Engineered Wood Market Subjected to Expand to Showcase Rampant Growth by 2023

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Engineered wood or composite wood is an environment-friendly alternative to steel beams owing to being made of recycled wood and being increasingly prominent in residential and non-residential construction. The global engineered wood market report compiled by Market Research Future (MRFR) covers developments in construction and sustainability for the period of 2017 to 2023 (forecast period). The COVID-19 outbreak and its impact on the industry are included in the report.

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Market Scope

The global engineered wood market is expected to reach at CAGR of 12.82% over the forecast period. Market Research Future analysis shows that the global market of engineered wood is estimated to grow at USD 24.12 million by the end of year 2023.

Segmentation

By product type, it is segmented into cross laminated timber, laminated veneer lumber, glulam, plywood, and I-beams.

By application, it is divided into residential and non-residential.

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Regional Analysis

In terms of geography, Europe accounted for a major market share, and will continue to dominate the market in the forecast period. Europe have increased rapidly in the past decade in spite of the economic downturn. The growing usage of engineered wood products in construction in the future seems to be due to their improved cost competitiveness. This is expected to improve further for new construction business models and to promote institutional changes, such as revising wood-framed multi-storey building standards. On the other hand, some factors, such as the lack of education and skills, may also hinder the development of the market.

Competitive Outlook

Kahrs Group, Georgia Pacific Wood Products, LLC, CST Timber Co, Boise Cascade Company, Universal Forests Products, Inc., Huber Engineered Wood LLC, Lowe's Companies, Inc., Roseburg Forest Products, Weyerhaeuser, Rockshield Engineered Wood products ULC, and Celulosa Arauco y Constitución are key players of the global engineered wood market.

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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