Coherent Market Insights

Engineered Wood Market to Surpass US$ 578741.46 Mn by 2030

Engineered Wood Market to Surpass US$ 578741.46 Mn by 2030 - Coherent Market Insights

Publish In: Nov 04, 2022

Engineered wood is a great choice for homeowners who want to add a more sophisticated look to their home without breaking the bank. It's less expensive than solid hardwood, and the result is durable, moisture-resistant furniture. Engineered wood comes in many types and species. The top layer is usually a solid hardwood, while the bottom layer is made from several layers of plywood. These layers have opposing grain patterns that make the wood planks more stable. Another great advantage of engineered hardwood is that it's more sustainable.

Market Statistics:

The global Engineered Wood Market is estimated to account for US$ 321771.16 Mn in terms of value by the end of 2021.

Global Engineered Wood Market: Drivers

Stringent carbon dioxide emission regulations are fuelling growth of the engineered wood market. Many developed regions are reporting high emissions from their buildings, and manufacturers are shifting toward sustainable and energy efficient products. The sustainable and cost-effective nature of engineered wood with fewer hazardous by products than other wood products which also means lower greenhouse gas emissions is again fostering product demand. Additionally, engineered wood uses environmental-friendly adhesives and resins, which are environmentally stable and do not generate greenhouse gases.

Global Engineered Wood Market: Opportunities

Increasing government initiatives towards developing affordable housing is projected to present lucrative market opportunities over the forecast period. For instance, the Indian government is planning to construct 30,000 affordable houses by the year 2021. In addition, the Shenzhen Municipal Government aims to develop a million affordable housing units by 2035.

Global Engineered Wood Market: Restraints

Performance related to the measurement of humidity and moisture of engineered wood are estimated to restrict the market growth. Moreover, they have less ability to withstand high temperature and pressure conditions which is also likely to hamper the market growth.

Global Engineered Wood Market - Impact of Coronavirus (Covid-19) Pandemic:

COVID-19 was declared a pandemic in March 2020, and governments across the world imposed complete lockdowns as per the conditions in their respective countries. According to the latest predictions on April of 2021 by International Monetary Fund, the global economic growth contracted by 3.3% in 2020, before growing 6% in 2021. The outbreak of Covid-19 has impacted overall construction industry as most of the countries announced nationwide lockdown to combat the COVID-19 pandemic.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/engineered-wood-market-5319

Global Engineered Wood Market Key Takeaways:

The global Engineered Wood market was valued at US$ 321771.16 Mn in 2021 and is forecast to reach a value of US$ 578741.46 Mn by 2030 at a CAGR of 6.78% between 2022 and 2030.

Residential segment held dominant position in the global Engineered Wood market in 2021, accounting for 66.15% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.

Global Engineered Wood Market Trends:

Increasing immigration from rural to urban areas has fuelled new home construction. This is a growing trend in the market which is driving growth of the engineered wood industry. In addition to this, increased household remodelling has also contributed to the growth of the market in recent years.

Engineered wood packaging is another major trend in the global engineered wood market which is growing at a rapid pace. Consumers are becoming more aware of the environmental implications of packaging and are increasingly turning to eco-friendly engineered wood for their packaging needs.

Global Engineered Wood Market: Competitive Landscape   

Binderholz GmbH, Boise Cascade, Georgia-Pacific (Georgia-Pacific Wood Products LLC), HASSLACHER Holding GmbH, Havwoods India Pvt Ltd, Huber Engineered Woods LLC, KLH Massivholz Wiesenau GmbH, Kronoplus Limited, Louisiana-Pacific Corporation, Mayr-Melnhof Holz Holding AG, Norbord Inc, NORDIC STRUCTURES, Pacific, Woodtech Corporation, Resolute Forest Products, Roseburg, Stora Enso, West Fraser, and Weyerhaeuser Company

Global Engineered Wood Market: Recent Developments

In November 2019, Georgia-Pacific   inaugurated   the   new   lumber manufacturing facility located in Warren  County, Georgia, with an investment of USD 135 million. This new facility is spread across 340,000-square-foot and is intended to cater to the growing demand for lumber in residential and commercial construction.

In March 2019, Havwoods Ltd inaugurated a new flooring showroom in Toronto, Canada. This showroom is intended to cater to the growing demand of architects and homeowners for aesthetical flooring designs.

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