Engineered Wood Market Overview & Growth Prospects | CAGR of 3.21%
According to a Comprehensive Research Report by Market Research Future (MRFR), Engineered Wood Market Information by Product Type and Application, and Region – Forecast till 2030”, The Engineered Wood Market will be valued at USD 525.6170002 billion by 2032, garnering a CAGR of 7.21% between 2022 and 2030.
Market Scope
Engineered wood, also referred to as composite wood, is created by using adhesives to join particles, strands, fibers, veneers, or thin wood boards. In comparison to its competitors, it is more durable, waterproof, cost-effective, eco-friendly, moisture-resistant, and easy to clean. It is extensively utilized in modular kitchens, bookcases, flooring, walls, doors, tables, and benches, boats, and wardrobes, among other things. At the moment, the growing popularity of advanced grading wood among consumers is fueling global demand for engineered wood.
Engineered wood can be described as a faux wood product created by humans by gluing together strands, fibers, and chips of wood. It is then compacted by machines to form composite wood constructions that can be further tailored or customized to meet the needs of the final user. It is made up of layers and layers of wood known as ply that have been reformed with heat, adhesives, and composite pressure. Each layer of wood joined together makes engineered wood extremely durable and can be used in place of solid hardwood at a significantly lower cost. Unlike hardwood infrastructure, which requires regular maintenance such as restoration, polishing, and so on, engineered wood goods and arrangements require little to no upkeep.
The Asia-Pacific will be heading the worldwide market in the next several years and have the highest consumption of engineered wood throughout the forecast period. Construction activity increased in 2022 compared to 2020, resulting in growth in the engineered wood market as residential, government, and health infrastructure expanded.
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Market Competitive Landscape:
The important firms in the engineered wood market include
Celulosa Arauco y Constitución (Chile)
Boise Cascade Company (U.S.)
Lowe’s Companies Inc. (U.S.)
Roseburg Forest Products (U.S.)
Weyerhaeuser (U.S.)
Georgia Pacific Wood Products LLC (U.S.)
Universal Forests Products Inc. (U.S.)
Huber Engineered Wood LLC (U.S.)
CST Timber Co (U.S.)
Rockshield Engineered Wood products ULC (U.S.)
Kahrs Group (Sweden)
Strategic asset allocation and positioning aid industry participants in meeting their growth goals. A number of countries are projected to enact helpful measures that will increase the market’s profit potential. The market’s size shows that the industry has a lot of room to grow in the coming years. Over the projected period, the availability of adequate techniques for creating robust distribution channels is expected to characterize the market’s future growth. Economic stability will most likely contribute to the surge in worldwide market strength. The expansion of the market will be influenced by the upgrading of research and development facilities and equipment.
Market USP Covered:
Market Drivers:
One of the important reasons driving the market is the increased demand for engineered wood as a substitute for emission-intensive materials such as concrete, steel, and aluminum in order to minimize greenhouse gas emissions. Also, there is an increase in housing innovation and modification, particularly in industrialized countries. This, together with increased government investment in housing developments in various nations, is fueling the market’s expansion. Furthermore, demand for cross-laminated timber (CLT) as a construction material is increasing globally. This, together with the increasing use of oriented strand board (OSB) in residential applications such as walls, flooring, and roofs, is driving the market forward.
Furthermore, expanding R&D projects to introduce sophisticated variations of engineered wood that aid in sustainable building are providing profitable potential opportunities to market investors. Aside from that, the growing need for aesthetically pleasing furniture with attractive curves, arches, embossing, and trim is propelling the market forward. Other factors expected to boost market expansion include increased industrialization, an improvement in people’s living conditions, and an increase in demand for prefabricated houses worldwide.
Market Restraints:
Since the pandemic’s breakout, the engineered wood business has seen the development of problems such as a lack of investment, followed by a reduction in the target audience’s spending ability. This is limiting the market’s ability to meet the audience’s rising needs, and so preventing the market from growing throughout the current period, which will expire in 2030.
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