According to a recent report published by Report Ocean, titled, “Engineered Wood Market by Product, Industry, and Application: Opportunity Analysis and Industry Forecast, 2020–2027,” the engineered wood market size accounted for $284,761.1 million in 2019, and is expected to reach $400,450.9 million by 2027, registering a CAGR of 6.2% from 2020 to 2027. In 2019, the furniture segment dominated the engineered wood market, followed by the construction segment. The engineered wood market includes revenue generated by products used in several industries such as construction, furniture, and packaging. Engineered wood is also called mass timber or man-made wood or manufactured boards.
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The engineered wood being cost effective and environment friendly is preferred over other wood and cement products that emit harmful bi-products while manufacturing. In addition, subsidies provided by governments over green building material encourages builders and architects to use engineered wood products. Moreover, companies have keenly looked after products to enhance their aesthetics. Further, rise in renovation and remodeling of old structures in developed nation of North America and Europe drives the engineered wood market. However, cheap and easily available plastic, rubber, and synthetic materials over engineered wood act as restraint to the engineered wood market. Similarly, plastic laminates also hamper sales of engineered wood. In addition, outbreak of COVID-19 has led to halt in construction and manufacturing activates across the globe. Halt in logistics services has led to halt in the packaging industry, which, in turn, hinders growth of the engineered wood market. However, industries are gradually back on track and vaccine discovery would lead to recovery of the engineered wood market. Further, urbanization of major cities in Asia-Pacific and LAMEA is expected to lead to rise in construction activities as thus led to increase in demand for engineered wood products in the market.
The engineered wood market is segmented into type, application, end user, and region. On the basis of type, the market is divided into I-Beams, plywood, laminated veneer lumber (LVL), glulam (glued laminated timber), oriented strand boards (OSB), cross-laminated timber (CLT), and others. Depending on application, it is classified into construction, furniture, flooring, packaging and others. By end user, it is segregated into residential and commercial & industrial. By region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The major players profiled in the engineered wood market include Boise Cascade Company, Celulosa Arauco y Constitucion SA, Huber Engineered Woods LLC, Louisiana-Pacific Corporation (LP), Norbord Inc., Patrick Industries, Inc., Raute Group, Shenzhen Risewell Industry Co., Ltd, Universal Forest Products, Inc. and Weyerhaeuser Company.