According to the latest report by IMARC Group, titled "Engineered Wood Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," the global engineered wood market reached a volume of 273.5 Million Cubic Metres in 2022. Engineered wood includes a massive range of derivative wood products which are produced by binding the fibers, strands, particles, veneers, or boards of wood, together with adhesives or other methods of fixation to form a composite material. The panels are tested to meet national or global standards and provide uniformity and predictability in their structural performance. They are used in various applications, ranging from home construction to commercial buildings to industrial products. Since buildings and houses made from engineered wood act as a carbon sink and generates fewer emissions in the manufacturing process, they are increasingly being used as substitutes for steel and cement in new construction projects. Moreover, these wood products are versatile, designed, and manufactured to maximize wood's natural strength and stiffness. They are available in various thicknesses, sizes, grades, and exposure durability classifications, making them ideal for unlimited construction, industrial, and home project applications.
Global Engineered Wood Market Trends:
The global market is majorly driven by the increasing preference for engineered wood over emission-intensive materials. In line with this, the rising renovation and remodeling of older homes activities are significantly contributing to the product demand. Furthermore, the growing product adoption in the non-residential sector and the escalating usage of cross-laminated timber (CLT) as a primary construction material are positively influencing the market. Apart from this, the easy care and maintenance of engineered woods make them lucrative in various home furnishings. This, in turn, is expected to catalyze the market. Moreover, the growing environmental regulations regarding carbon dioxide emissions are propelling the demand for engineered wood. Several producers have started developing sustainable products with high energy efficiency due to the implementation of environmental regulations in the building and construction sector worldwide. Besides, the increasing demand for superior visual style and appeal in furniture among consumers is offering lucrative opportunities in the global engineered wood market. Additionally, heavy investments by governments across various countries in the housing sector are creating a positive outlook for the market. Some of the other factors driving the market growth include rapid urbanization, continual improvements in technology and machining systems, and the rising construction and residential needs in developing countries. On account of the factors above, the market is anticipated to reach 392.3 Million Cubic Metres by 2028, exhibiting a CAGR of 5.9% during 2023-2028.
- On the basis of the type, the market has been categorized into i-beams, plywood, laminated veneer lumber (LVL), glulam (Glued Laminated Timber), oriented strand boards (OSB), cross-laminated timber (CLT), and others.
- Based on the application, the market has been classified into construction, furniture, flooring, packaging, and others.
- Based on the end user, the market has been segmented into residential, and commercial and industrial.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market. Some of the key players include Boise Cascade Company, Havwoods Ltd, Huber Engineered Woods LLC (J.M. Huber Corporation), Louisiana-Pacific Corporation, Mayr-Melnhof Holz Holding AG, Nordic Structures, Pacific Woodtech Corporation (Daiken Corporation), Roseburg Forest Products Co. (Wilsonart), Stora Enso Oyj, Ufp Industries Inc., West Fraser Timber Co. Ltd and Weyerhaeuser Company.
|Base Year of the Analysis
||Million Cubic Metres
||Type, Application, End User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Boise Cascade Company, Havwoods Ltd, Huber Engineered Woods LLC (J.M. Huber Corporation), Louisiana-Pacific Corporation, Mayr-Melnhof Holz Holding AG, Nordic Structures, Pacific Woodtech Corporation (Daiken Corporation), Roseburg Forest Products Co. (Wilsonart), Stora Enso Oyj, Ufp Industries Inc., West Fraser Timber Co. Ltd and Weyerhaeuser Company
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