[186 Pages Report] The Engineered Wood Market size was estimated at USD 360.41 billion in 2023 and expected to reach USD 381.42 billion in 2024, at a CAGR 6.02% to reach USD 542.68 billion by 2030.
Engineered wood, also known as manufactured or composite wood, is derived from a combination of wood products and other materials. It's important to differentiate engineered wood from solid wood, as the former stands out in versatility of application, ease of installation, and resistance to humidity and temperature changes. Increasing consumer need for high-quality, reliable, and environment-friendly construction materials is driving the growth of the engineered wood market. With engineered wood, builders can use less expensive wood types without compromising on strength, durability, or visual appeal. As a result, it is a cost-effective alternative to traditional hardwood. The growing need to reduce the carbon footprint in construction is propelling the demand for engineered wood. Its manufacturing process is less intensive than producing traditional hardwood, contributing to fewer greenhouse gas emissions. The volatile price of adhesives used in manufacturing and durability issues hinder market growth. The growing introduction of advanced engineered wood by market vendors is expected to create opportunities for market growth.
The engineered wood market in the Americas is expanding at an exponential rate with a significant drive towards sustainable construction and an emphasis on lightweight and durable materials across both the United States and Canada. Furthermore, numerous building codes have shifted specifications to engineered wood products, accentuating the growth of the engineered wood market. The APAC region displays immense growth potential in the engineered wood market. The most significant contributors to this growth are emerging economies such as India and China. Significant urbanization, a rise in the standard of living, and increasing disposable income are factors promoting the use of engineered wood in this region. The region also harbors some of the world's largest producers and consumers of plywood, imbuing it with a vast potential for the engineered wood sector. The EMEA region comprises a significant share of the global engineered wood market due to the prevalent trend of green building in Europe. The Middle East and Africa, particularly GCC countries and South Africa, are experiencing enhanced demand for luxury interior items, fueling the growth of the engineered wood market. The implementation of stringent carbon emission regulations is also encouraging the use of engineered wood in construction.
Cross-laminated timber (CLT) constitutes a multi-layered wood panel system made from solid-sawn, kiln-dried wooden planks that are thereafter stacked crosswise and bonded together. Using its excellent strength-to-weight ratio, CLT offers robust thermal performance, leading to a lower carbon footprint and providing an eco-friendly construction choice. Glued laminated timber (Glulam) represents an engineered wood that is produced by bonding layers of dimensional lumber under intense heat and pressure. Noteworthy for its versatility and strength, glued laminated timber can be manufactured to custom sizes and shapes, providing innovative design aesthetics and structural integrity in building applications. Laminated veneer lumber (LVL) is a high-strength engineered wood product formed by bonding together multiple layers of thin wood veneers under heat and pressure. LVL's superior load-bearing capacity and uniformity make it an ideal choice for framing and structural applications, including beams, rafters, and columns. Oriented strand board (OSB) is an engineered wood panel made by combining crisscrossed strands of wood flakes with synthetic resin, then bound under heat and pressure. With consistent properties across all its dimensions, OSB offers a cost-effective and durable construction alternative to plywood and provides similar performance characteristics for load-bearing applications. Particleboard, also known as chipboard, typically comprises of wood particles or flakes combined with adhesive and pressed under heat to form flat panels. Not as strong as other engineered woods, particleboard is nonetheless cost-effective and commonly used for applications such as furniture, cabinetry, and interior paneling. Plywood is a highly versatile engineered wood product made by gluing together thin layers, or 'plies', of wood veneer, each with their grain rotated up to 90 degrees to one another. This 'cross-graining' technique enhances plywood’s strength, preventing shrinkage and offering high resistance to warping, cracking, and twisting, making it an ideal material for various structural, interior, and exterior applications.
In the non-residential space, engineered wood is renowned for its superior performance and durability. Responsible for erecting large-scale buildings, this product plays a significant role in constructing commercial structures such as offices, retail stores, factories, educational institutions, hospitals, and recreational centers. Engineered wood’s high resilience and strength make it capable of bearing heavy loads, a property that is desirable in the construction of high-rises and skyscrapers. In the residential housing sector, engineered wood is effective for building strong, resilient homes. It is a popular choice for homeowners and developers due to its excellent resistance against warping, shrinking, and swelling. Due to engineered wood's customization capabilities and consistency, home building processes are streamlined, reducing building times and labor costs. Moreover, its high insulation standards contribute to energy-efficient homes, optimizing comfort while curbing energy costs. Engineered woods ensure sustainability as they are predominantly made from recycled wood or small-diameter trees. Its manufacturing process is also less intensive, thereby reducing carbon emissions.
The market dynamics represent an ever-changing landscape of the Engineered Wood Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
The market disruption analysis delves into the core elements associated with market-influencing changes, including breakthrough technological advancements that introduce novel features, integration capabilities, regulatory shifts that could drive or restrain market growth, and the emergence of innovative market players challenging traditional paradigms. This analysis facilitates a competitive advantage by preparing players in the Engineered Wood Market to pre-emptively adapt to these market-influencing changes, enhances risk management by early identification of threats, informs calculated investment decisions, and drives innovation toward areas with the highest demand in the Engineered Wood Market.
The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Engineered Wood Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.
The value chain of the Engineered Wood Market encompasses all intermediate value addition activities, including raw materials used, product inception, and final delivery, aiding in identifying competitive advantages and improvement areas. Critical path analysis of the <> market identifies task sequences crucial for timely project completion, aiding resource allocation and bottleneck identification. Value chain and critical path analysis methods optimize efficiency, improve quality, enhance competitiveness, and increase profitability. Value chain analysis targets production inefficiencies, and critical path analysis ensures project timeliness. These analyses facilitate businesses in making informed decisions, responding to market demands swiftly, and achieving sustainable growth by optimizing operations and maximizing resource utilization.
The pricing analysis comprehensively evaluates how a product or service is priced within the Engineered Wood Market. This evaluation encompasses various factors that impact the price of a product, including production costs, competition, demand, customer value perception, and changing margins. An essential aspect of this analysis is understanding price elasticity, which measures how sensitive the market for a product is to its price change. It provides insight into competitive pricing strategies, enabling businesses to position their products advantageously in the Engineered Wood Market.
The technology analysis involves evaluating the current and emerging technologies relevant to a specific industry or market. This analysis includes breakthrough trends across the value chain that directly define the future course of long-term profitability and overall advancement in the Engineered Wood Market.
The patent analysis involves evaluating patent filing trends, assessing patent ownership, analyzing the legal status and compliance, and collecting competitive intelligence from patents within the Engineered Wood Market and its parent industry. Analyzing the ownership of patents, assessing their legal status, and interpreting the patents to gather insights into competitors' technology strategies assist businesses in strategizing and optimizing product positioning and investment decisions.
The trade analysis of the Engineered Wood Market explores the complex interplay of import and export activities, emphasizing the critical role played by key trading nations. This analysis identifies geographical discrepancies in trade flows, offering a deep insight into regional disparities to identify geographic areas suitable for market expansion. A detailed analysis of the regulatory landscape focuses on tariffs, taxes, and customs procedures that significantly determine international trade flows. This analysis is crucial for understanding the overarching legal framework that businesses must navigate.
The regulatory framework analysis for the Engineered Wood Market is essential for ensuring legal compliance, managing risks, shaping business strategies, fostering innovation, protecting consumers, accessing markets, maintaining reputation, and managing stakeholder relations. Regulatory frameworks shape business strategies and expansion initiatives, guiding informed decision-making processes. Furthermore, this analysis uncovers avenues for innovation within existing regulations or by advocating for regulatory changes to foster innovation.
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Engineered Wood Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Engineered Wood Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Atlas Engineered Products Announces Acquisition of a Truss and Wall Panel Manufacturer in New Brunswick, Canada
Atlas Engineered Products (AEP) acquired Léon Chouinard et Fils Co. Ltd./Ltée (LCF) to expand its national presence and achieve its long-term growth plan. By incorporating LCF into its operations, AEP strengthened its expertise and capacity in wall panel manufacturing, gained operational synergies, and increased material purchasing power. [Published On: 2023-08-23]
Huber Engineered Woods locating manufacturing operations in Shuqualak
Huber Engineered Woods is making a significant investment of USD 418 million to construct a cutting-edge-oriented strand board manufacturing plant in Shuqualak, Mississippi. The construction of the new facility is scheduled to commence in the near future, aligning with Huber Engineered Woods' unwavering commitment to innovation and sustainability. [Published On: 2023-06-07]
Star Building Materials, a Qualico Company, announces a USD 53 million investment that will double its capacity, create jobs, and help the building industry for decades to come
Star Building Materials, a Qualico Company, invested USD 53 million to double its capacity and generate employment opportunities. This expansion facilitated the production of trusses, engineered wood products (EWP), prefabricated wall panels (PWP), and interior finishing production, creating 140 new jobs. As part of this expansion, the operations at the Alyth yard are consolidated at the Balzac location. [Published On: 2023-05-25]
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Engineered Wood Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
The report delves into recent significant developments in the Engineered Wood Market, highlighting leading vendors and their innovative profiles. These include ARI Armaturen Steamline LLP, Binderholz GmbH, BlueLinx Corporation, Boise Cascade Company, Classic Floorings & Interiors Pvt. Ltd., Ego Premium, Floormonk, FraserWood, Freres Engineered Wood, Greenlam Industries Ltd., Hasslacher Holding GmbH, Havwoods India Pvt. Ltd., Huber Engineered Woods LLC, Kelai Wood, KLH Massivholz GmbH, Kronoplus Limited, Lampert Lumber, LP Building Solutions, Mayr-Melnhof Holz Holding AG, Parador GmbH, Roseburg Forest Products, The Natural Wood Floor Company, The Wood Flooring Co., Universal Forest Products, Inc., West Fraser Timber Co., Ltd., and Weyerhaeuser Company.
This research report categorizes the Engineered Wood Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Type
- Cross-Laminated Timber
- Glued Laminated Timber
- Laminated Veneer Lumber
- Oriented Strand Board
- Particleboard
- Plywood
- Application
- Non-Residential
- Residential
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
- Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
- Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
- Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
- Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
- Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.
- What is the current market size and projected growth?
- Which products, segments, applications, and regions offer promising investment opportunities?
- What are the prevailing technology trends and regulatory frameworks?
- What is the market share and positioning of the leading vendors?
- What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?
- Preface
- Research Methodology
- Executive Summary
- Market Overview
- Market Insights
- Engineered Wood Market, by Type
- Engineered Wood Market, by Application
- Americas Engineered Wood Market
- Asia-Pacific Engineered Wood Market
- Europe, Middle East & Africa Engineered Wood Market
- Competitive Landscape
- Competitive Portfolio
- List of Figures [Total: 20]
- List of Tables [Total: 200]
- List of Companies Mentioned [Total: 26]
Versatility:
Engineered wood has made it possible to build more complex and innovative designs. It can be used for a range of applications, such as flooring, walls, roofs, and furniture. The material can provide exceptional aesthetic appeal, and its versatility enables it to mimic the appearance of high-end wood products at a fraction of the cost.
Cost-Effective:
Engineered wood is relatively less expensive than traditional solid wood and can ease a builder's budget. This means that builders can save money on the materials without sacrificing quality. In addition, the product's versatility means it can be used in different parts of a building, which could mean less material is required overall.
Strength and Durability:
Engineered wood is exceptionally strong and durable, making it ideal for use in construction. It can withstand high-pressure heavy loads and is resistant to damage from moisture or rot. This makes it a useful building material, particularly in regions with extreme weather conditions.
Sustainability:
In today's world, it's more important than ever that we consider the impact our actions have on the environment. Fortunately, engineered wood is an excellent sustainable building material. It utilizes low-grade wood, reducing waste, and can help reduce the number of natural trees felled in the production of traditional solid wood. Moreover, it's energy-efficient in its production and can also contribute to better indoor air quality.
Ease of Installation:
Engineered wood is incredibly easy to install, whether you're building a new home, undertaking a renovation, or constructing a commercial or industrial building.
Engineered wood has proven to be a versatile and cost-effective solution for construction materials for the present and the future. Its benefits range from durability, sustainability, and resistance, achieving higher strength ratings than traditional solid wood. Furthermore, it is exceptionally easy to install and suitable for use in a range of different settings. As such, it's no surprise that the demand for this environmentally friendly material continues to grow.
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