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The global engineered wood market is estimated to grow at a CAGR of ~6% during the forecast period 2021-2027. The market growth is driven by various growth factors such as growing demand for housing units & infrastructural facilities, growing urbanization, and stringent government regulations, among others.
Growing demand for infrastructural facilities and housing units is attributed to increasing population globally coupled with improvement in the standard of living, placing increased demand on the supply of new housing. As per the studies, during 2019-2041, Europe is expecting an increase of 16% with household growth at the rate of 23%— a difference of 7% in demand. The demand for new housing is forcing governments around the world to push for innovations like 3D printing, prefabricated houses, and other construction methods to speed up the supply of new housing. Challenges with the availability of materials to fulfill the demand of constructing billions of new homes emphasize the requirement to resource material efficiently. Government policies encourage the sustainable design of new buildings to maximize future re-use, reduce carbon emissions, and management of resources efficiently will be essential. Countries are aggressively promoting policies to help sustain and increase new housing provisions. Hence, opening opportunities for the demand for engineered wood globally.
The engineered wood market is majorly driven by growth in demand for substitute conventional wood for building materials. As engineered wood is an eco-friendly and cost-effective alternative to other building material products such as cement and wood, it becomes an economical substitute. Also, substituting emission-intensive materials such as aluminum, steel, or concrete with engineered wood is expected to help reduce greenhouse gas emissions.
The global engineered wood market is categorized based on type, application, and end-user. These major market segments are analyzed in detail.
This market research study report studies the global engineered wood market size in key regions like North America, Europe, Asia Pacific, Middle East & Africa, and South America. As per the regional studies, the North America engineered wood market is driven by growth in demand for remodeling and renovation of old homes has led to a rise in the usage of engineered wood.
Moreover, urbanization in developing nations of the Asia-Pacific and LAMEA regions is anticipated to add the growth impetus to the regional engineered wood market during the forecast period.
Europe engineered wood market accounted for a major holding in the global marketplace and is anticipated to continue the dominance over the forecast period. As the country has witnessed rapid growth in the past decade. The overall economic growth improves the status of new construction business models and promotes institutional changes, such as remodeling or revising multi-story building standards.
Stringent rules and regulations on carbon dioxide emission are fuelling the overall demand for engineered wood. With the growth in construction activities, regions like Europe and North America are recording high emissions from buildings over the last few years. Hence, to contain the emission from different construction activities, manufacturers are shifting towards opting for sustainable products with high energy efficiency.
A&M Flooring, ALAMCO Wood Products, LLC, Boise Cascade Company, Celulosa Arauco y Constitución S.A, D.R. Johnson Wood Innovations, Daiken, Eagle Plywood Specialties, FraserWood Industries Ltd., Georgia-Pacific Wood Products LLC, Hardel Mutual Plywood Corporation, Havwoods, Huber Engineered Woods LLC, Louisiana-Pacific Corporation, Natron Wood Products, Norbord Inc., Nordic Homeworx LLC, Pacific Woodtech Corporation, Patrick Industries, Inc. among others are profiled in the research study under various heads such as company business overview, Company Details (Key Executive, Employee count, Trading stock, Year of Establishment), Financial Overview, Business Strategies Adopted and SWOT analysis. Companies in the market have adopted various competitive strategies such as product launch, business expansion, mergers & acquisitions, agreement, partnership, and others to offer better and competitive products and services to customers in the global engineered wood industry.