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

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 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. '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)'

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.

One key market trend in the 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.

One dominant region in the 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.