Key Note estimates that the apparent UK market for timber and joinery in the UK grew by 3.2% in 2015, and by 18.2% over the 5-year review period between 2011 and 2015. Over these years, the value of finished wood products grew by 19.1%, while the value of timber processing and semi-finished goods grew by 15.8%.
In part, the robust growth of the market can be attributed to a resurgence in the fortunes of the country’s housing sector and the wider construction industry. Figures sourced from National Statistics show that, between 2011 and 2015, the value of output within the new housing sector increased from £21.32bn to £31.3bn, representing a rise of 46.8%. Meanwhile, for other new work (not including housing), the value of construction output grew from £56.27bn in 2011 to £61.16bn in 2015, indicating a more modest rise of 8.7%.
Further statistics from National Statistics also show that, over the 5-year period from 2011 to 2015, the volume and value of property transactions in the UK also increased considerably. The Annual UK Property Transactions Statistics publication shows that over the review period, the number of property transactions in the UK increased from 982,420 to 1.3 million, representing a rise of 32.3%. In addition, the figures show that the value of such transactions grew by 49.4%, rising from £279.51bn to £417.72bn.
Considering the robustness of the UK’s housing sector, Key Note forecasts that, going forward, the UK market for timber and joinery will grow at an annual pace of between 3.2% and 3.4% between 2016 and 2020. Overall, Key Note forecasts that over the 5-year period between 2016 and 2020, the value of the UK market for timber and joinery will rise by 13.9%.
In addition to the aforementioned information, this Key Note Market Update also includes an overall look at the state of the UK market for timber and joinery, including an exploration of the market size and the current and future trends in the market. The report also includes a political, economic, social, technological, environmental and legislative (PESTEL) analysis of the sector, alongside a strengths, weaknesses, opportunities and threats (SWOT) evaluation.
By Tom Ikonen
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Notes to editors:
Key Note’s 2016 Market Update, Timber & Joinery analyses the market for timber and joinery in the UK.
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