Transparent Wood Market size is projected to register appreciable gains by 2023-2032, given the product’s strong application scope as an eco-friendly material in the furniture and construction sectors. Transparent wood composites have also been gaining acceptance as a glass alternative, owing to durability, excellent thermal efficiency, stress and strain resistance, lightweight, and other unique attributes.
Transparent wood composites refer to novel wood materials with over 90% transparency and higher mechanical properties than conventional woods. These materials are becoming commercially available and are deemed beneficial owing to their inherent biodegradable properties. Compared to standard woods, transparent wood materials are stronger and lighter, thereby emerging as a promising candidate for energy-efficient building applications.
Awareness of carbon emissions from the construction sector has risen across the globe. Based on the World Green Building Council’s report, over 11% of carbon emissions are derived from construction processes and materials. Using wood as a building material is therefore considered a way of storing carbon, thereby creating lucrative opportunities for transparent wood producers.
Burgeoning demand for green buildings amid the real estate boom and population growth is one of the prominent trends fueling global transparent wood market expansion. The wood, however, exhibits the axiomatic disadvantage of being challenging to use in long-term construction, which may hamper product adoption to some extent.
Despite these setbacks, transparent wood is emerging as an environment-friendly alternative to plastics. Due to such favorable properties, the product demonstrates extensive scope for usage in the manufacturing of car windshields, biomedical devices, and see-through packaging, further stimulating transparent wood industry growth over the upcoming years.
In terms of the application spectrum, the solar cell segment is set to account for a substantial share of the transparent wood market by 2032, on account of the product’s usage as a sustainable solution to the substrate for solar cell assembly. Global reliance on renewable energy is also surging exponentially over the years. According to statistics from the International Energy Agency, solar panels are set to deliver nearly one-third of the world’s electricity by 2050. This rise in clean energy acceptance will further proliferate the consumption of transparent woods among solar cell developers.
Regionally speaking, the North American transparent wood industry is anticipated to observe noticeable growth through 2032, considering the increase in residential building renovation projects. In countries including the U.S., the construction of multi-family housing has been surging in recent years. The region is also emerging as the leading producer of wood and timber products. The abundant supply of wood will thus present lucrative growth prospects for regional transparent wood manufacturers over the estimated timeline.
Key players holding a considerable share in the transparent wood market include the Kth Royal Institute of Technology (Ministry of Education and Research), the University of Maryland, WOODOO, and Forest Products Laboratory (FPL), among others. These market participants have taken interest in R&D and product range expansions to increase their consumer base and gain a competitive edge over rivals in the industry.
Inflation has posed challenges to the construction industry, given its impact on the hiring rate of machinery and construction project inputs, as well as an increase in consultation fees. As a result, project completion has been delayed, reducing profit margins due to high construction costs. Global trends such as these may lower both production and use of transparent wood in construction applications over the forthcoming years.