Engineered Wood Market Size to Grow at a CAGR of 6.10% in the Forecast Period of 2023-2028

Engineered Wood Market Size to Grow at a CAGR of 6.10% in the Forecast Period of 2023-2028

The ‘Global Engineered Wood Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global engineered wood market, assessing the market on the basis of its segments like types, end-uses, applications, and major regions.

The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.

Engineered Wood Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast

The key highlights of the report include:

Market Overview (2018-2028)

• Historical Market Size (2022): Around USD 312.2 Billion
• Forecast CAGR (2023-2028): 6.10%
• Forecast Market Size (2028): Nearly USD 445.4 Billion

A major factor driving the global engineered wood market is the growth in the residential sector owing to the increasing population and surging migration to bigger cities. Engineered wood finds its usage in several residential applications such as cabinets, cupboards, furniture, doors, windows, columns, and beams. It boasts excellent durability, strength, and stability, due to which it is increasingly used as an alternative to conventional wood products. Furthermore, end-users are preferring sustainable materials, including engineered wood, in their products to reduce wastage and lower carbon emissions.

Another crucial factor favouring the global engineered wood market is the increased utilisation of cross-laminated timber in several applications. CLT is made up of several lumbers in a crosswise arrangement that is glued together to provide improved strength. CLT can also be used as an alternative to steel and concrete due to its carbon retention feature. It can be encapsulated with a protective layer of drywall to enhance its fire resistance properties, withstand extreme temperatures, and comply with building code requirements for tall wood structures.

Engineered wood finds widespread applications in furniture due to its uniform smooth surface. It is constructed from multiple lumbers, which makes it moisture-resistant and provides protection from humidity. Furniture made from this wood is pre-laminated, which improves its visual appearance and makes it affordable for individuals and families on a budget. The increasing availability of furniture like beds, dressing tables, cupboards, and cabinets, among others, made from plywood and glulam, among others, is positively influencing the global engineered wood market demand.

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The rise in the renovation activities of old houses and commercial spaces further fuels the demand for engineered wood due to its strength and aesthetic appearance. Moreover, the desire to remodel spaces in accordance with the latest architectural designs, enhanced functionality, and improved sustainability also drives the global engineered wood market. Engineered wood flooring is gaining wide popularity in remodelling activities as it is temperature-resistant, sustainable, cost-effective, and durable.

Engineered Wood Industry Definition and Major Segments

Engineered wood, or man-made wood, is engineered from several lumbers of solid wood or plywood and provides better strength and stability than regular wood. It is built by binding or fixing the panels together according to the specific application. The ease of cutting, drilling and joining process makes engineered wood convenient to use.

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On the basis of type, the market is classified into:

• I-Beams
• Plywood
• Laminated Veneer Lumber (LVL)
• Glulam (Glued Laminated Lumber)
• Oriented Strand Boards (OSB)
• Cross Laminated Timber (CLT)
• Others

Based on end-use, the market is segmented into:

• Residential
• Commercial and Industrial

On the basis of application, the market is categorised into:

• Construction
• Furniture
• Flooring
• Packaging
• Others

Based on region, the market is divided into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Engineered Wood Market Trends

A key trend propelling the growth of the global engineered wood market is the increased demand for eco-friendly materials in construction activities. Materials like concrete, aluminium and steel emit greenhouse gases, boosting the requirement for sustainable alternatives that is carbon-neutral and has low energy consumption. Hence, the growing trend of sustainability is likely to boost the usage of engineered wood in infrastructures as it is made from natural materials and reduce the carbon footprint of buildings.

Engineered wood generally uses small amounts of traditional wood and provides similar density and strength and appearance as traditional wood. With the growing demand for environmentally friendly products, players are expanding their product portfolio. For instance, in October 2022, Boise Cascade’s distribution division signed a land purchase agreement for the acquisition of 4.67 acres of land near its Albuquerque, New Mexico, to expand its offerings of engineered wood products.

Engineered wood uses eco-friendly manufacturing process, requires low energy during production, and creates minimal waste. Moreover, it reduces the risk of leaks and gaps in buildings due to its improved dimensional stability, further contributing to the energy conservation.

The rise in disposable incomes of the middle-class population is boosting investments in high-cost engineering wood furniture pieces, among other products, due to their increased strength and improved aesthetic features.

The Asia Pacific accounts for a substantial share of the global engineered wood market due to the increasing construction of residential buildings and commercial spaces as well as the rising demand for low-cost housing. Increased urbanisation has further driven the demand for shopping centres and supermarkets in big cities, consequently favouring the market growth. The presence of developing economies in the region leads to a rise in infrastructural development activities and an increase in the demand for eco-friendly products, hence aiding the market growth.

Key Market Players

The major players in the global engineered wood market report are

• Boise Cascade Company
• Arauco Wood Products, Inc
• Huber Engineered Woods LLC
• Louisiana-Pacific Corporation
• West Fraser Timber Co. Ltd.
• Raute Corporation
• UFP Industries, Inc.
• Weyerhaeuser Company
• Stora Enso Oyj
• Resolute Forest Products
• Century Plyboards (India) Ltd
• Others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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