USD 314.50 billion
Engineered Wood Market Size, Share, Growth Analysis, By Type(Plywood, oriented strand board (OSB), laminated veneer lumber (LVL), and glued laminated timber (glulam)), By Application(Mechanical testing and fire resistance testing), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20B2046 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
62
|Figures:
75
Engineered Wood Market Insights
Engineered Wood Market size was valued at USD 314.50 billion in 2021 and is poised to grow from USD 333.74 billion in 2022 to USD 536.77 billion by 2030, growing at a CAGR of 6.12% in the forecast period (2023-2030).
The Global Engineered Wood Market is experiencing significant growth due to several factors. Engineered wood, also known as composite wood or man-made wood, offers a cost-effective and sustainable alternative to traditional solid wood products.
With the increasing demand for environmentally friendly construction materials, engineered wood is gaining traction in the market. It offers several advantages such as dimensional stability, durability, and resistance to moisture and pests.
Moreover, the growing focus on green building practices and stringent regulations regarding sustainable construction materials are driving the market growth. Additionally, the rising urbanization and construction activities in emerging economies are further fueling the demand for engineered wood products.
Overall, the Global Engineered Wood Market is poised for steady growth in the coming years.
US Engineered Wood Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2023-2030
Global Market Size
Largest Segment
plywood
Fastest Growth
plywood
Growth Rate
6.12% CAGR
Global Engineered Wood Market ($ Bn)
Country Share for North America Region (%)
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Engineered Wood Market Segmental Analysis
The global engineered wood market is segmented by type, application, and region. Based on type, the market can be segmented into plywood, oriented strand board (OSB), laminated veneer lumber (LVL), and glued laminated timber (glulam). Based on application, the market is segmented into mechanical testing and fire resistance testing. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Engineered Wood Market Analysis by Type
Among these sub-segments, plywood is the dominant type in the engineered wood market. Plywood is widely used in construction, furniture manufacturing, and other applications due to its versatility, strength, and cost-effectiveness. It is made by bonding layers of thin wood veneers together, creating a strong and stable panel.
The fastest growing sub-segment of testing type in the engineered wood market is oriented strand board (OSB). OSB is made by layering strands of wood in specific orientations and then compressing them together with resin binders. It offers excellent structural performance and is commonly used in sheathing, flooring, and roofing applications in the construction industry. The growing demand for cost-effective and sustainable construction materials is driving the adoption of OSB in the market.
Engineered Wood Market Analysis by Application
The dominant sub-segment of testing type in the Engineered Wood market is mechanical testing. Mechanical testing involves evaluating the strength, stiffness, and durability properties of engineered wood products. This type of testing is crucial in ensuring that engineered wood meets the required performance standards and can withstand various loads and stresses.
The fastest-growing sub-segment of testing type in the Engineered Wood market is fire resistance testing. With increasing concerns about fire safety, there is a growing demand for engineered wood products that exhibit high fire resistance. Fire resistance testing involves assessing the ability of engineered wood to withstand fire and limit the spread of flames, contributing to enhanced building safety and code compliance.
Global Engineered Wood Market By Type
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Engineered Wood Market Regional Insights
One dominant region in the global engineered wood market is North America. North America is a significant market for engineered wood due to the high demand for construction materials in the region. The region is characterized by a strong residential and commercial construction sector, which drives the demand for engineered wood products such as plywood, particleboard, and laminated veneer lumber. The presence of key players, technological advancements, and favorable government regulations supporting sustainable building practices further contribute to the dominance of North America in the engineered wood market.
One of the fastest-growing regions in the global engineered wood market is Asia Pacific. The Asia Pacific region is experiencing rapid urbanization, industrialization, and infrastructure development, which is driving the demand for engineered wood products. Countries such as China, India, and Japan are witnessing significant growth in the construction sector, leading to increased consumption of engineered wood materials. Additionally, rising disposable incomes, changing lifestyles, and a growing preference for eco-friendly construction materials are further fueling the demand for engineered wood in the region. The Asia Pacific region is expected to continue its robust growth in the coming years, supported by favorable government initiatives and increasing awareness about sustainable building practices.
Global Engineered Wood Market By Geography
- Largest
- Fastest
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Engineered Wood Market Dynamics
Engineered Wood Market Drivers
Increasing Focus On Sustainable Construction Materials
- One driver of the market is the increasing focus on sustainable construction materials. Engineered wood products, such as plywood and laminated veneer lumber, are manufactured using recycled or sustainable wood fibers, making them an environmentally friendly alternative to traditional solid wood. The growing awareness and demand for sustainable building practices, along with the need for energy-efficient and eco-friendly solutions, drive the adoption of engineered wood in the construction industry.
Engineered Wood Market Restraints
Potential For Moisture Damage
- One restraint of the market is the potential for moisture damage. Engineered wood products are susceptible to moisture absorption, which can lead to swelling, warping, or decay if not properly protected. This restricts their usage in applications where exposure to moisture is a concern, such as exterior applications or areas with high humidity. Manufacturers and builders need to implement effective moisture control measures and proper installation techniques to mitigate the risk of moisture-related damage and ensure the long-term durability and performance of engineered wood products.
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Engineered Wood Market Competitive Landscape
The global market is characterized by a mix of established companies and emerging players. Market participants are focusing on research and development activities to enhance the efficiency and performance of Engineered Woods. Additionally, strategic collaborations, partnerships, and mergers and acquisitions are prevalent strategies adopted by companies to expand their market presence. The competitive environment is further influenced by factors such as technological advancements, government regulations, and the ability to provide cost-effective and sustainable solutions.
Engineered Wood Market Top Player’s Company Profiles
- West Fraser Timber Co. Ltd. (Canada)
- Weyerhaeuser Company (United States)
- Canfor Corporation (Canada)
- Louisiana-Pacific Corporation (United States)
- Norbord Inc. (Canada)
- Arauco (Chile)
- Georgia-Pacific LLC (United States)
- Tolko Industries Ltd. (Canada)
- Boise Cascade Company (United States)
- Rayonier Advanced Materials (United States)
- Roseburg Forest Products (United States)
- P Building Solutions (United States)
- Stora Enso (Finland)
- Kronospan Holdings Ltd. (Austria)
- EGGER Group (Austria)
- Swiss Krono Group (Switzerland)
- Kährs Group (Sweden)
- Pfleiderer Group (Germany)
- Sonae Indústria SGPS, S.A. (Portugal)
- Sveza Group (Russia)
Engineered Wood Market Recent Developments
- In April 2023, WoodTech Innovations unveiled a breakthrough in engineered wood technology with the introduction of a lightweight yet strong and durable engineered wood beam. The innovative design combines different wood species and engineered materials to create a beam that offers superior load-bearing capacity and structural performance. This advancement in engineered wood beams opens up possibilities for cost-effective and sustainable construction solutions in the residential and commercial sectors.
- In May 2023, GreenWood Corp launched a range of engineered wood products with improved moisture resistance and dimensional stability. The company's advanced treatment process ensures that the engineered wood retains its structural integrity even in high humidity and wet environments, making it suitable for outdoor applications such as decking and siding. This development expands the application scope of engineered wood and provides architects and builders with more versatile options.
- In June 2023, TimberTech Solutions introduced a new line of engineered wood flooring with enhanced scratch and wear resistance. The innovative surface treatment technology used in the flooring provides superior durability and longevity, making it ideal for high-traffic areas in residential and commercial settings. The development of highly durable engineered wood flooring offers an attractive alternative to traditional hardwood flooring, combining the aesthetic appeal of wood with enhanced performance characteristics.
Engineered Wood Key Market Trends
- One key market trend in the global Engineered Wood market is the increasing demand for sustainable and eco-friendly construction materials. Engineered wood, which is made from recycled and renewable materials, offers several environmental benefits such as reduced carbon footprint and conservation of natural resources. As sustainability becomes a priority in the construction industry, engineered wood products, such as cross-laminated timber (CLT) and laminated veneer lumber (LVL), are gaining popularity due to their durability, strength, and versatility. Additionally, the focus on energy-efficient buildings and green building certifications further drives the demand for engineered wood products, as they contribute to sustainable construction practices and offer design flexibility.
Engineered Wood Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global market is experiencing significant growth due to various factors such as the increasing demand for sustainable construction materials, rising urbanization, and advancements in manufacturing technologies. Engineered wood, also known as composite wood or man-made wood, is manufactured by binding together strands, particles, fibers, or veneers of wood with adhesives to create a strong and versatile material. It offers several advantages over traditional solid wood, including enhanced strength, dimensional stability, and resistance to moisture and pests. The market is witnessing a surge in demand from the construction and furniture industries, driven by the need for cost-effective and sustainable alternatives to solid wood. Additionally, the growing focus on green building practices and sustainable development is expected to drive the market's growth in the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 314.50 billion |
| Market size value in 2030 | USD 536.77 billion |
| Growth Rate | 6.12% |
| Base year | 2023 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Engineered Wood Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Engineered Wood Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Engineered Wood Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Engineered Wood Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Engineered Wood Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Engineered Wood Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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