Engineered Wood Market Worth US$ 489 Bn by 2028 at 6.51% CAGR

Manufactured board, composite wood, mass timber, and engineered wood are various names for the same artificially produced product. Goods made by fastening or binding fibers, strands, veneers, particles, and even boards of wood together are essentially wood products with a different name. Composites, which can refer to any material made from a variety of distinct constituent materials, are formed when these materials are bound together in some way, whether through mechanical fastening or the use of adhesives. To create engineered wood, either softwoods or hardwoods are typically used.

While the former denoted wood from gymnosperm trees, the latter came from angiosperm trees. Multiple adhesives are employed in this procedure. Urea formaldehyde resin (UF) is the most widely used and cheapest glue, although it is not watertight. Phenol-formaldehyde resins are widely employed for products subjected to weather and other elements. They might be either a brown or a golden color. In circumstances where a large budget is available, melamine-formaldehyde (MF) resins are commonly used.

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Engineered Wood Market: Growth Drivers

It is expected that the global market for engineered wood will expand as a result of the composite woods’ lower price compared to hardwood. Engineered wood is favored by many people because it provides the same physical and mechanical advantages as its equivalents at a lesser price, especially in home care settings. Due to their malleability, man-made wood products offer greater versatility in addressing the needs of different customers.

They are easily accessible, unlike hardwood, and they do not negatively impact the environment in the same way that actual wood does, which is to say, by cutting down so many trees. These materials are inexpensive and easy to work with, as they can be drilled, glued, fixed, and sliced with little effort. The vast majority of homes have at least one of them in their closets or on their floors.

Opportunities

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A rise in population and the consequent need to house more people has led to a boom in remodeling, renovation, and rehabilitation projects around the world. World engineered wood industry participants will need to spend money on creating products that are both physically capable and cost-effective if they are to meet the wants of the populace. It is possible that demand for engineered woods will increase during the forecast period because they are the greatest option for meeting this kind of need. The first three months of 2021 saw the United States spend nearly USD 352.9 billion on home improvements. The majority of the money went into fixing up the house.

Segmentation

The global market is divided into several submarkets based on end use, including as furniture, construction, flooring, and others. In 2021, the furniture industry was worth the most in the world, and it’s expected to keep growing at a CAGR of 6.59% through 2026. The industry expanded as more people wanted practical, aesthetically pleasing furniture in their homes. Valuepenguin reports that monthly furniture expenditures in the United States average $190. The average household will have spent about $716 on furnishings by the year 2021. Sofa sets, tables, cabinets, chairs, and closets are all part of the furniture category.

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The international industry is segmented by product type into plywood, I-beam, and laminated veneer lumber (LVL). Rapid annual growth rate (CAGR) of the plywood industry is expected. The value of the North American plywood market was estimated at $15,000,000 cubic meters in 2021. Plywood’s widespread ubiquity can be attributed to its multiple uses, consistent strength, and low price.

List of Key Players:

  • Boise Cascade Company
  • Celulosa Arauco y Constitución
  • Universal Forests Products Inc.
  • Lowe’s Companies Inc.
  • CST Timber Co
  • Georgia Pacific Wood Products LLC
  • Rockshield Engineered Wood products ULC
  • Roseburg Forest Products
  • Huber Engineered Wood LLC.