Engineered Wood Market is Expected to Grow with a CAGR of 5.0% from 2021 to 2028
As stated in an extensive report by Vantage Market Research, providing insights on product type, application and end-user, the Global Engineered Wood Market was valued at USD 296.1 Billion in 2020 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 5% between 2021 to 2028.
Engineered wood is synthesized from conventional wood, after its filaments and individual structures are bound or stuck together using adhesives or other linking substances. It is highly durable and extremely versatile in nature, due to which it can be used for a multitude of purposes such as, in the manufacturing of furniture, for renovation purposes, in joinery and others.
Rising environmental awareness, increased disposable incomes, enhanced expenditure power and surging building and construction industry are some of the key factors that are augmenting the growth of the engineered wood market worldwide.
However, the COVID-19 pandemic brought in worldwide lockdown and business shutdowns, forcing people to stay indoors to prevent the spread of the virus. Due to which, the demand, revenue and supply chain of the construction, building and furniture industries were disrupted. This, in turn, halted the expansion of the engineered wood market.
Moreover, the challenges that come along with the utilization of engineered wood such as expensive products and availability of cheaper alternatives, further restrain their market.
Although, the colossal benefits offered by engineered wood such as enhanced efficacy, improved shelf life and long-lasting surface polish, provide an enthralling opportunity for the growth of the engineered wood market.
Globally, North America is dominating the engineered wood market and this dominance can be attributed to the surging growth of the construction industry, enhanced awareness, and increased expenditure power in the region.
Subsequently, Asia-Pacific is anticipated to be the region that grows most rapidly, during the forecast period. This surge is accredited to the economic growth and development and increased disposable incomes in the region.
Some of the major players operating in the global engineered wood market are Weyerhaeuser Company, Louisiana-Pacific Corporation, Boise Cascade Company, Raute, Huber Engineered Woods LLC, Patrick Industries Inc., UFP Industries Inc., West Fraser Timber Co. Ltd., Lowe's Companies Inc., and Rockshield Engineered Wood products ULC among others.