Portland, July 10, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global engineered wood market was estimated at $10.93 billion in 2016 and is expected to hit at $41.27 billion by 2022, registering a CAGR of 24.8% from 2016 to 2022. The report provides an in-depth analysis of top investment pockets, top-winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and changing market trends.
Cost-effectiveness and high-sustainability are the factors that fuel the growth of the global engineered wood market. At the same time, the growing prospect of furniture and housing sector is expected to create a number of opportunities for the frontrunners in the industry.
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The plywood segment to lead the trail till 2022-
Based on product type, the plywood segment held the major market share in 2016, contributing to nearly one-third of the total market revenue. The CLT segment, on the other hand, is expected to grow at the highest CAGR of 29.9% during the forecast period.
The non-residential construction segment to dominate during the estimated period-
Based on application, the non-residential construction segment accounted for nearly three-fifths of the total market share in 2016 and is anticipated to maintain its dominance till 2022. Simultaneously, the residential construction segment is projected to garner the fastest CAGR of 25.0% through 2016– 2022.
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Europe to dominate during 2016–2022-
Based on geography, Europe contributed to more than one-third of the total share in 2016 and is predicted to rule the roost during the study period. At the same time, the North America region would project the fastest CAGR of 26.3% during the forecast period.
Leading market players-
The key market players analyzed in the global engineered wood market report include Weyerhaeuser Company, Boise Cascade Company, Roseburg Forest Product Company, Shenzhen Risewell Industry Co., Ltd, Louisiana Pacific Corporation, Patrick Industries, Inc., Huber Engineered Wood LLC, Celulosa Arauco Y Constitution S.A., Lowes Companies, Inc., LLC, Universal Forests Products, Inc., 84 Lumber Company, and Georgia Pacific Wood Products. These market players have adopted several strategies including partnership, expansion, collaboration, joint ventures, and others to strengthen their hold in the industry.
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