Rockville, Aug. 03, 2023 (GLOBE NEWSWIRE) -- According to a new industry analysis by Fact.MR, a market research and competitive intelligence provider, the global Engineered Wood Market is estimated at US$ 24.86 billion in 2023 and is forecasted to reach US$ 61.61 billion by the end of 2033.
Engineered wood, also known as composite wood or man-made wood, refers to a wide range of wood products manufactured by binding or fixing wood strands, fibers, veneers, or particles together using adhesives, resins, or other methods. The engineered wood market is experiencing rapid growth due to its numerous advantages over traditional solid wood, including enhanced strength, stability, and sustainability.
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The market for engineered wood products is being driven by the growing demand for environmentally friendly construction materials, increasing awareness of sustainable building practices, and advancements in manufacturing technologies. Additionally, engineered wood offers cost-effectiveness and versatility, making it a preferred choice in various applications such as construction, furniture, flooring, and packaging industries.
As consumers are becoming more environmentally conscious, demand for green building materials such as engineered wood is rising rapidly. Ongoing advancements in manufacturing technologies such as computer-controlled machinery and precision engineering are improving the quality and performance of engineered wood products. These innovations are also leading to cost reduction and high production efficiency.
Global urbanization trends are also driving the demand for affordable and durable construction materials. Engineered wood, with its consistent properties and lower costs compared to solid wood, is becoming an attractive option for builders and developers in urban areas. Use of engineered wood in prefabricated construction systems is also gaining popularity due to its ease of installation, reduced construction time, and waste reduction. This trend is particularly prevalent in residential and commercial construction projects.
Key Takeaways from Market Study
- The global engineered wood market is projected to expand at a CAGR of 9.5% during the forecast period (2023 to 2033).
- Demand for glulam-engineered wood products is forecasted to increase at a CAGR of 10.5% over the next 10 years.
- Surge in residential and commercial construction activities, coupled with rising focus on sustainable building practices, is driving the sales of engineered wood products in the United States.
- Sales of engineered wood products in Germany are estimated to rise at a CAGR of 7% from 2023 to 2033.
- The market for engineered wood products in Japan is set to expand at a CAGR of 5.5% through 2033.
“Engineered wood products allow a wide range of possibilities in interior designing and furniture manufacturing due to their consistent appearance, flexibility, and cost-effectiveness”, says a Fact.MR analyst.
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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.
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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