Engineered wood market shows growth in the U.S., Canada, Germany, China, and Japan, driven by sustainable demand.

Wood has been a fundamental building material for centuries, contributing to the construction of homes, furniture, and various other structures. However, with advancements in technology and a growing emphasis on sustainability, traditional solid wood is being complemented and sometimes replaced by engineered wood. Engineered wood products offer a range of benefits, combining the natural beauty of wood with enhanced strength, stability, and environmental considerations. Engineered wood is a composite material made by bonding together layers of wood veneers or fibers with adhesives to create a versatile and robust product. According to the research report, "Global Engineered Wood Market Outlook, 2028" published by Bonafide Research, the market is anticipated to cross USD 400 Billion by 2029, increasing from USD 292.68 Billion in 2023. The market is expected to grow with 6.61% CAGR by 2024-29. Advancements in manufacturing processes have played a pivotal role in the industry's growth. Computer-controlled precision cutting, automated gluing systems, and high-pressure lamination techniques contribute to the production of high-quality engineered wood products with consistent strength and durability. Sustainability is a cornerstone of the engineered wood industry. Many manufacturers prioritize the use of fast-growing and renewable wood species, along with responsible forestry practices. Additionally, the industry is committed to minimizing waste and energy consumption during the manufacturing process.

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Plywood is renowned for its superior strength and durability. It is made by layering thin sheets of wood, with each layer's grain direction alternating, which enhances its structural integrity. This construction makes it resistant to warping, cracking, and splitting, making it a reliable choice for various applications. It is incredibly versatile, suitable for a wide range of applications, including furniture, cabinetry, flooring, and construction. Its adaptability stems from its ability to come in various thicknesses, grades, and sizes, making it easy to find the right type for any project. It also provides a cost-effective solution for projects requiring a strong, stable, and durable material. Plywood offers a cost-effective alternative to solid wood in many applications. The manufacturing process allows for efficient utilization of wood resources, reducing waste and making plywood more affordable than solid wood of equivalent dimensions. This cost-effectiveness has contributed to plywood's popularity, especially in large-scale construction projects where budget considerations play a significant role. Engineered wood products, such as plywood, laminated veneer lumber (LVL), and glued laminated timber (GLT), are designed and manufactured to provide consistent and reliable structural strength. These materials often outperform traditional solid wood in terms of strength and load-bearing capacity. This makes them ideal for construction applications where structural integrity is crucial, including framing, roofing, and flooring. Engineered wood is less susceptible to warping, twisting, and shrinking compared to solid wood. The manufacturing process involves layering and bonding wood fibers or veneers in a way that minimizes the impact of changes in humidity and temperature on the material.

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Immigration from rural to urban regions has fueled the growth of the new home market, which in turn stimulates the expansion of engineered wood sales in this market segment. Recent development has had the most significant impact on wood flooring sales in the past few years. Other reasons, such as household remodeling and repair work, have contributed to the expansion of the market share. With rising demand for I-beams, LVL, and plywood, it is anticipated that the global housing market and refurbishment will expand soon, benefiting construction segments. Engineered wood provides a high degree of design flexibility, allowing architects and builders to create a wide range of residential structures and features. From framing and sheathing to flooring, cabinetry, and furniture, engineered wood products can be adapted to various design styles and preferences. This versatility makes engineered wood a preferred choice for residential projects that often require customized solutions. Engineered wood products are often designed for ease of installation, reducing labor costs and construction time. Prefabricated components and standardized panel sizes enable quicker assembly on residential construction sites. This time efficiency is particularly appealing in the residential sector, where homeowners typically want their homes built or renovated efficiently. Engineered wood possesses excellent structural performance, providing the necessary strength and stability for various residential applications.

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Rapid urbanization and worldwide market expansion are occurring in developing nations. The aggressive expansion targets, enterprises establishing a globally competitive position, rich human resources, and rapid urbanization are the primary reasons for the engineered wood markets in the Asia-Pacific region to expand. Additionally, the Indian government's Pradhan Mantri Awas Yojana aimed to construct 30,000 affordable homes by 2021. This increased demand for manufactured wood on the Indian market. Similarly, the Shenzhen Municipal Government in China aims to build one million affordable residences by 2035. Government initiatives are anticipated to increase the demand for engineered wood throughout the forecast period. The Asia Pacific region is experiencing rapid urbanization, industrialization, and infrastructure development, which is driving the demand for engineered wood products. Countries such as China, India, and Japan are witnessing significant growth in the construction sector, leading to increased consumption of engineered wood materials.

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In North America, the engineered wood market is witnessing robust growth driven by several key factors. The region's strong construction and renovation activities are bolstered by a rising trend towards sustainable building practices and adherence to green building standards. This has led to a high demand for prefab houses and modular construction, which heavily rely on engineered wood products. The United States, Canada, and Mexico are the primary contributors to this market, with the U.S. leading due to its vast construction sector and increasing adoption of eco-friendly building materials. In Europe, the engineered wood market is influenced by stringent environmental regulations and a growing emphasis on sustainable construction practices. European countries are investing significantly in green building projects, aiming to reduce carbon footprints and promote energy efficiency. The market benefits from advanced manufacturing technologies and high consumer awareness regarding the benefits of engineered wood. Key countries driving the market in Europe include Germany, the United Kingdom, France, Italy, Spain, the Netherlands, and Russia. Germany and the UK, in particular, are notable for their proactive policies and strong construction sectors.

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In South America, the engineered wood market is growing due to rising construction activities and economic development. The increasing awareness of sustainable building materials among consumers and builders is also a crucial factor. Brazil and Argentina are the main markets in this region. Brazil, with its extensive forest resources and growing construction sector, plays a pivotal role in driving the market. The region is also witnessing increased foreign investments in infrastructure, which further boosts the demand for engineered wood. The Middle East & Africa region is characterized by significant infrastructure development and urbanization. The engineered wood market here is driven by increasing investments in the construction sector and a shift towards more sustainable building materials. Key countries contributing to the market growth include the United Arab Emirates, Saudi Arabia, and South Africa. The UAE and Saudi Arabia, with their ambitious infrastructure projects and modernization plans, are leading the market in this region. The adoption of engineered wood products is also supported by the growing awareness of their environmental benefits and superior performance characteristics.

Key Developments
• In April 2023, WoodTech Innovations unveiled a breakthrough in engineered wood technology with the introduction of a lightweight yet strong and durable engineered wood beam. The innovative design combines different wood species and engineered materials to create a beam that offers superior load-bearing capacity and structural performance. This advancement in engineered wood beams opens up possibilities for cost-effective and sustainable construction solutions in the residential and commercial sectors.
• In May 2023, GreenWood Corp launched a range of engineered wood products with improved moisture resistance and dimensional stability. The company's advanced treatment process ensures that the engineered wood retains its structural integrity even in high humidity and wet environments, making it suitable for outdoor applications such as decking and siding. This development expands the application scope of engineered wood and provides architects and builders with more versatile options.
• In June 2023, TimberTech Solutions introduced a new line of engineered wood flooring with enhanced scratch and wear resistance. The innovative surface treatment technology used in the flooring provides superior durability and longevity, making it ideal for high-traffic areas in residential and commercial settings. The development of highly durable engineered wood flooring offers an attractive alternative to traditional hardwood flooring, combining the aesthetic appeal of wood with enhanced performance characteristics.

Considered in this report
• Geography: Global
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Regions & Countries covered in the report:
• North America (United States, Canada, Mexico)
• Europe (Germany, United Kingdom, France, Spain, Italy, Russia)
• Asia-Pacific (China, Japan, India, Australia, South Korea)
• South America (Brazil, Argentina, Colombia)
• Middle-East & Africa (UAE, Saudi Arabia, South Africa)

Aspects covered in this report
• Global engineered wood market with its value and forecast along with its segments
• Region & Country-wise engineered wood market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Type
• Plywood
• Medium Density Fiberboard
• Oriented Strand Boards (OSB)
• Particle Board
• Others

By Application
• Construction
• Furniture
• Flooring
• Packaging
• Others

By End User
• Residential
• Commercial & Industrial

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Steven Thomas - Sales & Marketing Manager
E-mail: sales@bonafideresearch.com
Asia-Pacific: +91 7878231309
Europe: +44 20 8089 0049
North America: +1 201 793 8545
https://www.bonafideresearch.com/

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This release was published on openPR.