Engineered Wood Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Engineered Wood Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global engineered wood market size reached 273.5 Million Cubic Metres in 2022. Looking forward, IMARC Group expects the market to reach 392.3 Million Cubic Metres by 2028, exhibiting a growth rate (CAGR) of 5.9% during 2023-2028.

Engineered wood, also known as composite wood, is made by binding particles, strands, fibers, veneers, or thin wood boards with adhesives. It is durable, waterproof, cost-effective, eco-friendly, moisture-resistant, and easier to clean as compared to its counterparts. It is widely used in modular kitchens, bookshelves, floors, walls, doors, tables and benches, boats, and wardrobes. At present, the growing traction of advanced grading wood among consumers is catalyzing the demand for engineered wood across the globe.

Engineered Wood Market Trends:

The growing demand for engineered wood as a substitute for emission-intensive materials, such as concrete, steel, and aluminum, to reduce greenhouse gases represents one of the key factors driving the market. Moreover, there is a rise in the innovation and remodeling of homes, especially in developed countries. This, along with increasing investments by governments of several countries in housing projects, is propelling the growth of the market. Additionally, there is a rise in the demand for cross-laminated timber (CLT) as a construction material across the globe. This, coupled with the growing applications of oriented strand board (OSB) in residential applications like walls, flooring, and roofs, is positively influencing the market. Besides this, increasing research and development (R&D) programs to introduce advanced variants of engineered wood that assist in sustainable construction is offering lucrative growth opportunities to industry investors. Apart from this, the escalating demand for aesthetically appealing furniture with stylish curves, arches, embossing, and trim, is bolstering the growth of the market. Some of the other factors anticipated to strengthen the growth of the market are rapid industrialization, improvement in the living standards of individuals, and the increasing demand for prefabricated houses worldwide.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global engineered wood market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, application and end user.

Breakup by Type:

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

Breakup by Application:

Construction
Furniture
Flooring
Packaging
Others

Breakup by End User:

Residential
Commercial and Industrial

Breakup by Region:

North America

United States
Canada

Asia-Pacific

China
Japan
India
South Korea
Australia
Indonesia
Others

Europe

Germany
France
United Kingdom
Italy
Spain
Russia
Others

Latin America

Brazil
Mexico
Others

Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Boise Cascade Company, Havwoods Ltd, Huber Engineered Woods LLC (J.M. Huber Corporation), Louisiana-Pacific Corporation, Mayr-Melnhof Holz Holding AG, Nordic Structures, Pacific Woodtech Corporation (Daiken Corporation), Roseburg Forest Products Co. (Wilsonart), Stora Enso Oyj, Ufp Industries Inc., West Fraser Timber Co. Ltd and Weyerhaeuser Company.

Key Questions Answered in This Report

1. What was the size of the global engineered wood market in 2022?

2. What is the expected growth rate of the global engineered wood market during 2023-2028?

3. What has been the impact of COVID-19 on the global engineered wood market?

4. What are the key factors driving the global engineered wood market?

5. What is the breakup of the global engineered wood market based on the type?

6. What is the breakup of the global engineered wood market based on the application?

7. What is the breakup of the global engineered wood market based on end user?

8. What are the key regions in the global engineered wood market?

9. Who are the key players/companies in the global engineered wood market?