Engineered Wood Market Overview
Engineered Wood Market is projected to be worth USD 4,90,567 Million by 2030, registering a CAGR of 7.21% during the forecast period (2022 - 2030),
The market was valued at USD 326.02 billion in 2021. as revealed by Market Research Future (MRFR). The report has as its foundation segmental analysis, in depth analysis of the drivers and restraints, and expert views for a holistic market understanding.
The global Engineered Wood Market is speeding fast fueled by eco-awareness growing across the world. These engineered woods are replacing hardwood and concrete in construction sector at a quicker pace than imagined. In many building projects, engineered woods are replacing steel beams as well. Recycled and perfected from already used woods, these can serve as an environment-friendly option. Its reliability and hassle-free production are some of the attributes that are providing extra mileage to the market. At the same time, its production helps in reducing waste and disposal cost which is a profit-rendering option for many industrial sectors.
The drivers to impact the engineered woods market the most is the need to restraint carbon emission. More and more governments are setting up standard norms to curb the carbon footprint. Engineered woods are gaining further traction to maximise the utility of the resources and counter the scarcity of the wood. The technology is now enabling the builders to meet the load taking capability of their constructions. This type of woods conserve energy and cut down the labor cost which help the manufacturers the most. Ease of maintenance is the other aspect that helps in lessening the cost of projects post-completion. The products can be customised, and it is resistant to temperature and moisture. Factors such as these can surely take the engineered woods market forward
Segmental Analysis:
The engineered woods market can be segmented by product type and application for a better comprehension of the wide array of the function it serves.
Based on the product type, the engineered wood products can be segmented into plywood, laminated veneer lumber (LVL), glum, i-beam, and cross laminated timber (CLT). Plywood segmented has multiple utility. Its incorporation in the furniture and home decor industry is quite astounding.
Based on the application, the engineered woods market can be segmented into residential and non-residential. Building sector is gaining profits from multiple use of these engineered woods and is integrating this in residential projects to curb the cost.
Regional Analysis:
Region-specific understanding of the global engineered woods market encompasses namely four regions North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
The global engineered woods market is estimated to achieve a valuation of USD 24.12 million by the end of 2030. Europe, at present, is dominating the global market with the maximum market share and the situation is anticipated to remain the same during the forecast period. European market has an advantage in terms of implementation as the government policies aptly back the environment and that eases the growth chart of the engineered woods.
North America is enjoying the benefits of hosting several high-ranking companies which are doing substantial business to take the market forward. The U.S. is one such prominent example where the demand for engineered woods is quite high. The APAC market can also project significant rise during the forecast period.
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Competitive Landscape:
Eminent players of the global engineered wood market includes Georgia Pacific Wood Products, LLC (U.S.), Rockshield Engineered Wood products ULC (U.S.) Boise Cascade Company (U.S.), Lowe's Companies, Inc.(U.S.), Celulosa Arauco y Constitución (Chile), Roseburg Forest Products (U.S.), Weyerhaeuser (U.S.), Huber Engineered Wood LLC (U.S.), CST Timber Co (U.S.), Universal Forests Products, Inc. (U.S.), and Kahrs Group (Sweden).
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