Engineered Wood Market Worth $400,450.9 Million by 2027 | By Type, Application

According to a recent report published by Allied Market Research, titled, “Engineered Wood Market by Product, Industry, and Application: Opportunity Analysis and Industry Forecast, 2020–2027,” the engineered wood market size accounted for $284,761.1 million in 2019 and is expected to reach $400,450.9 million by 2027, registering a CAGR of 6.2% from 2020 to 2027.

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Engineered wood products are made by joining veneers, particles, fibers, and strands of wood with adhesives to form a man-made composite material. They include a variety of products ranging from plywood to roof trusses. It is also called composite wood.

The engineered wood market is mainly driven by increase in substitution of engineered wood for building materials. As engineered wood is cost effective and eco-friendly alternative to other wood and cement products. Moreover, use of engineered wood over emission-intensive materials, such as concrete, steel, or aluminum is expected to minimize greenhouse gas emissions.

In addition, adhesives/resins used in engineered wood are environmentally stable and do not produce greenhouse gases. This has led to increase in use of engineered wood among builders and architects. In addition, rise in renovation and remodeling of older homes in developed countries of North America and Europe has led to rise in use of engineered wood.

Moreover, housing projects carried out under governmental schemes are also responsible to drive the engineered wood market. However, cheaper material such as plastic laminates and foils, re-sanded and re-used engineered wood products and panels act as restraint for the market.

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Moreover, during the outbreak of COVID-19, construction, manufacturing, hotel, and tourism industries were majorly affected. Construction activities were also stopped or restricted to a huge extent. Manufacturing and transportation activities, along with their supply chains hamper on a global level. This had led to decline in construction activities, which directly hampers the engineered wood market.

However, gradually all industries are coming back on track with its regular manufacturing and services. This is expected to aid in reviving losses that occurred to the market, owing to COVID-19. Moreover, urbanization of developing countries in Asia-Pacific and LAMEA, which helps boost the engineered wood market during the forecast period.

Key Market Segments

By Type

I-Beams
Plywood
Laminated Veneer Lumber (LVL)
Glulam (Glued Laminated Timber)
Oriented Strand Boards (OSB)
Cross-Laminated Timber (CLT)
Others

By Application

Construction
Furniture
Flooring
Packaging
Others

By End-User

Residential
Commercial & Industrial

By Region

North America
Europe
Asia-Pacific
LAMEA

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Key Players

Boise Cascade Company
Celulosa Arauco Y Constitucion SA
Huber Engineered Woods LLC
Louisiana-Pacific Corporation (LP)
Norbord Inc.
Patrick Industries, Inc.
Raute Group
Shenzhen Risewell Industry Co., Ltd
Universal Forest Products, Inc.
Weyerhaeuser Company

Contact:
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of Market Research Reports and Business Intelligence Solutions. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.

This release was published on openPR.