Evolve Business Intelligence has published a research report on the Global Engineered Wood Market, 2023–2033. The global Engineered Wood market is projected to exhibit a CAGR of around 5.98% during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Engineered Wood Market: Louisiana-Pacific Corporation, Weyerhaeuser Company, Boise Cascade Company, Georgia-Pacific, Norbord Inc, Masonite International Corporation, EGGER Group, Kronospan Holdings Limited, Arauco, Roseburg Forest Products.
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Market Highlights
The Engineered Wood market is projected to be valued at USD 490.20 Billion by 2033, recording a CAGR of around 5.98% during the forecast period. Engineered wood, also known as composite wood, is a type of wood product that is manufactured by combining wood fibers or veneers with adhesives and other materials. It is designed to enhance the strength, stability, and durability of natural wood by overcoming some of its limitations. The manufacturing process involves breaking down wood fibers or using thin wood veneers, which are then mixed with adhesives and compressed together under high heat and pressure. This process creates a strong and stable composite material with consistent properties throughout. Various types of adhesives, such as resins or synthetic binders, are used to bond the wood fibers or veneers together. Engineered wood offers several advantages over solid wood. It is more dimensionally stable, meaning it is less likely to warp, shrink, or expand due to changes in temperature and humidity. This stability makes engineered wood suitable for a variety of applications, including flooring, furniture, cabinetry, and construction materials.
The COVID-19 pandemic had moderate impacts on the engineered wood market. Initially, there were disruptions in the supply chain and production activities due to lockdown measures. However, the increased demand for home improvement projects and the shift towards remote work led to a surge in demand for engineered wood products. This was particularly evident in the construction and renovation sectors. Additionally, the focus on sustainable and eco-friendly materials favored the use of engineered wood. Overall, while there were temporary challenges, the market showed resilience and experienced growth during the pandemic.
Segmental Analysis
The global Engineered Wood market has been segmented based on Type, Application, End-User, and region.
Based on Type, the Engineered Wood market is segmented based on I-Beams, Plywood, Laminated Veneer Lumber (LVL), Glulam (Glued Laminated Timber), Oriented Strand Boards (OSB), Cross-Laminated Timber (CLT), and Others. I-Beams are expected to have the largest market share throughout the forecast period, while Oriented Strand Boards (OSB) are expected to grow at the fastest rate.
Based on Application, the global Engineered Wood market has been divided into Construction, Furniture, Flooring, Packaging, and Others. The Furniture segments are anticipated to dominate the market.
Based on the End-User, the global Engineered Wood market has been divided into Residential and Commercial & Industrial. The Commercial & Industrial segments are anticipated to dominate the market.
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Regional Analysis
The Engineered Wood market is divided into six regions: North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. North America has a significant market for engineered wood, driven by the construction industry and the demand for sustainable building materials. The European market for engineered wood is also substantial. Countries such as Germany, France, and the UK have a strong presence in this industry. The region’s focus on green building practices and the use of renewable materials has contributed to the growth of engineered wood. The Asia-Pacific region, including countries such as China, Japan, India, and Australia, represents a major market for engineered wood. Rapid urbanization, infrastructure development, and the increasing adoption of engineered wood products in construction have fueled the market growth in this region. Countries in Latin America, such as Brazil, Mexico, and Argentina, have witnessed a growing demand for engineered wood products. The region’s construction industry, coupled with the emphasis on sustainable practices, has driven the market growth. The Middle East has shown a rising interest in engineered wood, primarily due to the region’s construction activities and the need for sustainable building materials. Countries such as UAE and Saudi Arabia have witnessed increased adoption of engineered wood products. Although the engineered wood market in Africa is relatively smaller compared to other regions, it has shown growth potential. Countries like South Africa, Nigeria, and Kenya have witnessed increased construction activities, which has driven the demand for engineered wood.
