Global Engineered wood market is predicted to grow at ~12.82% CAGR by 2023

Market Highlights
Engineered wood products are among the most beautiful and environment friendly building materials. They are manufactured efficiently from renewable resource. In construction, the engineered products are available in wide variety of sizes and dimensions. The global engineered wood market is a very dynamic market and is expected to witness high growth over the forecast period. Easy maintenance, and uniqueness of colorful design, are among other features, pushing the growth of the market. Some of the key factors that are currently driving the global engineered wood market include rising disposable incomes, and increasing urbanization and industrialization rates. Moreover, manufacturing of engineered wood products requires substantially less energy in comparison to that of other building products such as steel and concrete. Lesser greenhouse gas and other air-polluting emission, make engineered wood, an obvious choice. With the growing demand for resilient building structures, there will be continuous technological innovations in the engineered wood market. Additionally, cost efficiency, better quality, contribution in waste reduction, along with highly efficient wood frame construction, make engineered wood, a top choice for the consumers.

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Key Players
The Key Players of Global Engineered Wood Market includes
• Celulosa Arauco y Constitución (Chile),
• Boise Cascade Company (U.S.),
• Lowe's Companies, Inc.(U.S.),
• Roseburg Forest Products (U.S.),
• Weyerhaeuser (U.S.),
• Georgia Pacific Wood Products, LLC (U.S.),
• Universal Forests Products, Inc. (U.S.),
• Huber Engineered Wood LLC (U.S.),
• CST Timber Co (U.S.),
• Rockshield Engineered Wood products ULC (U.S.)
• Kahrs Group (Sweden).

Market Research Analysis:
The ecofriendly feature of the engineered wood products, will force the global engineered wood market to grow at a rapid pace during the forecast period. Demand for engineered wood is driven by the industry looking for alternatives to concrete and hardwood so as to conserve energy, and reduce waste. Geographically, Europe has increased rapidly in the past decade despite the economic downturn. Developing regions such as Asia Pacific, Latin America, and Africa expected to grow in the forecast period due to factors such as stringent regulations regarding carbon emissions, and rapid deforestation, as they are also likely to propel the adoption of engineered wood. Countries in Asia Pacific such as Japan, Indonesia, India, lead the engineered wood market, as they are the main exporters of raw materials to North American and European countries. Market Research Future analysis shows that the global market for engineered wood, is estimated to grow at CAGR of 12.82% by the end of year 2023.

Regional Analysis
Market Research Future analysis shows that the global market of engineered wood is estimated to grow at USD 24.12 Million by the end of year 2023. In terms of geography, Europe accounted for a major market share, and will continue to dominate the market in the forecast period. Europe have increased rapidly in the past decade in spite of the economic downturn. The growing usage of engineered wood products in construction in the future seems to be due to their improved cost competitiveness. This is expected to improve further for new construction business models and to promote institutional changes, such as revising wood-framed multi-storey building standards. On the other hand, some factors, such as the lack of education and skills, may also hinder the development of the market.

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Plywood is made of three or more thin layers of wood or ply. It is a versatile material with a wide range of applications, from wall and floor covering to molds for concrete structures, designer furniture to packaging. Plywood is probably the most popular and versatile man-made woodworking material, which is available easily. It is used in building many homes and commercial constructions. There are a number of plywood kinds available in the market.

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