons) and the Netherlands (35K tons) were the major exporters of tools of wood in 2022, finishing at approx. 25% and 21% of total exports, respectively. It was distantly followed by Brazil (18K tons), committing an 11% share of total exports. Italy (7.5K tons), Ukraine (6.7K tons), Slovakia (4.3K tons), Portugal (4.1K tons), Turkey (3.8K tons), the United States (3.8K tons), Vietnam (3.7K tons), Honduras (3.5K tons) and Poland (2.8K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by the Netherlands (with a CAGR of +70.2%), while the other global leaders experienced more modest paces of growth.

In value terms, China ($193M) remains the largest wood tool supplier worldwide, comprising 38% of global exports. The second position in the ranking was taken by Italy ($37M), with a 7.3% share of global exports. It was followed by Brazil, with a 6.4% share.

In China, wood tool exports increased at an average annual rate of +23.6% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Italy (+8.1% per year) and Brazil (+1.5% per year).

Export Prices By Country

The average wood tool export price stood at $2,990 per ton in 2022, with a decrease of -22.9% against the previous year. Overall, export price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 an increase of 23%. Over the period under review, the average export prices reached the maximum at $3,880 per ton in 2021, and then declined significantly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($6,289 per ton), while the Netherlands ($529 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+21.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform