U.S.: Wood Tool Market 2024

Wood Tool Market Size in the U.S.

The U.S. wood tool market fell to $X in 2021, waning by -7.4% against the previous year. Over the period under review, the total consumption indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +6.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +52.8% against 2015 indices. Over the period under review, the market attained the maximum level at $X in 2020, and then reduced in the following year.

Wood Tool Production in the U.S.

In value terms, wood tool production declined to $X in 2021. Overall, the total production indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +58.7% against 2013 indices. The most prominent rate of growth was recorded in 2016 with an increase of 29%. Over the period under review, production attained the peak level at $X in 2020, and then contracted in the following year.

Wood Tool Exports

Exports from the U.S.

In 2021, shipments abroad of tools of wood was finally on the rise to reach X tons after three years of decline. Over the period under review, exports, however, continue to indicate a deep slump. The pace of growth was the most pronounced in 2015 with an increase of 35%. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, wood tool exports surged to $X in 2021. In general, exports, however, showed a deep slump. The pace of growth was the most pronounced in 2015 with an increase of 43%. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Mexico (X tons) was the main destination for wood tool exports from the United States, accounting for a 89% share of total exports. Moreover, wood tool exports to Mexico exceeded the volume sent to the second major destination, Canada (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Mexico amounted to -2.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-19.7% per year) and Finland (-67.9% per year).

In value terms, Mexico ($X) remains the key foreign market for tools of wood exports from the United States, comprising 60% of total exports. The second position in the ranking was taken by Canada ($X), with a 19% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Mexico was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+1.7% per year) and Finland (-49.6% per year).

Export Prices by Country

In 2021, the average wood tool export price amounted to $X per ton, growing by 9.2% against the previous year. Over the period under review, export price indicated a remarkable increase from 2012 to 2021: its price increased at an average annual rate of +8.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, wood tool export price increased by +100.0% against 2012 indices. The most prominent rate of growth was recorded in 2019 when the average export price increased by 16%. Over the period under review, the average export prices reached the peak figure in 2021 and is likely to continue growth in the near future.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Finland ($X per ton), while the average price for exports to Mexico ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Finland (+57.0%), while the prices for the other major destinations experienced more modest paces of growth.

Wood Tool Imports

Imports into the U.S.

In 2021, after two years of decline, there was significant growth in overseas purchases of tools of wood, when their volume increased by 11% to X tons. In general, imports, however, recorded a noticeable downturn. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, wood tool imports expanded markedly to $X in 2021. Overall, imports continue to indicate a relatively flat trend pattern. Imports peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), Honduras (X tons) and Canada (X tons) were the main suppliers of wood tool imports to the United States, together comprising 61% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Honduras (with a CAGR of +17.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), China ($X) and Honduras ($X) appeared to be the largest wood tool suppliers to the United States, together comprising 54% of total imports. These countries were followed by Chile, Brazil, Japan, Mexico, India, Indonesia, Canada and Sri Lanka, which together accounted for a further 39%.

Among the main suppliers, Mexico, with a CAGR of +15.5%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average wood tool import price amounted to $X per ton, standing approx. at the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.9%. The growth pace was the most rapid in 2017 an increase of 9.3%. The import price peaked at $X per ton in 2018; afterwards, it flattened through to 2021.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+46.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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