Market Research Future (MRFR) expects the global engineered wood market to achieve USD 24.12 million, with a CAGR of 12.82% from 2017 and 2023 (forecast period).
Engineered wood products are a great choice for construction as they are made of recycled wood and therefore serve as an environmentally friendly alternative. They are manufactured for years of trouble-free and for dependable use. It helps minimize waste by reducing disposal costs and product damage. It is regarded as one of the best materials of choice for residential and non-residential infrastructure over the past few decades due to its new enhancement on a construction characteristic. Engineered wood flooring is common and sought after wood flooring solution these days. Due to the shortage of wood products, the demand for new value-added wood products is increasing. Builders focusing on engineered wood products in building systems that are capable of complying with certain load requirements often increase demand. In addition, government standards and regulations, such as Bharat Stage Emission Standards or European CO2 Emission Standards, are driving the demand for engineered wood.
The global engineered wood market is highly dynamic is predicted to experience significant growth over the forecast period. Demand for engineered wood is led by industry seeking alternatives to concrete and hardwood to save energy, minimize labor costs and eliminate waste. Factors like growing popularity, ease of maintenance, and the rise in end-use in construction and architects will fuel the growth of the market.
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One of the benefits offered by engineered wood products is that they can be tailored to the demand and custom requirements of the end-user. They have a higher tolerance to temperature variation and moisture owing to the structural pattern. This type of wood is cost-effective and of higher quality, therefore leading to the reduction of waste. In addition, they can last longer than the laminate floor. Easy maintenance and the appeal of colorful design, among other features, are boosting the growth of the industry.
While the global market for engineered wood has potential for development, market players for engineered wood products may face various difficulties in terms of durability and fire resistance of engineered wood products.
COVID-19 Impact on the Global Engineered Wood Market
Construction, manufacturing, hotel, and tourism industries were severely impacted during the outbreak of COVID-19. Construction activities have also been largely halted or restricted. Manufacturing and transportation activities, along with their supply chains, hamper on a global level. This led to a downturn in construction activities, which directly hindered the engineered wood market. However, all industries are steadily getting back on track with their regular production and services. This is expected to help in reviving losses that have occurred due to COVID-19.
The global engineered wood industry has been segmented into product types and applications.
Based on product type, the global market has been segmented into plywood, laminated veneer lumber (LVL), glulam, I-beams, and cross-laminated timber (CLT).
Based on application, the global engineered wood market has been segmented into residential and non-residential.
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Region-wise, the global engineered wood industry has been segmented into Europe, North America, Asia Pacific, and the rest of the world.
Europe to gain significant market share
Europe has had a strong market share and will continue to dominate the market with the largest market share in the projected period. Given the economic crisis, Europe has gradually increased over the last decade. In the future, the growing use of engineered wood products in construction tends to be due to their improved cost competitiveness. This is expected to boost new construction business models and promote institutional changes, including revising wood-framed multi-story building standards. On the flip side, factors such as lack of education and skills can also inhibit the industry’s growth.
Notable players in the global engineered wood market include Celulosa Arauco y Constitución (Chile), Huber Engineered Wood LLC (U.S.), Roseburg Forest Products (U.S.), Boise Cascade Company (U.S.), Lowe’s Companies, Inc. (U.S.), Georgia Pacific Wood Products, LLC (U.S.), CST Timber Co (U.S.), Weyerhaeuser (U.S.), Rockshield Engineered Wood products ULC (U.S.), Universal Forests Products, Inc. (U.S.), and Kahrs Group (Sweden).
The global engineered wood market is projected to grow at USD 24.12 million, with a 12.82% CAGR from 2017 to 2023. Engineered wood, also identified as man-made or composite wood, has become common in construction as it is used as a substitute for hardwood and concrete. It is also used as an option to steel beams in a number of construction projects. As a consequence, the global market for engineered wood is expected to grow substantially in the forecast period.
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