Engineered Wood Market is projected to be worth USD 490.56 Billion by 2030, registering a CAGR of 7% during the forecast period (2022 - 2030), The market was valued at USD 326.02 billion in 2021.
The engineered wood market size has flourished year on year since 2017. Lately, engineered wood products have gained popularity in the construction sector and its market is anticipated to grow at a CAGR of 12.38% till 2028. Engineer wood which is also known as composite wood or man-made wood is used instead of solid wood and concrete. It is also used as a substitute for steel beams in various construction projects. Hence, the market for engineered wood is expected to grow steadily in the stipulated time, globally.
Engineered wood products are an environment-friendly option in building projects as they are made up of recycled wood. Engineered wood is a good choice for use as it is made keeping durability and trouble-free usage in mind. Engineered wood has become a number one choice for both residential and non-residential construction as it brings down disposal costs with reduced wastes and product damage.
Within the span of a few decades, the global engineered wood market has evolved as a source to modern infrastructures that adds to better characteristics and enhancements. In order to meet the demand of consumers for cheap and best woodwork, realtors and builders are primarily focusing on the usage of engineered wood products in their construction work.
With the onset of the COVID-19 pandemic hitting every system across the globe, the governments around the world had implemented lockdowns which have majorly affected the supply chain of the forestry industry. The series of lockdowns all across the world made a halt on domestic as well as on foreign shipping processes, particularly on the wood processing and production market. It was then the demand for engineered wood witnessed a deep surge of lately. The realty sector which walks hand in hand with the construction industry is directly linked to GDP growth. The scarcity in the supply of processed wood in the building work created great challenges for the global engineered wood market.
However, the rising funding and investment will help increase the engineered wood market size during the ongoing forecast period that will be ending in 2030. The global market has been witnessing a dire need for the development of market products and portfolios that will be helpful for the market in its expansion and increasing the market size during the period. Also, awareness is of prime importance that will help the market undergo positive transformation and expansion in the forecast period.
Here is the list of major players in the global engineered wood market including the ones mentioned below:
They are emerging as the key vendors in the global engineered wood market and serve the rest of the world.
The Engineered wood market products include the engineered wood that is the most sought-after solution for those who are looking for some economical alternative to hardwood or something concrete. Engineered wood flooring, ceilings, wall partitioning, bookshelves, wardrobes, cabinets, and furniture are some of the highly popular products.
The dearth in the supply of solid wood and its expensiveness is helping the market of engineered wood products gain high demand. Not only has this, in the building system, but engineered wood also held the capacity to meet certain specifications to take up the load while adding value to the space. However, Government norms and regulations including Bharat stage emission standards or European emission standards regarding CO2 emissions are driving the market for engineered wood more dynamic.
However, the engineered wood industry is witnessing the development of factors like the lack of investment followed by the reduced spending ability of the target audience since the outbreak of the pandemic. This is hampering the ability of the market to meet the rising needs of the audience and hence, hampering the market from growing during the ongoing period that will be ending in 2028.
The global engineered wood market is likely to witness a deep surge within the period forecasted. The market of engineered wood is driven by the boost for substitutes of solid wood to save trees, reduce waste, low on maintenance, and cut down labor costs.
Engineered wood is a faux wood product manufactured by humans by binding strands, fibers, and chips of wood with the help of adhesives. It is then compressed by machines to make composite wood structures that can be further designed or customized as per the requirement of the end-user. To be precise, it is made up of layers and layers of wood known as ply reformed with heat, adhesives, and composite pressure. Each layer of the wood joint together makes engineered wood highly durable and can be used instead of solid hardwood at a much cheaper price. Unlike hardwood infrastructure that requires regular maintenance including restoration, polishing, etc., products and arrangements made from engineered wood require less or no maintenance. That is why the factors driving the growing market of engineered wood products are the demand for wood composites in residential, commercial, and industrial applications.
Engineered wood Market-By Segment
Talking about the global engineered wood market, it is divided into three segments. The three segments in which the market of engineered wood products is segregated into by product type, by application, and by region. The above mentioned three segments of the engineered wood market further includes-Plywood, Glulam, Laminated Veneer Lumber (LVL), Cross Laminated Timber (CLT), and I -beams in the by-product category while under application category comes residential and non-residential types. North America holds the largest share in the global engineered wood market, followed by Europe and the Asia Pacific, regionally. The market segmentation helps meet the rising needs of the globally spread target audience followed by the enhancement of the marketability and their focus to increasing the attainable revenue sum that has been predicted for the market forecast period by the experts and business leaders.
In terms of geography, Europe is also accounted to have a major market share due to its favorable geographical conditions and will remain to dominate the market in the stipulated period. Despite the economic turndown, Europe has increased rapidly in the last decade. Also in the wake of the enhanced cost competitiveness, the usage of engineered wood products across the realty sector has increased rapidly and is further anticipated to improve for various infrastructural business models. On one hand, the engineered wood market aims at promoting institutional changes, which is like replacing hard wood-framed work in multi-story buildings, whereas on the other hand, less knowledge about engineered wood products and lack of skills to use it can also cause obstacles in its market to flourish during the ongoing forecast period that will be ending in 2030.
This report coverage is based on the forecast period of 2021-2030 and discusses the emergence of factors that will second the market patterns for global growth. It includes revenue forecast, growth factors, trends, and the competitive landscape of the global engineered wood market. The influx of key market opportunities via engineered wood products is increasing due to the lack of solid wood products and government norms and regulations.
|Market Size||2030: USD 490.56 Billion|
|CAGR||7% CAGR (2022 to 2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product Type and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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.) and Kahrs Group (Sweden).|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Global engineered wood market projected to grow at approximately 7% during the assessment period (2022-2030).
Engineered Wood Market is projected to be worth USD 490.56 Billion by 2030
Need to conserve energy & reduce waste in the construction sector and stringent regulations regarding carbon emissions & rapid deforestation, are the major tailwinds pushing the growth of the global engineered wood market.
North America holds the largest share in the global engineered wood market, followed by Europe and the Asia Pacific, respectively.
Boise Cascade Company (U.S.), Celulosa Arauco y Constitución (Chile), Lowe's Companies, Inc.(U.S.), Weyerhaeuser (U.S.), Roseburg Forest Products (U.S.), Georgia Pacific Wood Products, LLC (U.S.), Huber Engineered Wood LLC (U.S.), Universal Forests Products, Inc. (U.S.), CST Timber Co (U.S.), Kahrs group (Sweden), and Rockshield Engineered Wood products ULC (U.S.), are some of the top players operating in the global engineered wood market.