IMARC Group's report titled "Engineered Wood Market Report by Type (I-Beams, Plywood, Laminated Veneer Lumber (LVL), Glulam (Glued Laminated Timber), Oriented Strand Boards (OSB), Cross-Laminated Timber (CLT), and Others), Application (Construction, Furniture, Flooring, Packaging, and Others), End User (Residential, Commercial and Industrial), and Region 2024-2032". The global engineered wood market size reached 289.5 Million Cubic Metres in 2023. Looking forward, IMARC Group expects the market to reach 459.8 Million Cubic Metres by 2032, exhibiting a growth rate (CAGR) of 5.1% during 2024-2032.
Factors Affecting the Growth of the Engineered Wood Industry:
- Sustainability and Environmental Benefits:
Engineered wood products, such as plywood, particleboard, and laminated veneer lumber (LVL), are increasingly recognized for their environmental advantages over traditional solid wood. These products are manufactured using wood fibers and veneers, which means they utilize more of the raw material and reduce waste. Additionally, the production of engineered wood typically results in fewer carbon emissions compared to other building materials such as steel or concrete. As global awareness about environmental issues grows, consumers and businesses alike are seeking sustainable building materials. Governments are also enacting stricter regulations to promote the use of eco-friendly materials, further boosting demand for engineered wood. The rise of green building certifications such as LEED (Leadership in Energy and Environmental Design) and BREEAM (Building Research Establishment Environmental Assessment Method) also encourages the use of engineered wood, as it often contributes points toward certification.
- Technological Advancements and Innovation:
Technological advancements have greatly enhanced the quality, durability, and aesthetic appeal of engineered wood products. Innovations in manufacturing processes, such as improved adhesives and better wood bonding techniques, have resulted in products that are stronger and more versatile than ever before. These advancements make engineered wood suitable for a broader range of applications, from residential flooring and cabinetry to large-scale commercial and industrial structures. Moreover, computer-aided design (CAD) and computer-aided manufacturing (CAM) technologies have enabled more precise engineering and customization of wood products, allowing manufacturers to create complex shapes and designs that were previously difficult or impossible to achieve. This versatility has opened up new markets and applications for engineered wood products, driving demand and market growth. Continuous investment in research and development is expected to further expand the capabilities and applications of engineered wood, solidifying its position as a material of choice in the construction industry.
- Growing Construction and Infrastructure Development:
The expansion of the construction and infrastructure sectors, particularly in developing countries, is another key driver of the engineered wood market. As urbanization increases and populations grow, there is a rising demand for affordable and efficient building materials. Engineered wood products are often more cost-effective than solid wood or traditional building materials, making them an attractive option for new construction projects. In addition, the lighter weight of engineered wood compared to traditional building materials reduces transportation and labor costs, further enhancing its appeal in construction. The ongoing development of infrastructure projects, including bridges, schools, hospitals, and residential buildings, in regions such as Asia-Pacific, Latin America, and Africa, provides a robust market for engineered wood. As these regions continue to develop, the demand for sustainable, versatile, and cost-effective building materials will likely grow, further driving the engineered wood market.
Leading Companies Operating in the Global Engineered Wood Industry:
- 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
- Weyerhaeuser Company
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Engineered Wood Market Report Segmentation:
By Type:
- I-Beams
- Plywood
- Laminated Veneer Lumber (LVL)
- Glulam (Glued Laminated Timber)
- Oriented Strand Boards (OSB)
- Cross-Laminated Timber (CLT)
- Others
Plywood dominates the market on account of its versatility, strength, and widespread use in construction, furniture, and cabinetry, making it a preferred choice for various applications.
By Application:
- Construction
- Furniture
- Flooring
- Packaging
- Others
Furniture holds the maximum number of shares as engineered wood provides a cost-effective, durable, and versatile material that can be easily manufactured into various furniture designs to meet diverse consumer demands.
By End User:
- Residential
- Commercial and Industrial
Residential represents the largest segment on account of the high demand for cost-effective, versatile, and aesthetically appealing building materials in home construction and renovation projects.
Market 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
Global Engineered Wood Market Trends:
The global engineered wood market is benefiting from increasing awareness campaigns and educational efforts by industry stakeholders, including manufacturers, trade associations, and environmental organizations. These efforts aim to educate architects, builders, and consumers about the benefits of engineered wood, such as its structural performance, durability, and design flexibility. By showcasing engineered wood as a viable alternative to traditional materials such as concrete and steel, these campaigns are helping to change perceptions and increase adoption rates. This growing awareness, combined with the promotion of superior acoustic properties of engineered wood, fire resistance, and thermal insulation, is significantly contributing to the expansion of the market. Besides this, the rise in global urbanization is creating a high demand for housing, particularly in cities where space is at a premium, and there is a need for cost-effective, durable, and sustainable construction materials.
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