Engineered Wood Market Expected to Reach $400.45 Billion by 2027 | Says Allied Market Research

Drivers, restraints, and opportunities

Surge in use of engineered wood over other building materials, growing focus on affordable homes, and rise in reconstruction, renovation, and remodeling of old buildings drive the growth of the global engineered wood market. However, increase in sales of furniture is estimated to create lucrative opportunities for the market players in the future.

As per the report, the global engineered wood industry was pegged at $284.76 billion in 2019, and is projected to reach $400.45 billion by 2027, growing at a CAGR of 6.2% from 2020 to 2027.

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The furniture segment dominated the market

By application, the furniture segment held the largest share in 2019, accounting for nearly one-third of the global engineered wood market, owing to use of engineered wood in manufacturing tables, chairs, cabinets, and wardrobes. However, the packaging segment is estimated to register the highest CAGR of 7.1% during the forecast period, due to increase in awareness of using engineered wood for packaging.

The commercial & industrial segment to manifest the highest CAGR through 2027

By industry, the commercial & industrial segment is projected to manifest the highest CAGR of 6.4% during the forecast period, rise in use of engineered wood for packaging and furniture in commercial infrastructures. However, the residential segment held the lion's share in 2019, contributing to nearly two-thirds of the global engineered wood market, as it is used in construction of beams, roofs, flooring, and home furniture on a large scale.

Asia-Pacific, followed by North America, held the lion's share

By region, the market across Asia-Pacific, followed by North America, dominated in 2019, accounting for around two-thirds of the market, owing to a large number of construction activities to accommodate the huge number of populations in the region. However, the global engineered wood market across LAMEA is estimated to portray the highest CAGR of 7.1% from 2020 to 2027, due to awareness developed in the region about engineered wood over other building materials.

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Major market players:

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

Key Findings Of The Study:

By type, the others segment was the highest revenue contributor in 2019.
By application, the furniture segment generated the highest revenue in 2019.
By end user, the residential segment generated the highest revenue in 2019.

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This release was published on openPR.