Engineered Wood Gains Popularity for Sustainable Construction and Aesthetic Furniture, Driving Market Expansion

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Nov 06, 2023, 18:45 ET

DUBLIN, Nov. 6, 2023 /PRNewswire/ -- The "Engineered Wood Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The global engineered wood market has achieved remarkable growth, reaching a size of 273.5 million cubic metres in 2022. A promising future lies ahead, with the market expected to surge to 392.3 million cubic metres by 2028, marking a substantial compound annual growth rate (CAGR) of 5.9% during the period from 2023 to 2028.

Engineered wood, also known as composite wood, is manufactured by binding particles, strands, fibers, veneers, or thin wood boards using adhesives. Renowned for its durability, waterproof properties, cost-effectiveness, eco-friendliness, moisture resistance, and ease of cleaning, engineered wood finds versatile applications in modular kitchens, bookshelves, floors, walls, doors, tables, benches, boats, and wardrobes. Currently, the increasing preference for advanced graded wood among consumers is fueling the demand for engineered wood worldwide.

Engineered Wood Market Trends:

Several trends are shaping the global engineered wood market:

Sustainable Construction: The rising demand for engineered wood as a sustainable substitute for emission-intensive materials like concrete, steel, and aluminum is a key driver of market growth.
Home Innovation and Remodeling: The innovation and remodeling of homes, especially in developed countries, coupled with government investments in housing projects, are propelling market expansion.
Cross-Laminated Timber (CLT): The increasing global demand for cross-laminated timber (CLT) as a construction material and the growing use of oriented strand board (OSB) in residential applications are positively impacting the market.
R&D Initiatives: Ongoing research and development (R&D) efforts aimed at introducing advanced variants of engineered wood for sustainable construction offer lucrative opportunities for industry investors.
Aesthetic Furniture: Escalating demand for aesthetically appealing furniture with stylish features such as curves, arches, embossing, and trim is driving market growth.
Global Industrialization: Rapid industrialization, improved living standards, and the increasing demand for prefabricated houses worldwide are additional factors strengthening market growth.

Key Market Segmentation:

The market analysis includes key segments:

Type:
- I-Beams
- Plywood
- Laminated Veneer Lumber (LVL)
- Glulam (Glued Laminated Timber)
- Oriented Strand Boards (OSB)
- Cross-Laminated Timber (CLT)
- Others (I-Beams represented the largest segment)
Application:
- Construction
- Furniture
- Flooring
- Packaging
- Others (Construction accounted for the largest segment)
End User:
- Residential
- Commercial and Industrial

Regional Insights:

The market analysis covers major regional markets:

North America: (United States and Canada)
- North America leads the engineered wood market, driven by a focus on data privacy and security, increased cyberattacks, and supportive government initiatives.
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, and others)
- Europe sees growth due to data security needs and regulatory compliance.
Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, and others)
- Asia Pacific experiences significant growth owing to the adoption of digital payment technologies and cybersecurity concerns.
Latin America: (Brazil, Mexico, and others)
- Latin America witnesses expansion driven by increasing awareness of data security and digital payment growth.
Middle East and Africa

Competitive Landscape:

The report offers a comprehensive analysis of the competitive landscape in the global engineered wood market. It includes market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant. Detailed profiles of major companies, such as Boise Cascade Company, Havwoods Ltd, Huber Engineered Woods LLC (J.M. Huber Corporation), Louisiana-Pacific Corporation, Mayr-Melnhof Holz Holding AG, Nordic Structures, Pacific Woodtech Corporation (Daiken Corporation), Roseburg Forest Products Co. (Wilsonart), Stora Enso Oyj, Ufp Industries Inc., West Fraser Timber Co. Ltd, Weyerhaeuser Company, and others, are provided.

Key Questions Answered in This Report:

What was the size of the global engineered wood market in 2022?
What is the expected growth rate of the global engineered wood market during 2023-2028?
What has been the impact of COVID-19 on the global engineered wood market?
What are the key factors driving the global engineered wood market?
What is the market breakdown by type, application, and end user?
Which regions are the key markets for engineered wood?
Who are the major players in the global engineered wood market?

For more information about this report visit https://www.researchandmarkets.com/r/fffwxl

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