Engineered Wood Products Market Size to grow by USD 6349.29 million between 2023-2027
According to a research report “ Engineered Wood Products Market” by Product (Structural wood I-beams, Glued laminated timber, LVL, Others) Application (Construction, Furniture, Others) Geography (Europe, North America, APAC, Middle East and Africa, South America)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 6349.29 million, at a CAGR of 6.8% during the forecast period. The engineered wood product market is poised for significant growth due to the expansion of the global real estate sector and escalating residential and commercial construction activities worldwide. Notably, developed economies, such as the United States, are allocating substantial investments towards infrastructure development. For instance, the US President's 2020 budget proposed an investment of USD200 billion for infrastructure projects. In emerging economies like India, the potential for 100% Foreign Direct Investment (FDI) in townships and settlement projects is projected to surge the demand for wood products throughout the forecast period. Government initiatives, such as the Smart Cities Mission, the Pradhan Mantri Awas Yojana (PMAY), and the Sardar Patel National Urban Housing Mission, are anticipated to increase urban population numbers, thereby fueling market expansion during the forecast period.
Browse market data tables, figures, and in-depth TOC on “Engineered Wood Products Market” by Product (Structural wood I-beams, Glued laminated timber, LVL, Others) Application (Construction, Furniture, Others) Geography (Europe, North America, APAC, Middle East and Africa, South America) Global Forecast to 2027. Download Free Sample
By Product, the Structural wood I-beams segment is projected to dominate the market size in 2024
The engineered wood products market represents a significant growth opportunity for businesses in the construction industry. These products, which include engineered lumber, particleboard, and medium-density fiberboard, offer advantages such as increased strength, stability, and cost-effectiveness compared to traditional lumber. Market trends indicate continued demand for engineered wood products due to their sustainability and versatility in various applications. Businesses that invest in this sector can capitalize on its potential for innovation and growth.
By Application, Construction segment is expected to hold the largest market size for the year 2024
The Engineered Wood Products Market represents a significant growth opportunity for businesses in the construction industry. These products, which include plywood, laminated veneer lumber, and oriented strand board, offer superior strength and durability compared to traditional wood. With increasing demand for sustainable and cost-effective building solutions, engineered wood products are poised to capture a larger market share. Factors such as government incentives for green building and advancements in manufacturing technology are further fueling growth in this sector.
Europe is forecasted to hold the largest market size by region in 2024
The engineered wood products market represents a significant growth opportunity for businesses in the construction industry. These products, which include engineered lumber, plywood, and fiberboard, offer enhanced strength, durability, and cost-effectiveness compared to traditional wood. Market trends indicate increasing demand for engineered wood products due to their sustainability and versatility in various applications. Businesses can capitalize on this trend by investing in the production and distribution of these innovative building solutions.
The Engineered Wood Products Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
Engineered wood products, including Oriented Strand Boards (OSB), Glued Laminated Timber (GLT), Laminated Veneer Lumber (LVL), and Composite Wood, are increasingly popular building materials in the construction sector. Architects and builders prefer these eco-friendly alternatives to traditional materials like plywood due to their strength, durability, and sustainability. Manufactured using adhesives/resins, engineered wood products emit less greenhouse gases during production compared to natural timber. The use of engineered wood in construction activities contributes to energy conservation and reduces the need for deforestation. Products like OSB, GLT, and LVL find applications in various sectors, including residential and non-residential construction, doors, flooring, walls, furniture, and restoration activities. The construction sector's shift towards engineered wood products is driven by their sustainable practices and lower formaldehyde emissions compared to traditional wood products. Drones and unmanned aerial vehicles (UAVs) are being used to inspect and monitor engineered wood product manufacturing facilities, ensuring quality and compliance with industry standards. Cross-laminated timber is another innovative engineered wood product gaining popularity for its structural strength and sustainability. In summary, engineered wood products offer numerous benefits, including strength, durability, sustainability, and energy efficiency, making them a preferred choice for architects, builders, and the construction industry as a whole.
Market Research Overview
Engineered wood products have revolutionized the construction industry with their durability, strength, and eco-friendly attributes. From wooden beds and furniture like tables and chairs, to engineered sub-floors, architects and builders have embraced engineered wood products for their versatility. Cross-laminated timber (CLT), oriented strand boards (OSB), glued laminated timber (glulam), and composite wood are popular product types. CLT and glulam are used for I-beams, beams, columns, and even walls in both residential and non-residential construction. OSB is commonly used for roofing, walls, and sub-flooring. Plywood, another engineered wood product, is utilized in various applications such as doors, cabinets, and furniture. The construction sector is increasingly adopting engineered wood products due to their energy conservation properties and reduced greenhouse gas emissions, making them an eco-friendly alternative to traditional building materials. Drones and unmanned aerial vehicles are used for inspections and assessments, ensuring sustainable practices in the production and application of engineered wood products. Products like CLT and OSB have low formaldehyde emissions, making them a safer choice for residential construction. Engineered wood products are also used in restoration activities and non-residential sector projects such as shopping centers, staircases, and doors. Overall, engineered wood products offer a sustainable solution for the construction industry, reducing deforestation and promoting energy efficiency.
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