Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, the Global Engineered Wood Market Size is Expected to Grow from USD 253.87 Billion in 2023 to USD 423.92 Billion by 2033, at a CAGR of 5.26% during the forecast period 2023-2033.
Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Engineered Wood Market Size, Share, and COVID-19 Impact Analysis, By Type (Plywood, Oriented Strand Board (OSB), Glulam, Cross-Laminated Timber (CLT), Laminated Veneer Lumber (LVL), and Others), By Application (Non-Residential and Residential), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
The production and distribution of wood-based products made by binding wood strands, veneers, timber, or other types of wood fiber together is known as the engineered wood market. Materials such as plywood, cross-laminated timber (CLT), glulam (glued laminated timber), laminated veneer lumber (LVL), and oriented strand board (OSB) are examples of these engineered wood products. The market for engineered wood is experiencing steady growth due to global construction activities. Demand is expected to rise due to consumer preference for sustainable materials. Advantages include dimensional stability, strength, uniformity, and ease of machine movement, making it more attractive than solid wood. The engineered wood market is expected to experience significant growth due to the global construction industry's robust growth. Products like plywood, OSB, glulam, CLT, and NLT are increasingly used in building construction, with wood-frame construction becoming more popular. These products offer advantages over sawn wood, such as larger dimensions, consistency, durability, and strength. Globally, governments are promoting wood-based industries and sustainable forestry more and more. For instance, India's Make in India and AtmaNirbhar Bharat Abhiyan (Self-Reliant India Campaign) programs seek to increase domestic production and lessen reliance on imports. These regulations support agroforestry and the use of certified wood from sustainable sources. However, the engineered wood market faces growth restraining due to fluctuating raw material prices, primarily influenced by global and local factors affecting supply and demand dynamics.
The plywood segment accounted highest share of 32.61% in 2023 and is anticipated to grow at a CAGR of 5.34% during the forecast period.
Based on the type, the engineered wood market is classified into plywood, oriented strand board (OSB), glulam, cross-laminated timber (CLT), laminated veneer lumber (LVL), and others. Among these, the plywood segment accounted highest share of 32.61% in 2023 and is anticipated to grow at a CAGR of 5.34% during the forecast period. Plywood is widely used in many different end-use industries. When comparing plywood to solid wood boards of comparable thickness, plywood has superior structural stability. This is because it is extremely strong yet lightweight due to its cross-laminated design, which evenly distributes weight and stress.
The residential segment accounted for 43.72% of the market share in 2023 and is expected to grow at a significant CAGR during the forecast period.
Based on the application, the engineered wood market is divided into non-residential and residential. Among these, the residential segment accounted highest share of 43.72% in 2023 and is expected to grow at a significant CAGR during the forecast period. This is because of the global housing industry's exponential growth. Global demand for residential development has increased due to growing urban populations and the growing requirement for living areas.
North America is estimated to hold the largest share of the engineered wood market over the forecast period.
North America is estimated to hold the largest share of the engineered wood market over the forecast period. The U.S. dominates the global market for engineered wood due to its robust construction industry. Major industry players and suppliers, including North American brands, invest heavily in R&D to develop advanced wood panel technologies, ensuring their dominance in the trade of medium-density fiberboard, particleboard, and laminated veneer lumber.
Asia Pacific is predicted to have the fastest CAGR growth in the engineered wood market over the forecast period. China leads in industrial and infrastructure development, driven by rapid urbanization and rising disposable income. This has boosted demand for new residential and commercial construction, leading to increased production of wood panels, LVL, and glue-laminated timber. South-East Asian countries like Indonesia, Malaysia, and Vietnam also contribute to regional growth, offering abundant raw materials and low-cost labor.
Competitive Analysis
Major key players in the engineered wood market include Binderholz GmbH, Boise Cascade, Georgia-Pacific, HASSLACHER Holding GmbH, Havwoods India Pvt Ltd, Huber Engineered Woods LLC, KLH Massivholz Wiesenau GmbH, Kronoplus Limited, Louisiana-Pacific Corporation, Mayr-Melnhof Holz Holding AG, Norbord Inc, Nordic Structures, Woodtech Corporation, Resolute Forest Products, Roseburg, Stora Enso, West Fraser, Weyerhaeuser Company, and Others.
Recent Development
Key Target Audience
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the engineered wood market based on the below-mentioned segments:
Global Engineered Wood Market, By Type
Global Engineered Wood Market, By Application
Global Engineered Wood Market, By Regional Analysis
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