Engineered Wood Market Size Worth USD 492.60 Billion in 2032 | Emergen Research

Vancouver, Nov. 22, 2023 (GLOBE NEWSWIRE) -- The global engineered wood market size was USD 284.76 Billion in 2022 and is expected to register a revenue CAGR of 5.3% during the forecast period according to the latest analysis by Emergen Research. Increasing need for sustainability is a major factor driving revenue growth of the market. Revenue growth of the engineered wood market is driven by increasing adoption of engineered wood as a replacement for conventional building materials. Engineered wood is favored for its cost-effectiveness and eco-friendliness when compared to other materials such as wood and cement.

Moreover, the preference for engineered wood over materials such as concrete, steel, or aluminum, which are known for their greenhouse gas emissions, is expected to lead to a reduction in overall carbon emissions. In addition, the adhesives and resins used in engineered wood are environmentally stable and do not contribute to greenhouse gas emissions, making them a preferred choice among builders and architects. Furthermore, renovation and remodeling of older homes, particularly in developed regions including North America and Europe, have played a major role in driving the increased use of engineered wood. Government-supported housing projects have also contributed to revenue growth of the engineered wood market.

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This report forecasts revenue growth at a global, regional, and country level and provides an analysis of the Engineered Wood market trends in each of the sub-segments. The scope of the report can be defined as:

Scope of Research

MAJOR COMPANIES and Market Share Analysis

The global engineered wood market is fairly consolidated with few small and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market.
Some major players included in the market report are:

• Louisiana-Pacific Corporation (LP)
• Boise Cascade Company
• Shenzhen Risewell Industry Co., Ltd
• Celulosa Arauco Y Constitucion SA
• Weyerhaeuser Company
• Huber Engineered Woods LLC
• Norbord Inc.
• Universal Forest Products, Inc.
• Raute Groups
• Patrick Industries, Inc.

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Strategic Development

• On December 14, 2022, Boise Cascade's Building Materials Distribution (BMD) division revealed plans to increase its distribution capabilities in two areas. The company has recently completed the purchase of a 45-acre parcel of land in Walterboro, South Carolina, with intentions to construct a new distribution facility.
• This property, situated about 45 miles to the west of Charleston, will mark Boise Cascade's inaugural distribution center in the state. The site boasts rail access and is strategically positioned to enhance customer service in regions including Myrtle Beach, Charleston, and Columbia, South Carolina, as well as Savannah, Georgia. 

Some Key Highlights from the Report

• The plywood segment is expected to register a significantly fast revenue growth rate during the forecast period. As a result of its layered structure, plywood enhances the natural wood's intrinsic qualities while incorporating all of its advantages. As it is made of wood, plywood can tolerate short-term overloads up to twice the specified design load, which is especially useful in areas that are prone to earthquakes or cyclonic winds.
• The furniture segment is expected to register fastest revenue growth rate over the forecast period. One of the main advantages of engineered wood furniture is its environmental friendliness. Engineered wood is often made from wood remnants and scraps, or from tree types that grow quickly. Utilizing these resources decreases the demand for virgin timber, hence minimizing the environmental damage caused by deforestation.
• The residential segment accounted for a major revenue share in 2022. Engineered wood is widely used in building floors, walls, and roofs, giving dwellings strong and durable structures. When it comes to home framing, engineered wood materials such as Oriented Strand Board (OSB), Laminated Veneer Lumber (LVL), and I-beams play a crucial role since they provide increased strength and stability to the structure as a whole.

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Emergen Research has segmented the global engineered wood market on the basis of type, application, end-use, and region:

• Type Outlook (Revenue, USD Billion; 2019–2032)
  • Plywood
  • Glulam (Glued Laminated Timber)
  • I-Beams
  • Laminated Veneer Lumber (LVL)
  • Cross Laminated Timber
  • Others
• Application Outlook (Revenue, USD Billion; 2019–2032)
  • Furniture
  • Construction
  • Flooring
  • Packaging
  • Others
• End-Use Outlook (Revenue, USD Billion; 2019–2032)
  • Commercial
  • Residential
•  Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Benelux
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Turkey
    • Rest of MEA

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