The “Forest Products Trucking Global Market Report 2020-30: COVID-19 Growth and Change” report has been added to ResearchAndMarkets.com’s offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global forest products trucking market.
The global forest products trucking market is expected to decline from $175.77 billion in 2019 to $173.78 billion in 2020 at a compound annual growth rate (CAGR) of -1.1%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $214.23 billion in 2023 at a CAGR of 7.2%.
- Timber Products Company
- Fr. Meyer’s Sohn (GmbH & Co.) KG
- JB Hunt Transport Services
- Knight Transportation
- CRST International
- Leavitt’s Freight Service
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The Asia-Pacific was the largest region in the forest products trucking market in 2019.
In August 2018, Leavitt’s Freight Service, a US-based specialty carrier of utility poles and engineered wood products, merged with Daseke-affiliated Central Oregon Truck Company. The merger will allow both the companies to cut costs by sharing each other’s facilities for service, maintenance, and fuel as both the companies operate in the Northwest along the I-5 corridor.
The forest products trucking market covered in this report is segmented by type into log transport; chip transport.
The shortage of truck drivers is a major challenge in the forest products trucking market. According to the American Trucking Association’s (ATA) USA estimates, there is a shortage of 50,000 truck drivers and this is expected to increase to 174,000 by 2026. Moreover, according to an article in the Canadian Press, due to the shortage of truck drivers, Weyerhaeuser, an American timberland company, lost $10 million to $15 million in the fourth quarter. By 2024, the average age of truck drivers is expected to be 50, the shortage is expected to be between 38,000 or 48,000, and more than 10,000 trucker drivers retire every year. Therefore, the shortage of truck drivers is expected to limit the growth of the forest products trucking market.
The increase in demand for wood-based raw materials drives the demand for the forest products trucking market. According to the Food and Agriculture Organization’s Annual Market Review 2018 – 2019, the total consumption of roundwood logs for industrial use and fuel in the UNECE region was estimated to be 1.4 billion m3 in 2018, which is an increase of 5% over that of 2017. The consumption of wood-based panels grew by 1.3%. International trade of softwood logs reached 93 million m3 in 2018, which is a 52% increase over the last ten years. The rise in demand for wooden raw materials boosted the demand for trucking forest products and positively affected the forest products trucking market.
Key Topics Covered:
1. Executive Summary
2. Forest Products Trucking Market Characteristics
3. Forest Products Trucking Market Size and Growth
3.1. Global Forest Products Trucking Historic Market, 2015 – 2019, $ Billion
3.1.1. Drivers of the Market
3.1.2. Restraints on the Market
3.2. Global Forest Products Trucking Forecast Market, 2019 – 2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers of the Market
3.2.2. Restraints on the Market
4. Forest Products Trucking Market Segmentation
4.1. Global Forest Products Trucking Market, Segmentation by Type
5. Forest Products Trucking Market Regional and Country Analysis
5.1. Global Forest Products Trucking Market, Split by Region
5.2. Global Forest Products Trucking Market, Split by Country
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Laura Wood, Senior Press Manager
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