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Engineered Wood Market Size

ID: MRFR//3364-HCR | 111 Pages | Author: Varsha More| October 2024

The Engineered Wood Market is shaped by various factors that contribute to its dynamics and growth. A key driver is the increasing demand for sustainable and cost-effective building materials in the construction industry. Engineered wood, which includes products like plywood, laminated veneer lumber (LVL), and particleboard, offers a versatile and environmentally friendly alternative to traditional solid wood. The growing awareness of deforestation issues and the need for resource-efficient construction materials propel the demand for engineered wood products 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.

Raw material availability and pricing play a crucial role in the engineered wood market. The primary raw materials for manufacturing engineered wood include fast-growing timber species, adhesives, and in some cases, recycled wood fibers. Fluctuations in the prices of these raw materials, influenced by factors such as timber availability, resin costs, and market demand, can impact the overall production cost of engineered wood products. Ensuring a stable and cost-effective supply of high-quality raw materials is essential for manufacturers to maintain competitiveness in the market.

Technological advancements in engineered wood production processes contribute to market growth. Innovations in manufacturing techniques, adhesive formulations, and finishing technologies lead to the development of engineered wood products with improved strength, stability, and aesthetic qualities. Continuous research and development in the industry drive advancements, expanding the applications of engineered wood in various construction and design projects and influencing the market's expansion.

End-user industries significantly influence the demand for engineered wood. The construction sector is a major consumer, utilizing engineered wood for applications such as framing, flooring, and roofing. The furniture and interior design industries also contribute to the market as they seek materials that offer both sustainability and design flexibility. Companies in the engineered wood sector need to understand the specific requirements of these end-user industries to tailor their products accordingly and meet market demands.

Global economic conditions and trade policies also play a role in shaping the engineered wood market. Changes in international trade agreements, tariffs, and geopolitical factors can impact the supply chain, affecting both producers and consumers. Companies in the market must navigate these global economic dynamics to ensure stability in their operations and explore new opportunities in emerging markets.

Environmental considerations and sustainability are key drivers in the engineered wood market. As awareness of environmental issues grows, consumers and builders are increasingly inclined toward materials that are sourced responsibly and have a lower carbon footprint. Engineered wood, with its efficient use of timber resources and the potential for recycling, aligns well with sustainability goals. Companies adopting green manufacturing practices and promoting the eco-friendly aspects of their engineered wood products can gain a competitive edge.

Consumer preferences for design flexibility, dimensional stability, and affordability influence the engineered wood market. Architects, builders, and homeowners seek materials that provide both structural integrity and the ability to achieve diverse design aesthetics. Engineered wood, with its consistent quality, dimensional stability, and cost-effectiveness, caters to these preferences. Companies that offer a range of engineered wood products, including different finishes and sizes, can attract a broader customer base.

Weather conditions and climate considerations may impact the engineered wood market, especially in outdoor applications. Some engineered wood products, such as exterior-grade plywood or composite decking, are designed for resistance to moisture and weathering. Companies need to ensure that their engineered wood products are engineered to withstand varying environmental conditions and offer reliable performance over time.

Covered Aspects:

Report Attribute/Metric Details
Growth Rate  7.21% 2024-2032)

Global Engineered Wood Market Overview


The engineered Wood Market Size was valued at USD 280.9 billion in 2022. The Engineered Wood industry is projected to grow from USD301.15289Billion in 2023 to USD 525.6170002billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.21% during the forecast period (2024 - 2032). The energy conservation and waste reduction market in the construction sector is driven by stringent carbon emission regulations, the urgent need to address deforestation, and the growing emphasis on sustainable practices are the key market drivers enhancing the market growth.


Engineered Wood Market


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Engineered Wood Market Trends




  • Growing demand from the non-residential sector is driving the market growth.




India has allocated a budget of USD 429.55 million for the Revitalizing Infrastructure and Systems in Education (RISE) program by 2022. The MEA region is set to witness the construction of approximately 709 healthcare projects worth USD 65 billion, according to the BNC Network. Moreover, under the "Let Girls Learn" initiative, developing countries like Jordan receive funding from the United States to construct 25 new schools. This factor drives Market CAGR.


Additionally, manufacturers are actively promoting its benefits with the increasing demand for engineered wood. Engineered wood offers superior quality and durability compared to solid natural wood at a lower cost. It is also easier to maintain, making it an attractive choice for kitchen cabinets. The expanding use of engineered wood in modern kitchen applications presents promising market opportunities. Additionally, the adoption of unmanned aerial vehicles (UAVs) or drones is anticipated to contribute to the growth of the engineered wood market


Engineered Wood Market Segment Insights


Engineered Wood Product Type Insights


Based on product type, the Engineered Wood market segmentation includes plywood, laminated veneer lumber (LVL), Glulam, I-beams, and Cross Laminated Timber (CLT). The plywood segment dominated the market because it holds a significant presence due to its wide-ranging applications, durability, and cost-effectiveness. It is commonly used in construction, furniture manufacturing, packaging, and other industries. Plywood's popularity can be attributed to its versatility, widespread availability, and ease of use.



Engineered Wood Application Insights


Based on Application, the Engineered Wood market segmentation includes residential and non-residential. The residential segment dominated the market due to the increased housing construction, renovation projects, and the demand for wood-based materials in residential buildings. Engineered wood products, such as plywood, Laminated Veneer Lumber (LVL), and Cross Laminated Timber (CLT), are commonly used in residential construction due to their strength, versatility, and cost-effectiveness.


Figure 1: Engineered Wood Market, by Application, 2022 & 2032 (USD billion)


Engineered Wood Market, by Application, 2022 & 2032


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Engineered Wood Regional Insights


By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Europe's Engineered Wood market area will dominate this market due to the rising infrastructure development and growing construction projects. Further, the German Engineered Wood market held the largest market share. The Engineered Wood market in the UK experienced significant growth and emerged as the fastest-growing market in Europe.


Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure2: ENGINEERED WOOD MARKET SHARE BY REGION 2022 (%)


ENGINEERED WOOD MARKET SHARE BY REGION 2022


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


North America accounts for the second-largest market share. This is due to the use of farming equipment and sophisticated construction equipment.


The Asia-Pacific Engineered Wood Market is expected to grow at the fastest CAGR from 2023 to 2032 due to the rising number of investors emerging into the power and utilities, agriculture, transport, and logistics sectors. Moreover, China’s Engineered Wood market held the largest market share. The Engineered Wood market in India witnessed rapid growth and became the fastest-growing market in the Asia-Pacific region.


Engineered Wood Key Market Players& Competitive Insights


Leading market players are investing heavily in research and development to expand their product lines, which will help the engineered wood market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Engineered Wood industry must offer cost-effective items.


Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Engineered Wood industry to benefit clients and increase the market sector. The Engineered Wood industry has offered some of the most significant advantages recently. Major players in the Engineered Wood market include CelulosaArauco 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).


Boise Cascade Company, a leading manufacturer of wood products and distributor of building materials, has expanded its distribution centers in Walterboro, SC, and Hondo, Texas. With a strong presence in North America, Boise Cascade continues to grow its operations and meet the increasing demand for wood products and building materials.


Norbord Inc., a prominent Canadian manufacturer of wood-based panels, including oriented strand boards, particleboard, and medium-density fiberboard, has been acquired by West Fraser. West Fraser, a diversified wood products company in western Canada and the southern US, produces a wide range of wood products, such as lumber, laminated veneer lumber (LVL), plywood, pulp, and more. The acquisition strengthens West Fraser's position in the industry and expands its product portfolio.


Key Companies In The Engineered Wood Market Include



  • Boise Cascade Company (U.S.)

  • Kahrs Group (Sweden)

  • Huber Engineered Wood LLC (U.S.)

  • Celulosa Arauco y Constitución (Chile)

  • Lowe's Companies, Inc (U.S.)

  • Universal Forests Products, Inc. (U.S.)


  • Rockshield Engineered Wood products ULC (U.S.)

  • CST Timber Co (U.S.)

  • Roseburg Forest Products (U.S.)


  • Weyerhaeuser (U.S.)


Engineered Wood Industry Developments


October 2023: Researchers at the University of California, San Diego, have developed a new type of engineered wood that is stronger and more fire-resistant than traditional wood. This new material could have a wide range of applications in the construction industry.November 2023: Weyerhaeuser Company, another major manufacturer of engineered wood products, announced that it was expanding its production capacity for laminated veneer lumber (LVL) at its facility in Osage, Minnesota. The expansion is expected to be completed by the end of 2024 and will increase Weyerhaeuser's LVL production capacity by 25%.


Engineered Wood Market Segmentation


Engineered Wood Product Type Outlook



  • Plywood

  • Laminated Veneer Lumber(LVL)

  • Glulam

  • I-beams and Cross Laminated

  • Timber(CLT)


Engineered Wood Application Outlook



  • Residential

  • Non-residential


Engineered Wood Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • Latin America



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