The market for engineered wood is expected to reach 61.61 billion US dollars by the end of 2033 from an anticipated 24.86 billion US dollars in 2023.
The term “engineered wood,” also referred to as “composite wood” or “man-made wood,” describes a variety of wood products formed by joining or fastening wood strands, fibres, veneers, or particles together using adhesives, resins, or other techniques. Due to its many advantages over conventional solid wood, such as increased strength, stability, and sustainability, the engineered wood business is expanding quickly.
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The market for engineered wood products is being propelled forward by improvements in manufacturing technology, rising awareness of sustainable building practises, and rising demand for ecologically friendly building materials. Additionally, engineered wood is economical and adaptable, making it a popular option for a variety of applications in the building, furniture, flooring, and packaging industries.
Demand for environmentally friendly building materials like engineered wood is expanding quickly as people become more environmentally aware. The performance and quality of engineered wood products are continuously improving because to developments in manufacturing technology including computer-controlled machinery and precision engineering. In addition to lowering costs and increasing production efficiency, these technologies.
Affordably priced and long-lasting construction materials are in high demand due to trends in global urbanisation. Engineered wood is a popular choice for builders and developers in metropolitan areas because of its constant qualities and reduced price compared to real wood. Because of how simple it is to install, how quickly it can be built, and how little waste it produces, engineered wood is also becoming more and more common in prefabricated construction systems. Particularly common in residential and commercial construction projects is this trend.
Key Takeaways from Market Study
- From 2023 to 2033, the worldwide engineered wood market is anticipated to grow at a CAGR of 9.5%.
- Over the next ten years, demand for glulam-engineered wood products is anticipated to grow at a CAGR of 10.5%.
- Sales of engineered wood products are increasing in the United States as a result of an increase in residential and commercial construction activity as well as a growing emphasis on sustainable building techniques.
- Germany’s engineered wood product sales are predicted to increase from 2023 to 2033 at a CAGR of 7%.
- Through 2033, the engineered wood products market in Japan is anticipated to grow at a CAGR of 5.5%.
The Engineered Wood Market’s Remarkable Growth
The global engineered wood market has been experiencing substantial growth in recent years. Several factors have contributed to this surge:
Sustainability Focus: Engineered wood is environmentally friendly, as it utilizes wood residues, fast-growing species, and recycled wood fibers. With sustainability at the forefront of construction practices, engineered wood has become a preferred choice.
Technological Advancements: Continuous research and development have led to the creation of engineered wood products with improved strength, durability, and fire resistance. This has expanded their applications in various construction projects.
Cost Efficiency: Engineered wood is often more cost-effective than traditional solid wood. Its versatility, ease of use, and reduced waste make it an attractive option for both builders and homeowners.
Architectural Aesthetics: Engineered wood products come in a wide range of textures and finishes, allowing for creative architectural designs that enhance the visual appeal of buildings.
Regulatory Support: Many countries and regions have adopted regulations promoting the use of sustainable and low-carbon construction materials, further boosting the engineered wood market.
Sustainable Advantages of Engineered Wood
Reduced Deforestation: Engineered wood minimizes the demand for virgin timber, helping to preserve natural forests and reduce deforestation.
Energy Efficiency: The manufacturing process of engineered wood consumes less energy compared to traditional wood processing, reducing its carbon footprint.
Waste Reduction: The engineered wood production process generates less waste compared to traditional lumber manufacturing, as it efficiently utilizes wood scraps and byproducts.
Renewable Resource: Wood is a renewable resource, and engineered wood products maximize the utilization of this sustainable material.
Durability: Engineered wood products often have enhanced durability and dimensional stability, resulting in longer lifespans for buildings and reduced maintenance.
Winning Strategy
Engineered wood product manufacturers are continuously exploring new formulations and product variations to meet diverse customer needs. Key market players are also focusing on regional expansion, partnerships, and collaborations to increase their clientele base.
To produce cutting-edge wood products, major companies in the engineered wood market are making significant investments in research and development. Some significant players are establishing strategic alliances and cooperation with other businesses along the value chain to take advantage of their complementary skills and resources. Additionally, regional growth is enabling them to diversify their clientele and lessen their reliance on certain areas.
- In October 2022, Boise Cascade purchased 4.67 acres of land close to its branch in Albuquerque, New Mexico to expand its distribution center.
- West Fraser, an extensive wood products company with facilities in Western Canada and the Southern United States, acquired Norbord Inc. in February 2021. West Fraser produces MDF (medium-density fiberboard), LVL (laminated veneer lumber), plywood, wood chips, pulp, newsprint, other residuals, and energy.
- In December 2022, Boise Cascade acquired 45 acres in Walterboro, South Carolina, and a 34-acre land piece in Hondo, Texas, expanding its distribution facilities in two new local markets.
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Key Companies Profiled
- Weyerhaeuser Company
- Boise Cascade
- Roseburg Forest Products
- Louisiana-Pacific Corporation.
- A&M Flooring
- ALAMCO Wood Products, LLC
- D.R. Johnson Wood Innovations
- Eagle Plywood Specialties
- FraserWood Industries Ltd.
- Georgia-Pacific Wood Products LLC
- Hardel Mutual Plywood Corporation
- Havwoods
- Huber Engineered Woods LLC
- Natron Wood Products
- Nordic Homeworx LLC
- Pacific Woodtech Corporation
- Patrick Industries, Inc.
- Plywood Co., Ltd
- Scotch Plywood Company, Inc.
- Sound Wood Products, Inc
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global engineered wood market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights into the market based on type (plywood, glulam, oriented strand boards, laminated veneer lumber, I-beams, cross-laminated timber), application (furniture, construction, packaging, flooring), and end user (residential, commercial, industrial), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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