According to the latest report by IMARC Group, titled "I-Joist Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global I-joist market size reached US$ 2.8 Billion in 2019. I-joist is an engineered wood product that is utilized as an essential component in flooring and roofing applications across the residential sector. It is made from a combination of timber products and has two parts, namely web and flanges. The web is positioned between the top and bottom laminated wood flanges that renders a distinctive ‘I’ shape to the product. The webs and flanges are designed in a manner that offers excellent shear resistance and improved durability. I-joists are consequently used for avoiding crowning and maintaining a level framing surface during construction activities.
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Global I-Joist Market Trends:
The market is primarily driven by the significant growth in the construction and real estate sectors across the globe. I-joist is used for installing flooring and roof framing due to its lightweight yet resilient properties. It also offers improved strength and stiffness with an aesthetic appearance and enhanced flexibility. Additionally, it is characterized by a high strength-to-weight ratio that enables it to carry heavy loads over an extended period. The engineered wood product is further utilized for the construction of buildings as it can effectively resist shrinking and swelling under ambient conditions, such as humidity, temperature and air pressure change. Apart from this, I-joists prepared from oriented strand board web materials are widely being preferred by manufacturers across the globe. These variants are cheaper, stronger and easily available in the market when compared with plywood. These structures are also widely replacing lumber-joists due to their excellent load-carrying ability and dimensional stability, thereby providing an impetus to the market growth. The increasing demand for renovating residential spaces and significant expansion of smart city projects on the global level is further contributing to the market growth. On account of the aforementioned factors, the market is anticipated to exhibit moderate growth during the forecast period (2020-2025).
- On the basis of the sector, the market has been bifurcated into the residential and commercial segments, wherein the residential sector exhibits a clear dominance in the market.
- The market has been divided into the new construction and replacement segments.
- Based on the application, the market has been classified into floors, roofs and other applications.
- On the geographical front, North America holds the leading position in the market, accounting for the majority of the total market share. Some of the other major regions include Europe, Asia Pacific, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players.
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