As per Market Research Future (MRFR), the Global Engineered Wood Market is estimated to grow at USD 24.12 million at a CAGR of 12.82% from 2017 to 2023 (forecast period). The report provides a systematic and in-depth review of the effect of the COVID-19 pandemic on the global engineered wood industry.
Engineered wood, also known as man-made or composite wood, has become popular in construction as it is used as a replacement for hardwood and concrete. It is also used as an alternative to steel beams in many construction projects. As a result, the global market for engineered wood is projected to rise steadily in the forecast period.
Engineered wood products are an excellent option for construction as they are made of recycled wood and, hence, serve as environmentally friendly alternatives. They are manufactured for years of trouble-free and dependable use. It helps to minimize waste by reducing disposal costs and damaging the product. It is referred to as one of the best materials of choice for residential and non-residential infrastructure over the last few decades due to its modern enhancement on a construction characteristic. Engineered wood flooring is a very common and sought-after wood flooring solution these days.
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Market Dynamics
Owing to the shortage of wood products, the demand for new value-added wood products is growing. Builders concentrating on engineered wood products in building systems that are capable of meeting with certain load specifications also increase demand. In addition, government norms and regulations, such as Bharat Stage Emission Standards or European CO2 Emission Standards, are boosting the market for engineered wood.
The global Engineered Wood Market Size is very competitive and is expected to experience substantial growth over the forecast period. Demand for engineered wood is driven by industry seeking alternatives to concrete and hardwood to conserve energy, minimize labor costs, and reduce waste. Factors like ease of maintenance, growing popularity, and increasing end-use in construction and architects can fuel the market’s growth.
One of the benefits provided by engineered wood products is that it can be designed for the demand and custom requirements of the end-user. They have a greater tolerance to temperature variation and moisture due to the structural pattern. This kind of wood is cost-effective and of higher quality, thus leading to the reduction of waste. In addition, they will last longer than the laminate floor. Easy maintenance and the uniqueness of colorful design, among other features, are driving the growth of the industry.
Although the global market for engineered wood has potential in the future, the market players of engineered wood products may face some challenges in terms of the durability and fire resistance of engineered wood products.
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Market Segmentation
The global engineered wood market has been segmented into product types and applications.
By product type, the global market has been segmented into plywood, laminated veneer lumber (LVL), glulam, I-beams, and cross laminated timber (CLT).
By application, the global engineered wood market has been segmented into residential and non-residential.
Regional Analysis
Region-wise, the global Engineered Wood Market Share has been segmented into Europe, North America, Asia Pacific, and the rest of the world.
Europe has had a large market share and will continue to dominate the market in the projected period. Despite the economic crisis, Europe has increased steadily in the last decade. In the future, the rising use of engineered wood products in construction seems to be due to their increased cost competitiveness. This is expected to improve new construction business models and facilitate institutional changes, such as revising wood-framed multi-story building standards. On the other hand, factors like lack of education and skills can also impede the market’s development.
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Key Players
The industry giants in the global Engineered Wood Market include Celulosa Arauco y Constitucion (Chile), Roseburg Forest Products (U.S.), Boise Cascade Company (U.S.), Weyerhaeuser (U.S.), Lowe’s Companies, Inc.(U.S.), CST Timber Co (U.S.),Georgia Pacific Wood Products, LLC (U.S.), Rockshield Engineered Wood products ULC (U.S.), Universal Forests Products, Inc. (U.S.), Huber Engineered Wood LLC (U.S.), and Kahrs Group (Sweden).
Table of Content
1 Executive Summary
2 Research Methodology
2.1 Scope Of The Study
2.1.1 Definition
2.1.2 Research Objective
2.1.3 Assumptions
2.1.4 Limitations
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market Size Estimation
2.4 Forecast Model
3 Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter’s Five Forces Analysis
4 Global Engineered Wood Market, By Product Type
4.1 Introduction
4.2 Plywood
4.3 Laminated Veneer Lumber (LVL)
4.4 Glulam
4.5 I-Beams
4.6 Cross Laminated Timber (CLT)
5 Global Engineered Wood Market, By Application
5.1 Introduction
5.2 Residential
5.3 Non-Residential
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