Engineered Wood Market 2020 Growth Overview by Top Key Players Celulosa Arauco Y Constitucin, Weyerhaeuser Company, Boise Cascade Company, Roseburg Forest Product Company
According to the report published by Allied Market Research, the global engineered wood market was estimated at $10.93 billion in 2016 and is expected to hit $41.27 billion by 2022, registering a CAGR of 24.8% from 2016 to 2022. The report provides an in-depth analysis of top investment pockets, top-winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and changing market trends.
The market is expected to move at a higher pace in Europe and North America, owing to high disposable income and widespread awareness of the benefits of engineered wood among the populace. The engineered wood industry in Europe would be driven by the rise in demand for engineered timber, substantial use of resources, and increased import of raw wood from Asia-Pacific and LAMEA.
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Key Findings of Engineered Wood Market:
o Increasing disposable income among middle and upper economic segments and increase in technical knowledge of machinery required in engineered wood product formation are the main reasons for their growth.
o CLT segment possesses high market potential owing to its usage in building of mega structures and growth in nonresidential market segment.
Engineered wood market is segmented based on the type of product, wherein plywood and glulam collectively account for nearly 54% of the global market, and new entrant CLT is expected to grow with the highest CAGR of nearly 30% during the forecast period.
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The non-residential construction segment to dominate during the estimated period-
Based on application, the non-residential construction segment accounted for nearly three-fifths of the total market share in 2016 and is anticipated to maintain its dominance till 2022. Simultaneously, the residential construction segment is projected to garner the fastest CAGR of 25.0% through 2016- 2022.
Leading market players-
The key market players analyzed in the global engineered wood market report include Weyerhaeuser Company, Boise Cascade Company, Roseburg Forest Product Company, Shenzhen Risewell Industry Co., Ltd, Louisiana Pacific Corporation, Patrick Industries, Inc., Huber Engineered Wood LLC, Celulosa Arauco Y Constitution S.A., Lowes Companies, Inc., LLC, Universal Forests Products, Inc., 84 Lumber Company, and Georgia Pacific Wood Products. These market players have adopted several strategies including partnership, expansion, collaboration, joint ventures, and others to strengthen their hold in the industry.
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