DUBLIN--(BUSINESS WIRE)--The "Forest Products Trucking Global Market Report 2022: By Size, By Applications" report has been added to ResearchAndMarkets.com's offering.
The global forest products trucking market is expected to grow from $177.57 billion in 2021 to $193.1 billion in 2022 at a compound annual growth rate (CAGR) of 8.7%. The market is expected to grow to $257.99 billion in 2026 at a compound annual growth rate (CAGR) of 7.5%.
Major players in the forest products trucking market are GoodLogistics, Timber Products Company, Fr. Meyer's Sohn (GmbH & Co.) KG, JB Hunt Transport Services, Knight Transportation, CRST International, and Leavitt's Freight Service.
The forest products trucking market consists of sales of forest products trucking services and related goods by entities (organizations, sole traders, and partnerships) that provide over-the-road transportation of forest products. Only goods and services traded between entities or sold to end consumers are included.
The main types of forest products trucking market covered in this report are log transport and chip transport. Log transport involves the transport of logs from the forests to the mills by companies involved in the transportation of logs. The market covered in this report is segmented by size into heavy trucks, medium trucks, and light trucks and by application into oil and gas, industrial and manufacturing, energy and mining, food and beverages, pharmaceuticals and healthcare, and others.
Asia Pacific was the largest region in the forest products trucking market in 2021. North America was the second largest region in the forest products trucking market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The increase in demand for wood-based raw materials drives the demand for the forest products trucking market. Wood is the raw material for pulp and paper, wood-based panels, and many chemical products. According to the Food and Agriculture Organization's Annual Market Review 2019-2020, the total consumption of round wood logs for industrial use and fuel in the UNECE region was estimated to be 1.4 billion m3 in 2019. Also, in the Russian Federation, the number of the construction of wooden houses increase by 30% in 2020. The rise in demand for wooden raw materials boosted the demand for trucking forest products and positively affected the forest products trucking market.
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 and 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.
In July 2021, Knight-Swift Transportation, a USA-based trucking company acquired AAA Cooper for $1.3 billion. Through this acquisition, Knight-Swift will expand its freight handling and geographic capabilities. AAA Cooper Transportation is a US-based trucking company operating in the transportation of woods.
The countries covered in the forest products trucking market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Key Topics Covered:
1. Executive Summary
2. Forest Products Trucking Market Characteristics
3. Forest Products Trucking Market Trends And Strategies
4. Impact Of COVID-19 On Forest Products Trucking
5. Forest Products Trucking Market Size And Growth
5.1. Global Forest Products Trucking Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Forest Products Trucking Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Forest Products Trucking Market Segmentation
6.1. Global Forest Products Trucking Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Log transport
- Chip transport
6.2. Global Forest Products Trucking Market, Segmentation By Size, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Heavy Trucks
- Medium Trucks
- Light Trucks
6.3. Global Forest Products Trucking Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Oil & Gas
- Industrial & Manufacturing
- Energy & Mining
- Food & Beverages
- Pharmaceuticals & Healthcare
- Other Applications
7. Forest Products Trucking Market Regional And Country Analysis
7.1. Global Forest Products Trucking Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Forest Products Trucking Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
Companies Mentioned
- GoodLogistics
- Timber Products Company
- Fr. Meyer's Sohn (GmbH & Co.) KG
- JB Hunt Transport Services
- Knight Transportation
- CRST International
- Leavitt's Freight Service
For more information about this report visit https://www.researchandmarkets.com/r/7vqr0t
