Global Engineered Wood Market Report and Forecast 2023-2028

Global Engineered Wood Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global engineered wood market reached a value of USD 312.2 billion in 2022. Aided by the increasing demand for sustainable construction materials and the versatility of engineered wood in various applications, the market is projected to further grow at a CAGR of 6.15% between 2023 and 2028 to reach a value of USD 445.4 billion by 2028.

Engineered wood, also known as composite wood, is a class of materials that combines wood with other materials, usually adhesives, to produce a stronger, more versatile product than traditional timber. Its application spectrum ranges from home and commercial construction to furniture and decorative elements. Engineered wood provides an efficient use of resources, thereby promoting sustainable forestry practices. In addition to its environmental advantages, engineered wood also offers superior strength, flexibility, and durability compared to traditional wood.

The surge in global construction activities, especially in the residential sector are propelling the engineered wood market expansion. With urbanisation trends showing no sign of slowing, the demand for high-quality, sustainable, and affordable construction materials is on the rise. Engineered wood, with its myriad benefits over conventional wood, like resistance to warping, cracking, and splitting, has positioned itself as the material of choice for many modern construction projects.

Moreover, the eco-friendly attributes of engineered wood make it increasingly attractive in today's environmentally conscious world. As governments and industries worldwide steer towards green and sustainable practices, the engineered wood market growth stands to benefit enormously. The capability of engineered wood products, like Cross-Laminated Timber (CLT) and Glulam, to store carbon dioxide, further accentuates their environmental benefits.

In addition to the construction sector, the furniture industry is another vital player boosting the demand for engineered wood. With the contemporary shift towards minimalist and sustainable furniture, engineered wood, particularly Medium Density Fibreboard (MDF) and Particleboard, is becoming more prevalent. The aesthetic appeal combined with the strength and durability of these materials has made them popular choices for both commercial and residential furniture.

Advancements in adhesive technologies also play a pivotal role in the engineered wood market development. The development of stronger, more resilient, and eco-friendly adhesives has enhanced the quality and application range of engineered wood products. It has led to the production of engineered wood that can be used in more humid and challenging environments, thus broadening its application spectrum.

Market Segmentation

The market can be divided based on type, end-use, application, and region.

Market Breakup by Type

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

Market Breakup by End-Use

• Residential
• Commercial and Industrial

Market Breakup by Application

• Construction
• Furniture
• Flooring
• Packaging
• Others

Market Breakup by Region

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

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global engineered wood companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• 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

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.