According to IMARC Group’s latest report, titled “Global Engineered Wood Market Size, Share, Growth, Industry Trends, Opportunity and Forecast 2022-2027", the global engineered wood market reached a volume of 254.4 Million Cubic Metres in 2021. Looking forward, IMARC Group expects the market to reach 374.1 million Cubic Metres by 2027, exhibiting a CAGR of 6.30% during 2022-2027.
Engineered wood, or composite wood, is manufactured by binding fibers, veneers, particles, strands, or thin wood boards with adhesives. It is more moisture-resistant, waterproof, cost-effective, eco-friendly, and easier to clean than its traditional counterparts. It is commonly used in walls, doors, tables, benches, modular kitchens, bookshelves, flooring, boats, and wardrobes. At present, engineered wood is gaining immense traction due to the rising demand for advanced grading wood among consumers across the globe.
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Engineered Wood Market Trends:
The global engineered wood market is primarily driven by the escalating demand for engineered wood as a substitute for emission-intensive materials, such as concrete, aluminum, and steel, to reduce greenhouse gas (GHG) emissions. Moreover, there is a rise in the demand for cross-laminated timber (CLT) as a building material. In line with this, the increasing use of oriented strand boards (OSB) in residential construction, such as walls, floors, and roofs, is positively influencing market growth. Additionally, there has been a rise in the innovation and remodeling of homes, especially in developed nations.
Along with this, extensive investments in housing projects by governments of numerous countries have catalyzed market growth. Besides this, the increasing preference for aesthetically appealing furniture with attractive curves, arches, embossing, and trim is contributing to the market growth. Other factors, including ongoing research and development (R&D) activities, growing adoption of prefabricated houses, elevating the living standards of individuals, and rapid industrialization, are also anticipated to create a favorable market outlook.
Global Engineered Wood Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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The report has segmented the market on the basis of region, type, application and end user.
Breakup by Type:
Breakup by Application:
Breakup by End User:
Breakup by Geography:
Key highlights of the report:
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