Global Engineered Wood Market Size, Share, Growth Analysis, By Type(Plywood, oriented strand board (OSB)), By Application(Mechanical testing and fire resistance testing ) - Industry Forecast 2023-2030

Market Insights

Global Engineered Wood Market size was valued at USD 314.50 billion in 2021 and is poised to grow from USD 333.74 billion in 2022 to USD 536.77 billion by 2030, growing at a CAGR of 6.12% in the forecast period (2023-2030).

The global engineered wood market is experiencing robust growth due to its eco-friendly nature, cost-effectiveness, and versatility in construction and furniture industries. Engineered wood products, such as plywood, laminated veneer lumber, and particleboard, offer enhanced strength and stability. The market's expansion is fueled by urbanization, housing projects, and sustainable building trends. North America, Europe, and Asia-Pacific are key regions driving demand. However, strict regulations on formaldehyde emissions and market competition remain challenges. The market is poised for sustained advancement as technological innovations continue to improve the quality and applications of engineered wood.

Top-down and bottom-up approaches were used to estimate and validate the size of engineered wood and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segmental Analysis

The global engineered wood market is segmented by type, application, and region. Based on type, the market can be segmented into plywood, oriented strand board (OSB), laminated veneer lumber (LVL), and glued laminated timber (glulam). Based on application, the market is segmented into mechanical testing and fire resistance testing. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers

A significant market catalyst is the rising emphasis on eco-conscious construction materials. Engineered timber items, like plywood and laminated veneer lumber, are crafted from renewable or recycled wood fibers, offering an environmentally viable substitute for conventional solid wood. The increasing recognition and desire for sustainable construction methods, coupled with the necessity for energy-efficient and planet-friendly options, propel the integration of engineered wood within the construction sector.

Restraints

Moisture Vulnerability:

A significant market challenge stems from the susceptibility of engineered wood products to moisture damage. These products can absorb moisture, potentially resulting in undesirable outcomes like expansion, distortion, or deterioration if not appropriately safeguarded. This limitation hinders their viability in scenarios where moisture exposure is a factor, such as outdoor applications or regions with elevated humidity levels. Manufacturers and construction professionals must adopt efficient moisture management strategies and precise installation methods to alleviate the possibility of moisture-linked harm. This approach ensures the extended resilience and effectiveness of engineered wood commodities.

Market Trends

A prominent trend in the global Engineered Wood market is the surging demand for environmentally conscious and sustainable construction materials. Engineered wood, crafted from renewable and recycled resources, presents numerous ecological advantages like minimized carbon impact and preservation of natural reserves. With sustainability assuming a paramount role in the construction sector, engineered wood items like cross-laminated timber (CLT) and laminated veneer lumber (LVL) are progressively favored for their robustness, resilience, and adaptability. Furthermore, the emphasis on energy-efficient edifices and eco-friendly building certifications propels the need for engineered wood goods, given their contribution to sustainable building practices and provision of versatile designs.