The latest report by IMARC Group, titled “I-Joist Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global I-joist market size reached US$ 2.1 Billion in 2021. I-joist refers to a type of engineered wood product manufactured from laminated veneer and graded solid timber. The flanges and the web of the I-joist keep the whole structure in place, giving it a distinctive “I” shape. I-joist exhibits various advantages such as great strength in relation to its size and weight, and prevents problems that occur while using solid lumber as joists. It is relatively small in size; however, it has the capability of handling a large amount of pressure. In addition to this, I-joist does not bow, crown, twist, cup, check, or split compared to dimensional pieces of lumber. It also offers dimensional soundness and little to no shrinkage, which eliminates squeaky floors. As a result, it finds application in many modern construction activities, ranging from residential to industrial spaces.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global I-Joist Market Trends:
The global I-joist market is primarily driven by the significantly growing construction and real estate sectors. I-joist finds application in wall studs, roof rafters, floor and roof frame installations to improve their aesthetic appearance and flexibility. It is also increasingly utilized in designing economical floor layouts as it is easy to install, consisting of a thin layer of wood that is easier to drill for plumbing, HVAC and electrical purposes, propelling the market growth. Furthermore, manufacturers nowadays use I-joists as they are cheaper, stronger, and readily available, unlike plywood. Besides this, rapid urbanization, and the development of smart cities by governments of various countries and the rising renovation of residential spaces with easy-to-install and economical materials are also escalating the product demand. Looking forward, the market value is expected to reach US$ 3.1 Billion by 2027, exhibiting a CAGR of 6.75% during the forecast period (2022-2027).
- Based on the sector, the market has been bifurcated into 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.
- On the basis of the application, the market has been classified into floors, roofs, and other applications.
- Region-wise, North America holds the leading position in the market. Other major regions are Asia Pacific, Europe, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been examined in the report, with the detailed profiles of some of the key players operative in the industry.
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