The global Engineered Wood Market is growing rapidly. The market growth attributes to the rising popularity of engineered wood due to its cost-competitiveness and easy adaptability. Engineered wood products are flexible and allow adaptable designs. Engineered wood is considered as cost-competitive as it enables fast construction with prefabricated elements and modules. Wooden structures are easy to adapt to various situations.
Global Engineered Wood Market - Competitive Analysis
Highly competitive, the global Engineered Wood Industry appears fragmented due to the presence of several well-established players. Players compete based on quality, branding, price, and extensive customer services. Players aim to improve brand recall through effective marketing communications. The high growth potential demonstrated by the market is expected to attract several new entrants making the market more competitive.
Major Players:
Players leading the global engineered wood market are Boise Cascade Company (US), Celulosa Araucoy Constitución (Chile), Lowe's Companies, Inc.(US), Weyerhaeuser (US), Roseburg Forest Products (US), Georgia Pacific Wood Products, LLC (US), Huber Engineered Wood LLC (US), Universal Forests Products, Inc. (US), CST Timber Co (US), Kahrs Group (Sweden), and Rockshield Engineered Wood products ULC (US), among others.
Also, wood materials are adaptable, easy to build dismantle, and rebuild according to changing needs. Moreover, government regulations, such as Bharat stage emission standards and European emission standards regarding CO2 emissions, escalate the market demand. According to Market Research Future (MRFR), the global engineered wood market is poised to create a valuation of approximately USD 24.12MN by 2023, growing at 12.82% CAGR throughout the review period (2017-2023).
On the flip side, expensive manufacturing costs of engineered wood are significant factors projected to impede the market growth. Nevertheless, expected technological advancements due to the increasing RD investments would support the market growth throughout the assessment period, presenting economical manufacturing processes that would reduce the overall cost of engineered wood products.
Engineered Wood Market - Segments
The report is segmented into three dynamics;
By Product Type : Plywood, Laminated Veneer Lumber (LVL), Glulam, I-beams and Cross Laminated Timber (CLT), and others.
By Application : Residential and Non-residential.
By Regions : Americas, Europe, APAC, and the Rest-of-the-World.
Global Engineered Wood Market - Regional Analysis
Europe dominates the global engineered wood market. This market has increased rapidly in the past decade despite the economic downturn. The largest market share attributes to the growing usage of engineered wood products in construction projects and the resurging construction sector in the region. Moreover, increasing consumer preference for green buildings and sustainable materials in the region influences the growth of the market.
Besides, the improved cost competitiveness of engineered wood, alongside the new construction business models and revising wood-framed multi-story building standards, boosts the regional market growth. Germany, the U.K., France, and Italy, are the major markets in this region. The European engineered wood market is projected to continue its dominance throughout the estimated period.
North America stands second in the global engineered wood market. The region is witnessing a steady rise in demand for engineered wood. The market growth is driven by the spurting rise in the adoption of engineered wood products in the burgeoning construction region. Additionally, the economic and political stability drive the growth of the regional market.
Besides, the rising technological advances in manufacturing techniques and the development of advanced materials drive the regional market growth. Also, substantial investments in commercial real estate and growing construction projects foster market growth in the region. The US, backed by the significant developments in commercial and residential structures, exponentially contributes to the regional market growth, accounting for the largest market share.
The Asia Pacific region is the fastest-growing market for engineered wood. Factors such as the massive consumption of engineered wood substitutes products in various industries in the region substantiate market growth. Also, the rapidly growing construction sectors and the construction and upgrade activities in the region foster the market demand. Besides, the growing residential and non-residential construction activities increase the engineered wood market size.
Similarly, improving economic conditions in the region defines the growing market landscape. China, Japan, India, and Singapore are the major markets, driving the growth of the regional market. Additionally, growing awareness about the benefits of engineered wood provides opportunities for market growth. The APAC engineered wood market is projected to create a substantial revenue pocket during the forecast period.
Industry/Innovation/Related News:
September 01, 2020 ---- Metsä Wood (Finland), a leading global provider of engineered wood products, announced the 'Urban Adaptation Architects' Competition' to increasethe urban adaptation of modular wood construction with flexibility.
Metsä Wood is part of Metsä Group and covers the whole wood value chain. It provides engineered wood products, such as Kerto® LVL and birch and spruce for construction, industrial and distribution applications.
The Urban Adaptation Competition aims to challenge architects and students worldwide to find a way to create multi-purpose buildings that are adaptable to the changing needs of urban communities.
Ref:
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Edibles.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans conducts meet with the industry experts and industrial visits for its research analyst members.
Contact US:
Wantstats Research and Media Private Limited,
99 Hudson Street,5Th Floor,
New York, New York 10013,
United States of America
