NEW YORK, Dec. 6, 2022 /PRNewswire/ -- As per Zion Market Research study, The global engineered wood market size was worth around USD 277 billion in 2021 and is predicted to grow to around USD 489 billion by 2028 with a compound annual growth rate (CAGR) of roughly 6.51% between 2022 and 2028.
Engineered Wood Market: Overview
Engineered wood, as the name suggests, is artificially created and is also known as manufactured board, composite wood, mass timber, or man-made wood. They are more or fewer derivatives of wood products that are created by fixing or binding fibers, strands, veneers, particles, or in some cases boards of wood. The binding is done using different methods of fixation or by using adhesives to give rise to the composite material, which describes any material manufactured using different types of constituents materials. Generally, engineered woods are manufactured with softwoods or using hardwoods.
The former indicated wood generated from gymnosperm trees whereas the latter is generated from angiosperm trees. There are different types of adhesives used in the process. The least expensive and the most common adhesive is urea formaldehyde resin (UF), however, it is not waterproof. For products that exhibit exterior exposure, phenol-formaldehyde resins are most commonly used. They are yellow or brown. Melamine-formaldehyde resins (MF) are more expensive but also widely used in cases of surfaces that are exposed if the budget is high.
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Key Industry Insights & Findings of the Engineered Wood Market Reports:
- As per the analysis shared by our research analyst, the global engineered wood market is estimated to grow annually at a CAGR of around 6.51% over the forecast period (2022-2028)
- In terms of revenue, the global engineered wood market size was valued at around USD 277 billion in 2021 and is projected to reach USD 489 billion, by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate
- Based on application segmentation, furniture was predicted to show maximum market share in the year 2021
- Based on type segmentation, plywood was the leading type in 2021
- On the basis of region, Asia-Pacific was the leading revenue generator in 2021
Zion Market Research published the latest report titled "Engineered Wood Market By Application (Furniture, Construction, Flooring, and Others), By Type (Plywood, I-Beam, and Laminated Veneer Lumber (LVL)), By End-User (Industrial, Residential, and Commercial), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 - 2028." into their research database.
Industry Dynamics:
Engineered Wood Market: Growth Drivers
- Economic benefits offered by engineered wood to drive market growth.
The global engineered wood market is anticipated to grow owing to the economical value offered by composite woods as compared to hardwood. In most cases, engineered wood offers the same kind of physical and mechanical benefits as their counterparts at a relatively lower cost thus making them a preferred choice amongst a large section of consumers, especially in home care settings. Man-made wood is more flexible in terms of meeting consumer requirements as they are comparatively easy to mold. They are readily available unlike hardwood and do not harm the environment which is drastically affected in the case of the use of actual wood due to cutting of trees at a large scale further consequences like soil erosion are also prevented when using engineered wood. These materials can easily be drilled, glued, fastened, and cut without much hassle while also offering cost efficiency. They are widely used in the creation or manufacturing of units like wardrobes, wall partitioning, ceilings, cabinets, flooring, and others.
Engineered Wood Market: Restraints
- Toxicity related to man-made woods to restrict market expansion.
The global market may witness limitations during its growth period due to the use of toxic materials that are used as adhesives to manufacture engineered woods. Some of these chemicals include formaldehyde, which is an extremely toxic poison that the body can absorb during inhalation. Formaldehyde vapor can lead to skin irritation, severe impact on the respiratory tract, suffocation, and dizziness. Skin or eyes can be severely burnt in case of direct contact with the chemical.
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Engineered Wood Market: Opportunities
- Growing number of remodeling activities to provide excellent growth moments.
With the increasing movement of people along with the growing population, the world is witnessing a surge in remodeling, renovation, and rehabilitation activities to meet the growing housing demand across the globe. To fulfill the needs of the population, the global engineered wood market players will have to invest in the use of manufacturing objects that are not only physically competent but also offer cost-efficient. Engineered woods are the best fit for this type of requirement which could drive the demand for these materials during the projection period. In the first quarter of 2021, the US spent over USD 352.9 billion on remodeling activities. The majority of the expenditure was on home renovation.
Engineered Wood Market: Challenges
- Lack of exact properties of hardwood to challenge the market rise.
Although in most cases, engineered wood meets the benchmark set by hardwoods, they lack the exact physical, mechanical, and chemical properties that are found in naturally occurring wood. For instance, plywood is known to bend or may even sag when exposed to a high weight which is not the case in a hardwood that exhibits high load-carrying capacity. For this reason, the global market may lose some potential consumers.
Global Engineered Wood Market: Segmentation
- The global engineered wood market is segmented based on application, type, end-user, and region.
Based on application, the global market segments are furniture, construction, flooring, and others. In 2021, the furniture segment dominated the global market and it is anticipated to grow at a CAGR of 6.59% during the forecast period. The sector grew due to the high demand for attractive and efficient furniture in modern homes. As per Valuepenguin, a US household spends an average of USD 190 on home furniture every month. In 2021, the average expense per consumer reached around USD 716 on furniture alone. Some of the items included in the furniture segment are sofa sets, tables, cabinets, chairs, and closets.
Based on type, the global market is divided into plywood, I-beam, and laminated veneer lumber (LVL). The plywood segment is anticipated to grow at a high CAGR. In 2021, the plywood market in North America was valued at USD 15 million cubic meters. Plywood is popular due to the versatility of the product along with uniform strength and cost efficiency.
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List of Key Players in Engineered Wood Market:
- Boise Cascade Company
- Celulosa Arauco y Constitución
- Universal Forests Products Inc.
- Lowe's Companies Inc.
- CST Timber Co
- Georgia Pacific Wood Products LLC
- Rockshield Engineered Wood products ULC
- Roseburg Forest Products
- Huber Engineered Wood LLC.
Key questions answered in this report:
- What are the growth rate forecast and market size for Engineered Wood Market?
- What are the key driving factors propelling the Engineered Wood Market forward?
- What are the most important companies in the Engineered Wood Market Industry?
- What segments does the Engineered Wood Market cover?
- How can I receive a free copy of the Engineered Wood Market sample report and company profiles?
Report Scope:
Report Attribute | Details |
Market size value in 2021 | USD 277 Billion |
Revenue forecast in 2028 | USD 489 Billion |
Growth Rate | CAGR of almost 6.51% 2022-2028 |
Base Year | 2020 |
Historic Years | 2016 - 2021 |
Forecast Years | 2022 - 2028 |
Segments Covered | By Type, By Application, By Payload and By Propulsion System |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2022 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Companies Covered | Boise Cascade Company, Celulosa Arauco y Constitución, Universal Forests Products, Inc., Lowe's Companies, Inc., CST Timber Co, Georgia Pacific Wood Products, LLC, Rockshield Engineered Wood products ULC, Roseburg Forest Products, and Huber Engineered Wood LLC amongst others. |
Report Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Recent Developments
- In April 2022, the United Kingdom and Singapore entered a joint venture to launch engineered timber also called Laminated Veneer Lumber (LVL) in the Indian market along with some other South Asian countries, to target housing projects. The joint venture is anticipated to lead the ambitious project of substituting the use of traditional building materials with LVL
- In September 2022, The National Wood Flooring Association (NWFA) launched a new program called the NWFA Engineered Wood Flooring Refinishable Program that aims to identify wood-based products that have wear layers that can be further refinished or sanded
Regional Dominance:
- Asia-Pacific to register highest CAGR in the coming years.
The global engineered wood market is anticipated to be dominated by Asia-Pacific growing at a CAGR of 6.49% by 2028. The regional growth can be attributed to the presence of half of the world's population in China and India resulting in more demand for housing societies and living centers. Rapid modernization along with growing interest in engineered woods in Japan, Singapore, and other regions may further the regional market. China is currently the world's top supplier of plywood. In a recent survey, China contributed over 58% of the world's plywood supply. 39.9% of the country's wood production is dependent on plywood manufacturing. The need for cost-effective furniture and construction material is a major reason for the regional governments investing heavily in advertising and pushing the adoption of engineered wood over conventional wood.
Global Engineered Wood Market is segmented as follows:
Engineered Wood Market: By Application Outlook (2022-2028)
- Furniture
- Construction
- Flooring
- Others
Engineered Wood Market: By Type Outlook (2022-2028)
- Plywood
- I-Beam
- Laminated Veneer Lumber (LVL))
Engineered Wood Market: By End-User Outlook (2022-2028)
- Industrial
- Residential
- Commercial
Engineered Wood Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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