Global Engineered Wood Growth Opportunities

Global Engineered Wood Growth Opportunities

Building Sector and Sustainability Trends Ensure Future Growth Potential

This study covers engineered wood (EW) products (including plywood, oriented strand board (OSB), laminated veneer lumber (LVL), cross-laminated timber (CLT), medium- and high-density fiberboard (MDF, HDF), particleboard (or chipboard), glued laminated timber (glulam), and hardboard) and bonding agents (including melamine-urea-formaldehyde (MUF), phenolic resin, urea-formaldehyde (UF), and methylene diphenyl diisocyanate (MDI) resin).

By application, EW volumes are segmented into construction, joinery (furniture, cabinetry, moldings, shelves), packaging, and others (nautical uses, equipment for trains, wooden toys). By region, the market is split into the Americas, Europe, MEASA (Africa, Western Asia, and Southern Asia), and APAC (Oceania, Central Asia, Eastern Asia, and Southeast Asia).

The study dives deep into market dynamics for each EW product in each application and each region, forecasting revenue and volume for them as well as for binding agents.

EW demand will be driven by end-industry (construction, joinery) growth, with EW gradually replacing construction materials. However, a reduction in material intensity will moderate this growth. EW product prices will be pushed up by several converging factors, such as extreme climate events, sustainability trends driving demand, and rising energy prices.

Bonding agent volume will be driven up by the EW market and down by improvements in efficiency and technologies in application technologies. Prices have suffered great volatility in the last few years and are expected to keep rising in the near future.

In terms of growth opportunities, the analysis shows that mass timber will keep growing in the construction sector, and high-performance adhesives for these applications will follow. Moreover, bio-based adhesives are finding their place among the increasing restrictions for formaldehyde emissions.