Engineered Wood Market by Type (Cross-Laminated Timber, Glued Laminated Timber, Laminated Veneer Lumber), Application (Non-Residential, Residential) - Global Forecast 2024-2030

Engineered Wood Market by Type (Cross-Laminated Timber, Glued Laminated Timber, Laminated Veneer Lumber), Application (Non-Residential, Residential) - Global Forecast 2024-2030

The Engineered Wood Market size was estimated at USD 360.41 billion in 2023 and expected to reach USD 381.42 billion in 2024, at a CAGR 6.02% to reach USD 542.68 billion by 2030.

Engineered wood, also known as manufactured or composite wood, is derived from a combination of wood products and other materials. It's important to differentiate engineered wood from solid wood, as the former stands out in versatility of application, ease of installation, and resistance to humidity and temperature changes. Increasing consumer need for high-quality, reliable, and environment-friendly construction materials is driving the growth of the engineered wood market. With engineered wood, builders can use less expensive wood types without compromising on strength, durability, or visual appeal. As a result, it is a cost-effective alternative to traditional hardwood. The growing need to reduce the carbon footprint in construction is propelling the demand for engineered wood. Its manufacturing process is less intensive than producing traditional hardwood, contributing to fewer greenhouse gas emissions. The volatile price of adhesives used in manufacturing and durability issues hinder market growth. The growing introduction of advanced engineered wood by market vendors is expected to create opportunities for market growth.

Regional Insights

The engineered wood market in the Americas is expanding at an exponential rate with a significant drive towards sustainable construction and an emphasis on lightweight and durable materials across both the United States and Canada. Furthermore, numerous building codes have shifted specifications to engineered wood products, accentuating the growth of the engineered wood market. The APAC region displays immense growth potential in the engineered wood market. The most significant contributors to this growth are emerging economies such as India and China. Significant urbanization, a rise in the standard of living, and increasing disposable income are factors promoting the use of engineered wood in this region. The region also harbors some of the world's largest producers and consumers of plywood, imbuing it with a vast potential for the engineered wood sector. The EMEA region comprises a significant share of the global engineered wood market due to the prevalent trend of green building in Europe. The Middle East and Africa, particularly GCC countries and South Africa, are experiencing enhanced demand for luxury interior items, fueling the growth of the engineered wood market. The implementation of stringent carbon emission regulations is also encouraging the use of engineered wood in construction.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Engineered Wood Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Increasing need for high-quality, reliable, and environment-friendly construction materials
Surging development of the building and construction sector

Market Restraints

Concern regarding high cost and aesthetic purpose

Market Opportunities

Emerging advances in engineered wood products
Introduction of innovative technology for engineered wood manufacturing

Market Challenges

Susceptible to water and moisture with usage of engineered wood

Market Segmentation Analysis

Type: Growing usage of laminated veneer lumber (LVL) due to its superior load-bearing capacity and uniformity
Application: Expanding the potential of engineered wood in a non-residential sector with its unique blend of cost-effectiveness and durability

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Engineered Wood Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Engineered Wood Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Atlas Engineered Products Announces Acquisition of a Truss and Wall Panel Manufacturer in New Brunswick, Canada

Atlas Engineered Products (AEP) acquired Léon Chouinard et Fils Co. Ltd./Ltée (LCF) to expand its national presence and achieve its long-term growth plan. By incorporating LCF into its operations, AEP strengthened its expertise and capacity in wall panel manufacturing, gained operational synergies, and increased material purchasing power.

Huber Engineered Woods locating manufacturing operations in Shuqualak

Huber Engineered Woods is making a significant investment of USD 418 million to construct a cutting-edge-oriented strand board manufacturing plant in Shuqualak, Mississippi. The construction of the new facility is scheduled to commence in the near future, aligning with Huber Engineered Woods' unwavering commitment to innovation and sustainability.

Star Building Materials, a Qualico Company, announces a USD 53 million investment that will double its capacity, create jobs, and help the building industry for decades to come

Star Building Materials, a Qualico Company, invested USD 53 million to double its capacity and generate employment opportunities. This expansion facilitated the production of trusses, engineered wood products (EWP), prefabricated wall panels (PWP), and interior finishing production, creating 140 new jobs. As part of this expansion, the operations at the Alyth yard are consolidated at the Balzac location.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Engineered Wood Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Engineered Wood Market, highlighting leading vendors and their innovative profiles. These include ARI Armaturen Steamline LLP, Binderholz GmbH, BlueLinx Corporation, Boise Cascade Company, Classic Floorings & Interiors Pvt. Ltd., Ego Premium, Floormonk, FraserWood, Freres Engineered Wood, Greenlam Industries Ltd., Hasslacher Holding GmbH, Havwoods India Pvt. Ltd., Huber Engineered Woods LLC, Kelai Wood, KLH Massivholz GmbH, Kronoplus Limited, Lampert Lumber, LP Building Solutions, Mayr-Melnhof Holz Holding AG, Parador GmbH, Roseburg Forest Products, The Natural Wood Floor Company, The Wood Flooring Co., Universal Forest Products, Inc., West Fraser Timber Co., Ltd., and Weyerhaeuser Company.

Market Segmentation & Coverage

This research report categorizes the Engineered Wood Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type
Cross-Laminated Timber
Glued Laminated Timber
Laminated Veneer Lumber
Oriented Strand Board
Particleboard
Plywood
Application
Non-Residential
Residential
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

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