[197 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.
Type: Growing usage of laminated veneer lumber (LVL) due to its superior load-bearing capacity and uniformity
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.
Application: Expanding the potential of engineered wood in a non-residential sector with its unique blend of cost-effectiveness and durability
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.
Regional Insights
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.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Engineered Wood Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis 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: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Engineered Wood Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. 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 this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
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.
Market Segmentation & Coverage
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
The report offers valuable insights on the following aspects:
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as:
- What is the market size and forecast of the Engineered Wood Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Engineered Wood Market?
- What are the technology trends and regulatory frameworks in the Engineered Wood Market?
- What is the market share of the leading vendors in the Engineered Wood Market?
- Which modes and strategic moves are suitable for entering the Engineered Wood Market?
US $
Euro €
GBP £