This study identifies new wood-based products with considerable potential and attractive markets, including textiles, liquid biofuels, platform chemicals, plastics, and packaging. We apply a mixed-methods review to examine how the position of the forest industry in a given value chain determines the respective production value. An assessment is provided as to the degree to which these emerging wood-based products could compensate for the foreseen decline of graphic paper markets in four major forest industry countries: USA, Canada, Sweden, and Finland. A 1%–2% market share in selected global markets implies a potential increase in revenues of 18–75 billion euros per annum in the four selected countries by 2030. This corresponds to 10%–43% of the production value of forest industries in 2016 and compares with a projected decline of graphic paper industry revenue of 5.5 billion euros by 2030. The respective impacts on wood use are manifold, as many of the new products utilize by-products as feedstock. The increase in primary wood use, which is almost entirely attributed to construction and to some extent textiles markets, would be in the range of 15–133 million m³, corresponding to 2%–21% of the current industrial roundwood use in the selected countries.