Engineered Wood Market Outlook - 2027
The engineered wood market was valued at $284,761.1 million in 2019, and is expected to reach $400,450.9 million by 2027, registering a CAGR of 6.2% from 2020 to 2027.
Engineered wood products are made by joining veneers, particles, fibers, and strands of wood with adhesives to form a man-made composite material. They include a variety of products ranging from plywood to roof trusses. It is also called composite wood.
Market Dynamics
The engineered wood market is mainly driven by increase in substitution of engineered wood for building materials. As engineered wood is cost effective and eco-friendly alternative to other wood and cement products. Moreover, use of engineered wood over emission-intensive materials, such as concrete, steel, or aluminum is expected to minimize greenhouse gas emissions. In addition, adhesives/resins used in engineered wood are environmentally stable and do not produce greenhouse gases. This has led to increase in use of engineered wood among builders and architects. In addition, rise in renovation and remodeling of older homes in developed countries of North America and Europe has led to rise in use of engineered wood. Moreover, housing projects carried out under governmental schemes are also responsible to drive the engineered wood market. However, cheaper material such as plastic laminates and foils, re-sanded and re-used engineered wood products and panels act as restraint for the market.
Moreover, during the outbreak of COVID-19, construction, manufacturing, hotel, and tourism industries were majorly affected. Construction activities were also stopped or restricted to a huge extent. Manufacturing and transportation activities, along with their supply chains hamper on a global level. This had led to decline in construction activities, which directly hampers the engineered wood market. However, gradually all industries are coming back on track with its regular manufacturing and services. This is expected to aid in reviving losses that occurred to the market, owing to COVID-19. Moreover, urbanization of developing countries in Asia-Pacific and LAMEA, which helps boost the engineered wood market during the forecast period.
Segmental Overview
The engineered wood market is segmented into type, application, end user, and region. On the basis of type, the market is divided into I-Beams, plywood, laminated veneer lumber (LVL), glulam (glued laminated timber), oriented strand boards (OSB), cross-laminated timber (CLT), and others. Depending on application, it is classified into construction, furniture, flooring, packaging and others.
By end user, it is segregated into residential and commercial & industrial. By region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
By Application
Packaging segment is projected to grow at a significant 7.1% CAGR
By type, in 2019, the others segment dominated the engineered wood market, in terms of revenue and the LVL & I-beams segment is expected to witness growth at the highest CAGR during the forecast period.
On the basis of application, the furniture segment led the market in 2019, in terms of revenue, and the packaging segment is anticipated to register highest CAGR during the forecast period.
By end user, the residential segment led the market in 2019, in terms of revenue and the commercial & industrial segment is anticipated to register the highest CAGR during the forecast period.
By End-user
Commercial & Industrial segment is expected to grow at a significant rate during the forecast period.
Competition Analysis
The major players profiled in the engineered wood market include Boise Cascade Company, Celulosa Arauco Y Constitucion SA, Huber Engineered Woods LLC, Louisiana-Pacific Corporation (LP), Norbord Inc., Patrick Industries, Inc., Raute Group, Shenzhen Risewell Industry Co., Ltd, Universal Forest Products, Inc. and Weyerhaeuser Company. Major companies in the market have adopted strategies such as business expansion, agreement, acquisition, and product launch to offer better services to customers in the engineered wood market. For instance, in May 2019, Boise Cascade acquired American Lumber Distributors headquartered in Birmingham, Alabama. This helps to provide better services to its customers. Similarly, in April 2019, Louisiana-Pacific expanded its LP Legacy premium engineered sub-floor to its mill in Hanceville, Ala. The expansion helped it to fulfil increased demand for products and enhance market availability and supply efficiencies to Texas and other regions west of the Mississippi.
By Region
Asia-Pacific holds a dominant position in 2019 and LAMEA is expected to grow at a highest rate during the forecast period.
Key Benefits For Stakeholders
- The report provides an extensive analysis of the current and emerging engineered wood market trends and dynamics.
- In-depth engineered wood market analysis is conducted by estimations for the key segments between 2020 and 2027.
- Extensive analysis of the market is conducted by following key product positioning and monitoring of top competitors within the market framework.
- A comprehensive analysis of four major regions is provided to determine the prevailing opportunities.
- The market forecast analysis from 2020 to 2027 is included in the report.
- The key market players operating in the market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the market industry.
Engineered Wood Market Report Highlights
| Aspects | Details |
 By TYPE |
|
 By APPLICATION |
|
 By END-USER |
|
 By Region |
|
 Key Market Players | Universal Forest Products, Inc., Norbord Inc., .Huber Engineered Woods LLC, Weyerhaeuser Company, Boise Cascade Company, CELULOSA ARAUCO Y CONSTITUCIÓN S.A., .Raute Group, Louisiana-Pacific Corporation, Shenzhen Risewell Industry Co., Ltd., Patrick Industries, Inc. |
Analyst Review
The engineered wood market is mainly driven by rise in construction of sustainable houses. In addition, cost effective and eco-friendly alternative to other wood and cement products drive the market. The construction and furniture industry is expected to have the largest market share to drive the engineered wood market. The engineered wood market was valued at $284,761.1 million in 2019, and is expected to reach $400,450.9 million by 2027, registering a CAGR of 6.2% from 2020 to 2027.
However, threat of substitutes such as plastic laminates and foils act as restraint for the engineered wood market. In addition, rental and leasing services also restrict sales of new land equipment. On the contrary, urbanization in developing countries is the major factor for the engineered wood market growth during the forecast period
Major companies in the market have adopted strategies such as acquisition, agreement, business expansion, and product launch to offer better services to customers in the engineered wood market.
The global engineered wood market size was valued at $284,761.1 million in 2019, and is projected to reach $400,450.9 million by 2027, growing at a CAGR of 6.2% from 2020 to 2027.
The forecast period considered for the global engineered wood market is 2020 to 2027, wherein, 2019 is the base year, 2020 is the estimated year, and 2027 is the forecast year.
To get latest version of global engineered wood market report can be obtained on demand from the website.
The base year considered in the global engineered wood market report is 2019.
The top companies holding the market share in the global engineered wood market report include Boise Cascade Company, Celulosa Arauco Y Constitucion SA, Huber Engineered Woods LLC, Louisiana-Pacific Corporation (LP), Norbord Inc., Patrick Industries, Inc., Raute Group, Shenzhen Risewell Industry Co., Ltd, Universal Forest Products, Inc. and Weyerhaeuser Company
The top ten market players are selected based on two key attributes - competitive strength and market positioning
By application, in 2019 the furniture segment dominated the global engineered wood market, in terms of revenue and is expected to maintain this trend during the forecast period.
By end-user, the residential segment is the highest share holder of global engineered wood market.
The report contains an exclusive company profile section, where leading 10 companies in the market are profiled. These profiles typically cover company overview, geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.
The market value of the global engineered wood market is $263,404.0 million in 2020.
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