The industry, which is still nascent, is expected to be worth $1.3 billion in 2020, according to a recent report by consulting firm PwC.
A majority of those companies operate in Canada.
The U.S. lumber mill industry, however, has long been in a slump, with some U.K. mills closing down.
With a declining demand for lumber, there’s been some speculation that the industry could be worth less in the future.
PwCo has said the industry’s growth in 2020 would be “significantly weaker” than in 2020 and “signaling an opportunity for some companies to increase their value by cutting back on their Canadian operations.”
The company says the potential for the industry to grow in the U.C.S., Mexico and Asia is great, but says it’s unlikely that any major U.A.E. mills will be able to meet current demand.