According to analysts at Vantage Market Research, the Engineered Wood Market is expected to reach USD 412.63 Billion by 2028, growing at a CAGR of 6.12% between 2021 and 2028. The furniture engineered wood market is driven by factors such as availability of furniture in the market is easy, they are cost-effective and light weighted and can be easily moved from one place to another.
- The plywood segment is projected to have a CAGR of over 4.56% in the estimated time frame and the segment is holding its dominance as it is most commonly used, plywood is incredibly versatile, can be used for any structural furniture, interior paneling are factors driving the market growth.
- The Construction segment held a market share of around 48.87% in 2020. With growing demand from the non-residential sector as well as the usage of cross-laminated timber (CLT) is increasing as construction material, the usage of engineered wood requires less energy compared to the energy required in conventional building materials like concrete and steel. These are some growth factors fuelling the market demand.
- Asia Pacific is will have a CAGR of around 4.19% from 2021 to 2028 in engineered wood as it is easily available in the market with low prices and the Asia Pacific is the largest consumer of engineered wood all over the globe is defining the regional dominance.
Some of the key players in the Engineered Wood Market are Universal Forests Products Inc., 84 Lumber Company, Nordic Structures, Louisiana Pacific Corporation, Patrick industries, Shenzhen Rosewell Industry, Georgia Pacific Wood Products, Lowes Companies, Norbord Inc., Weyerhaeuser Company, Rockshield Engineered Wood products, Roseburg Forest Product Company, Huber Engineered Wood, among other.
The engineered wood usage over emission-intensive materials, like concrete, aluminum, or steel, is about to minimize greenhouse gas emissions. Adhesives that are used in the engineered wood are stable environmentally and do not produce harmful gases. This led to an increase in the usage of engineered wood among builders and architects. On the other hand, the engineered wood lacks the grace as well as the elegance of the solid wood and is hard to repair at times and less durability with stringent concerns regarding the environment, are some reasons holding the market growth back.
North America is expected to have a share of over 21% in 2020. The growth in the region is subjected to a rise in the engineered wood market industry in the U.S. as renovation and remodeling of the old home and various construction projects carried out by the government have driven the market in North America.