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Demand for the Engineered Wood Market is projected to reach a value of US$ 61.61 billion by 2033

02-22-2024 03:33 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Fact.MR

Demand for the Engineered Wood Market is projected to reach

According to Fact.MR, the global engineered wood market (人工木材市場) is projected to grow at a compound annual growth rate (CAGR) of 9.5%. It is anticipated to rise from US$ 24.86 billion in 2023 to reach US$ 61.61 billion by the end of 2033.

Engineered wood, also known as composite wood or man-made wood, is a versatile and sustainable alternative to traditional hardwood. It is manufactured by binding together strands, particles, fibers, or veneers of wood with adhesives to form composite materials. Engineered wood products are widely used in construction, furniture, flooring, and packaging industries due to their superior strength, durability, and environmental benefits.

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Market Dynamics

The global engineered wood market is experiencing significant growth, driven by several factors. One of the key drivers is the increasing demand for sustainable building materials. Engineered wood products are made from fast-growing species, reducing the reliance on slow-growing hardwood trees. This sustainability factor, coupled with the growing awareness of environmental conservation, is fueling the demand for engineered wood in the construction industry.

Another driver is the cost-effectiveness of engineered wood products compared to traditional hardwood. Engineered wood is often more affordable and readily available, making it an attractive option for builders and manufacturers. Additionally, engineered wood offers superior strength and durability, making it ideal for use in high-stress applications such as flooring and structural components.

However, there are some challenges facing the engineered wood market. One of the main challenges is the perception that engineered wood is of lower quality than traditional hardwood. This perception is slowly changing as more people become aware of the benefits of engineered wood products. Another challenge is the competition from alternative materials such as steel and concrete. Despite these challenges, the engineered wood market is expected to continue growing due to its numerous advantages.

List of Key Companies Profiled in The Report

Weyerhaeuser Company
Boise Cascade
Roseburg Forest Products
Louisiana-Pacific Corporation.
A&M Flooring
ALAMCO Wood Products, LLC
D.R. Johnson Wood Innovations
Eagle Plywood Specialties
FraserWood Industries Ltd.
Georgia-Pacific Wood Products LLC
Hardel Mutual Plywood Corporation
Huber Engineered Woods LLC
Natron Wood Products
Nordic Homeworx LLC
Pacific Woodtech Corporation
Patrick Industries, Inc.
Plywood Co., Ltd
Scotch Plywood Company, Inc.
Sound Wood Products, Inc.

Market Future Outlook

The future outlook for the engineered wood market (엔지니어링 목재 시장) is highly positive, with steady growth expected in the coming years. The increasing focus on sustainable building materials, coupled with advancements in manufacturing technologies, is expected to drive market growth. Additionally, the growing demand for affordable housing in developing countries is likely to boost the demand for engineered wood products.

The construction industry is expected to be a major driver of growth in the engineered wood market. Engineered wood products are increasingly being used in residential and commercial construction due to their versatility and cost-effectiveness. The furniture industry is another key market for engineered wood, with manufacturers using it to create stylish and durable furniture pieces.

Market Insights

The engineered wood market is segmented based on product type, application, and region. By product type, the market is segmented into plywood, particleboard, oriented strand board (OSB), and others. Plywood is the most widely used product type, accounting for a significant share of the market. Particleboard and OSB are also popular choices due to their affordability and versatility.

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In terms of application, the engineered wood market is segmented into construction, furniture, flooring, packaging, and others. The construction industry is the largest consumer of engineered wood products, with applications ranging from structural components to interior finishes. The furniture industry is also a major market for engineered wood, with manufacturers using it to create a wide range of furniture pieces.

Recent Developments

Key players in the engineered wood market (Marché du bois d'ingénierie) are actively investing in research and development to innovate and enhance their wood products. To capitalize on their complementary strengths and resources, some of these key players are forging strategic partnerships and collaborations with other companies across the value chain. Regional expansion is another strategy being employed to diversify customer bases and reduce reliance on specific markets.

In December 2022, Boise Cascade acquired 45 acres of land in Walterboro, South Carolina, and an additional 34-acre parcel in Hondo, Texas, to expand its distribution facilities into two new local markets.

Explore More Related Studies Published by Fact.MR Research:

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