The global Engineered Wood market is valued at around USD 245.88 billion in 2022. We estimate around 6.28% Compounded Annual Growth Rate to be registered in the industry between 2023 and 2030.
The demand outlook for Engineered Wood continues to remain strong over the forecast period. Key market driving forces include- growth in the housing industry, rapid urbanization trends, demand from emerging countries, strong role of repair and remodel applications, and growth in the commercial construction sector and others are identified among main market dynamics
Engineered Wood Market Analysis
Engineered wood products are widely adopted by builders across applications due to their potential advantages of being environmentally sensitive, high strength, cost-effective, easy to use, and other properties. Engineered wood enables efficient use of forest resources and stretches the yield. The use of smaller, faster-growing, and lower-quality wood to make superior products is encouraging the use of engineered wood across markets.
Engineered wood bonds wood strands, veneer, lumber, or other wood fibres to produce a larger composite material. Accordingly, the engineered products have the advantages of more reliability than the original wood and also present superior strength and stiffness. They also have the advantage of eliminating or minimizing defects and weak points, encouraging their use across structural applications and industrial applications.
Structural applications include structural wood panels such as structural plywood, Oriented Strand Board (OSB), Glued Laminated Timber (glulam), Structural Composite Lumber such as laminated veneer lumber (LVL), parallel strand lumber (PSL), and oriented strand lumber (OSL), and WOOD I-JOISTS remain the key used types of engineered wood. On the other hand, industrial applications such as particleboard, medium-density fiberboard (MDF), and other composites are also rapidly expanding, presenting a strong market potential for the overall market.
During the COVID-19 pandemic, the global engineered wood faced significant business loss as the outbreak led to significant job losses, thereby, resulting in lower consumer confidence in housing and other non-residential construction activities. In addition to COVID-19, trade tensions, and geopolitical events also led to reduced global demand for engineered wood. However, with recovering economic conditions, engineered wood sales continue to increase steadily in the post-pandemic period.
Market Dynamics
Market Driver- Growth in the housing industry supports sales of Engineered wood types
Housing remains a vital component of investment across countries. The residential building industry is quickly recovering from the pandemic outbreak effects. Improved consumer confidence is encouraging small to large-scale builders to launch residential housing projects. In particular, lowered interest rates and supportive policy regulations are observed across developed and developing countries, which support the housing industry growth, thereby encouraging the demand for engineered wood.
Rapid urbanization, increasing incomes of households, and wider availability of projects encourage the housing industry growth. Both developing countries like China, India, Brazil, Turkey, Russia, and South Africa, and developed economies in the US, Western Europe, Japan, and other markets are witnessing steady growth in residential and commercial construction activities, which supports the demand for engineered wood products.
Market Trend- Growing use across major emerging economies
Products in a wide variety of thicknesses, grades, sizes, and quality are marketed across markets. Cost-effective, durable, and long-lasting properties are encouraging furniture made out of engineered wood. They also enable ease of manufacturing, transporting, handling, and deployment. Accordingly, the penetration is swift in developing markets, predominantly in the Asia Pacific region.
Asia Pacific's construction market has been recovering quicker than anticipated in the past two quarters. Driven by strong support from the residential construction market, the market is poised to register optimistic growth in 2023. Both domestic and international companies operate in the industry driven by political and economic stability, low operational challenges, and steady growth in economic conditions. The majority of the companies are increasing their project portfolio in developing economies.
Policy initiatives by governments towards building houses, rapid urbanization, favorable bank interest rates, and wide availability of projects are encouraging the demand for construction, which supports the use of engineered wood. Further, commercial and industrial construction contractors are also increasingly relying on engineered wood for its low cost and high strength benefits. Further, as engineered wood is available in various sizes and dimensions, the demand prospects remain robust.
Market Segmentation
The global Engineered Wood Market is segmented into Types, End-Users, and Countries.
Plywood Type held the dominant market share in 2022
Plywood is the original structural wood panel, comprising thin sheets of wood or veneers arranged in perpendicular layers. Bonding of different layers using moisture-resistant adhesives under heat and pressure provides strong strength for the product. It has good uniform strength and is cost-efficient, which supports its widespread use across applications. In particular, developing countries in the Asia Pacific often rely on plywood for interiors. However, they require external layers such as veneers or laminates to complete the look.
Furniture Industry is growing at the highest CAGR during the forecast period
Cabinetmaking, Tabletops and Countertops, Desks and Workstations, Upholstered Furniture Frames, Shelves and Bookcases, Bed Frames, TV Stands, Entertainment Centres, Children's Furniture, and others are among the major furniture segments opting for engineered wood.
Engineered wood panels, such as particle board and medium-density fibreboard (MDF) are widely used in the industry. The use of engineered wood in furniture applications offers advantages such as cost-effectiveness, consistent quality, and design versatility further supporting the market outlook.
Rapid industrialization across emerging markets, low-cost advantages, availability of new models, and other benefits are encouraging market outlook.
Asia Pacific Region remains the dominant user of Engineered Wood, with over 35.28% market share
The dominant share of the region is largely driven by huge consumption volumes in emerging countries including China, India, Indonesia, Malaysia, South East Asia, and others. Driven by rapid adoption across end-user industries, and rapidly expanding construction activities, Asia Pacific dominates the global Engineered Wood market with over 35.3% market share in value terms
China is the major manufacturing hub and consumption centre for solid and engineered wood in the region. The increasing economy coupled with heavy investments in construction is encouraging market growth in the world’s largest populated country. The COVID-19 pandemic had a significant impact on wood product sales but is showing fast pace growth in the post-pandemic period, owing to government support and favourable market conditions.
China is the largest market in the Asia Pacific and the commercial segment is the fastest-growing segment in the country. Massive industrialization and growing urbanization, development in metro cities, cosmopolitan cities, and other cities are the main market drivers. Further, government initiatives to improve residential and commercial construction with affordable housing for the population will boost the development of engineered products for furniture, walls, flooring, doors, roofs, cabinets, and others.
Post-pandemic, China has quickly resumed construction activities, which will encourage demand recovery for furniture including engineered wood. Small and medium scale players dominate the Chinese market but an increasing drive towards global brands is being observed.
Segmentation
By Type
By End-Users
By Region
Key Players
The market is relatively fragmented in nature with intense competitive conditions among market players. In particular, domestic and local companies offer stringent competition to large players
Engineered Wood Market Outlook 2023
1 Market Overview
1.1 Introduction to Engineered Wood Market
1.2 Scope of the Study
1.3 Research Objective
1.3.1 Key Market Scope and Segments
1.3.2 Players Covered
1.3.3 Years Considered
2 Executive Summary
2.1 2023 Engineered Wood Industry- Market Statistics
3 Market Dynamics
3.1 Market Drivers
3.2 Market Challenges
3.3 Market Opportunities
3.4 Market Trends
4 Market Factor Analysis
4.1 Porter’s Five Forces
4.2 Market Entropy
4.2.1 Global Engineered Wood Market Companies with Area Served
4.2.2 Products Offerings Global Engineered Wood Market
5 COVID-19 Impact Analysis and Outlook Scenarios
5.1.1 Covid-19 Impact Analysis
5.1.2 Post-COVID-19 Scenario- Low Growth Case
5.1.3 Post-COVID-19 Scenario- Reference Growth Case
5.1.4 Post-COVID-19 Scenario- Low Growth Case
6 Global Engineered Wood Market Trends
6.1 Global Engineered Wood Revenue (USD Million) and CAGR (%) by Type (2018-2028)
6.2 Global Engineered Wood Revenue (USD Million) and CAGR (%) by Applications (2018-2028)
6.3 Global Engineered Wood Revenue (USD Million) and CAGR (%) by Regions (2018-2028)
7 Global Engineered Wood Market Revenue (USD Million) by Type, and Applications (2018-2022)
7.1 Global Engineered Wood Revenue (USD Million) by Type (2018-2022)
7.1.1 Global Engineered Wood Revenue (USD Million), Market Share (%) by Type (2018-2022)
7.2 Global Engineered Wood Revenue (USD Million) by Applications (2018-2022)
7.2.1 Global Engineered Wood Revenue (USD Million), Market Share (%) by Applications (2018-2022)
8 Global Engineered Wood Development Regional Status and Outlook
8.1 Global Engineered Wood Revenue (USD Million) By Regions (2018-2022)
8.2 North America Engineered Wood Revenue (USD Million) by Type, and Application (2018-2022)
8.2.1 North America Engineered Wood Revenue (USD Million) by Country (2018-2022)
8.2.2 North America Engineered Wood Revenue (USD Million) by Type (2018-2022)
8.2.3 North America Engineered Wood Revenue (USD Million) by Applications (2018-2022)
8.3 Europe Engineered Wood Revenue (USD Million), by Type, and Applications (USD Million) (2018-2022)
8.3.1 Europe Engineered Wood Revenue (USD Million), by Country (2018-2022)
8.3.2 Europe Engineered Wood Revenue (USD Million) by Type (2018-2022)
8.3.3 Europe Engineered Wood Revenue (USD Million) by Applications (2018-2022)
8.4 Asia Pacific Engineered Wood Revenue (USD Million), and Revenue (USD Million) by Type, and Applications (2018-2022)
8.4.1 Asia Pacific Engineered Wood Revenue (USD Million) by Country (2018-2022)
8.4.2 Asia Pacific Engineered Wood Revenue (USD Million) by Type (2018-2022)
8.4.3 Asia Pacific Engineered Wood Revenue (USD Million) by Applications (2018-2022)
8.5 South America Engineered Wood Revenue (USD Million), by Type, and Applications (2018-2022)
8.5.1 South America Engineered Wood Revenue (USD Million), by Country (2018-2022)
8.5.2 South America Engineered Wood Revenue (USD Million) by Type (2018-2022)
8.5.3 South America Engineered Wood Revenue (USD Million) by Applications (2018-2022)
8.6 Middle East and Africa Engineered Wood Revenue (USD Million), by Type, Technology, Application, Thickness (2018-2022)
8.6.1 Middle East and Africa Engineered Wood Revenue (USD Million) by Country (2018-2022)
8.6.2 Middle East and Africa Engineered Wood Revenue (USD Million) by Type (2018-2022)
8.6.3 Middle East and Africa Engineered Wood Revenue (USD Million) by Applications (2018-2022)
9 Company Profiles
10 Global Engineered Wood Market Revenue (USD Million), by Type, and Applications (2023-2028)
10.1 Global Engineered Wood Revenue (USD Million) and Market Share (%) by Type (2023-2028)
10.1.1 Global Engineered Wood Revenue (USD Million), and Market Share (%) by Type (2023-2028)
10.2 Global Engineered Wood Revenue (USD Million) and Market Share (%) by Applications (2023-2028)
10.2.1 Global Engineered Wood Revenue (USD Million), and Market Share (%) by Applications (2023-2028)
11 Global Engineered Wood Development Regional Status and Outlook Forecast
11.1 Global Engineered Wood Revenue (USD Million) By Regions (2023-2028)
11.2 North America Engineered Wood Revenue (USD Million) by Type, and Applications (2023-2028)
11.2.1 North America Engineered Wood Revenue (USD) Million by Country (2023-2028)
11.2.2 North America Engineered Wood Revenue (USD Million), by Type (2023-2028)
11.2.3 North America Engineered Wood Revenue (USD Million), Market Share (%) by Applications (2023-2028)
11.3 Europe Engineered Wood Revenue (USD Million), by Type, and Applications (2023-2028)
11.3.1 Europe Engineered Wood Revenue (USD Million), by Country (2023-2028)
11.3.2 Europe Engineered Wood Revenue (USD Million), by Type (2023-2028)
11.3.3 Europe Engineered Wood Revenue (USD Million), by Applications (2023-2028)
11.4 Asia Pacific Engineered Wood Revenue (USD Million) by Type, and Applications (2023-2028)
11.4.1 Asia Pacific Engineered Wood Revenue (USD Million), by Country (2023-2028)
11.4.2 Asia Pacific Engineered Wood Revenue (USD Million), by Type (2023-2028)
11.4.3 Asia Pacific Engineered Wood Revenue (USD Million), by Applications (2023-2028)
11.5 South America Engineered Wood Revenue (USD Million), by Type, and Applications (2023-2028)
11.5.1 South America Engineered Wood Revenue (USD Million), by Country (2023-2028)
11.5.2 South America Engineered Wood Revenue (USD Million), by Type (2023-2028)
11.5.3 South America Engineered Wood Revenue (USD Million), by Applications (2023-2028)
11.6 Middle East and Africa Engineered Wood Revenue (USD Million), by Type, and Applications (2023-2028)
11.6.1 Middle East and Africa Engineered Wood Revenue (USD Million), by Region (2023-2028)
11.6.2 Middle East and Africa Engineered Wood Revenue (USD Million), by Type (2023-2028)
11.6.3 Middle East and Africa Engineered Wood Revenue (USD Million), by Applications (2023-2028)
12 Methodology and Data Sources
12.1 Methodology/Research Approach
12.1.1 Research Programs/Design
12.1.2 Market Size Estimation
12.1.3 Market Breakdown and Data Triangulation
12.2 Data Sources
12.2.1 Secondary Sources
12.2.2 Primary Sources
12.3 Disclaimer
List Of Tables
Table 1 Market Segmentation Analysis
Table 2 Global Engineered Wood Market Companies with Areas Served
Table 3 Products Offerings Global Engineered Wood Market
Table 4 Low Growth Scenario Forecasts
Table 5 Reference Case Growth Scenario
Table 6 High Growth Case Scenario
Table 7 Global Engineered Wood Revenue (USD Million) And CAGR (%) By Type (2018-2028)
Table 8 Global Engineered Wood Revenue (USD Million) And CAGR (%) By Applications (2018-2028)
Table 9 Global Engineered Wood Revenue (USD Million) And CAGR (%) By Regions (2018-2028)
Table 10 Global Engineered Wood Revenue (USD Million) By Type (2018-2022)
Table 11 Global Engineered Wood Revenue Market Share (%) By Type (2018-2022)
Table 12 Global Engineered Wood Revenue (USD Million) By Applications (2018-2022)
Table 13 Global Engineered Wood Revenue Market Share (%) By Applications (2018-2022)
Table 14 Global Engineered Wood Market Revenue (USD Million) By Regions (2018-2022)
Table 15 Global Engineered Wood Market Share (%) By Regions (2018-2022)
Table 16 North America Engineered Wood Revenue (USD Million) By Country (2018-2022)
Table 17 North America Engineered Wood Revenue (USD Million) By Type (2018-2022)
Table 18 North America Engineered Wood Revenue (USD Million) By Applications (2018-2022)
Table 19 Europe Engineered Wood Revenue (USD Million) By Country (2018-2022)
Table 20 Europe Engineered Wood Revenue (USD Million) By Type (2018-2022)
Table 21 Europe Engineered Wood Revenue (USD Million) By Applications (2018-2022)
Table 22 Asia Pacific Engineered Wood Revenue (USD Million) By Country (2018-2022)
Table 23 Asia Pacific Engineered Wood Revenue (USD Million) By Type (2018-2022)
Table 24 Asia Pacific Engineered Wood Revenue (USD Million) By Applications (2018-2022)
Table 25 South America Engineered Wood Revenue (USD Million) By Country (2018-2022)
Table 26 South America Engineered Wood Revenue (USD Million) By Type (2018-2022)
Table 27 South America Engineered Wood Revenue (USD Million) By Applications (2018-2022)
Table 28 Middle East and Africa Engineered Wood Revenue (USD Million) By Region (2018-2022)
Table 29 Middle East and Africa Engineered Wood Revenue (USD Million) By Type (2018-2022)
Table 30 Middle East and Africa Engineered Wood Revenue (USD Million) By Applications (2018-2022)
Table 31 Financial Analysis
Table 32 Global Engineered Wood Revenue (USD Million) By Type (2023-2028)
Table 33 Global Engineered Wood Revenue Market Share (%) By Type (2023-2028)
Table 34 Global Engineered Wood Revenue (USD Million) By Applications (2023-2028)
Table 35 Global Engineered Wood Revenue Market Share (%) By Applications (2023-2028)
Table 36 Global Engineered Wood Market Revenue (USD Million), And Revenue (USD Million) By Regions (2023-2028)
Table 37 North America Engineered Wood Revenue (USD)By Country (2023-2028)
Table 38 North America Engineered Wood Revenue (USD Million) By Type (2023-2028)
Table 39 North America Engineered Wood Revenue (USD Million) By Applications (2023-2028)
Table 40 Europe Engineered Wood Revenue (USD Million) By Country (2023-2028)
Table 41 Europe Engineered Wood Revenue (USD Million) By Type (2023-2028)
Table 42 Europe Engineered Wood Revenue (USD Million) By Applications (2023-2028)
Table 43 Asia Pacific Engineered Wood Revenue (USD Million) By Country (2023-2028)
Table 44 Asia Pacific Engineered Wood Revenue (USD Million) By Type (2023-2028)
Table 45 Asia Pacific Engineered Wood Revenue (USD Million) By Applications (2023-2028)
Table 46 South America Engineered Wood Revenue (USD Million) By Country (2023-2028)
Table 47 South America Engineered Wood Revenue (USD Million) By Type (2023-2028)
Table 48 South America Engineered Wood Revenue (USD Million) By Applications (2023-2028)
Table 49 Middle East and Africa Engineered Wood Revenue (USD Million) By Region (2023-2028)
Table 50 Middle East and Africa Engineered Wood Revenue (USD Million) By Region (2023-2028)
Table 51 Middle East and Africa Engineered Wood Revenue (USD Million) By Type (2023-2028)
Table 52 Middle East and Africa Engineered Wood Revenue (USD Million) By Applications (2023-2028)
Table 53 Research Programs/Design for This Report
Table 54 Key Data Information from Secondary Sources
Table 55 Key Data Information from Primary Sources
List Of Figures
Figure 1 Market Scope
Figure 2 Porter’s Five Forces
Figure 3 Global Engineered Wood Revenue (USD Million) By Type (2018-2022)
Figure 4 Global Engineered Wood Revenue Market Share (%) By Type (2022)
Figure 5 Global Engineered Wood Revenue (USD Million) By Applications (2018-2022)
Figure 6 Global Engineered Wood Revenue Market Share (%) By Applications (2022)
Figure 7 Global Engineered Wood Market Revenue (USD Million) By Regions (2018-2022)
Figure 8 Global Engineered Wood Market Share (%) By Regions (2022)
Figure 9 North America Engineered Wood Revenue (USD Million) By Country (2018-2022)
Figure 10 North America Engineered Wood Revenue (USD Million) By Type (2018-2022)
Figure 11 North America Engineered Wood Revenue (USD Million) By Applications (2018-2022)
Figure 12 Europe Engineered Wood Revenue (USD Million) By Country (2018-2022)
Figure 13 Europe Engineered Wood Revenue (USD Million) By Type (2018-2022)
Figure 14 Europe Engineered Wood Revenue (USD Million) By Applications (2018-2022)
Figure 15 Asia Pacific Engineered Wood Revenue (USD Million) By Country (2018-2022)
Figure 16 Asia Pacific Engineered Wood Revenue (USD Million) By Type (2018-2022)
Figure 17 Asia Pacific Engineered Wood Revenue (USD Million) By Applications (2018-2022)
Figure 18 South America Engineered Wood Revenue (USD Million) By Country (2018-2022)
Figure 19 South America Engineered Wood Revenue (USD Million) By Type (2018-2022)
Figure 20 South America Engineered Wood Revenue (USD Million) By Applications (2018-2022)
Figure 21 Middle East and Africa Engineered Wood Revenue (USD Million) By Region (2018-2022)
Figure 22 Middle East and Africa Engineered Wood Revenue (USD Million) By Type (2018-2022)
Figure 23 Middle East and Africa Engineered Wood Revenue (USD Million) By Applications (2018-2022)
Figure 24 Global Engineered Wood Revenue (USD Million) By Type (2023-2028)
Figure 25 Global Engineered Wood Revenue Market Share (%) By Type (2028)
Figure 26 Global Engineered Wood Revenue (USD Million) By Applications (2023-2028)
Figure 27 Global Engineered Wood Revenue Market Share (%) By Applications (2028)
Figure 28 Global Engineered Wood Market Revenue (USD Million) By Regions (2023-2028)
Figure 29 North America Engineered Wood Revenue (USD Million) By Country (2023-2028)
Figure 30 North America Engineered Wood Revenue (USD Million) By Type (2023-2028)
Figure 31 North America Engineered Wood Revenue (USD Million) By Applications (2023-2028)
Figure 32 Europe Engineered Wood Revenue (USD Million) By Country (2023-2028)
Figure 33 Europe Engineered Wood Revenue (USD Million) By Type (2023-2028)
Figure 34 Europe Engineered Wood Revenue (USD Million) By Applications (2023-2028)
Figure 35 Asia Pacific Engineered Wood Revenue (USD Million) By Country (2023-2028)
Figure 36 Asia Pacific Engineered Wood Revenue (USD Million) By Type (2023-2028)
Figure 37 Asia Pacific Engineered Wood Revenue (USD Million) By Applications (2023-2028)
Figure 38 South America Engineered Wood Revenue (USD Million) By Country (2023-2028)
Figure 39 South America Engineered Wood Revenue (USD Million) By Type (2023-2028)
Figure 40 South America Engineered Wood Revenue (USD Million) By Applications (2023-2028)
Figure 41 Middle East and Africa Engineered Wood Revenue (USD Million) By Region (2023-2028)
Figure 42 Middle East and Africa Engineered Wood Revenue (USD Million) By Region (2023-2028)
Figure 43 Middle East and Africa Engineered Wood Revenue (USD Million) By Type (2023-2028)
Figure 44 Middle East and Africa Engineered Wood Revenue (USD Million) By Applications (2023-2028)
Figure 45 Bottom-Up and Top-Down Approaches For This Report
Figure 46 Data Triangulation
The global Engineered Wood market is valued at around USD 245.88 billion in 2022
We estimate around 6.28% Compounded Annual Growth Rate to be registered in the industry between 2023 and 2030.
Weyerhaeuser Company, Boise Cascade Co., Georgia-Pacific LLC., Louisiana-Pacific Corporation, Roseburg Forest Products, Universal Forest Products Inc., Patrick Industries Inc., Raute Group, Shenzhen Risewell Industry Co. Ltd., Huber Engineered Woods LLC., Norbord Inc.
Laminated Veneer Lumber (LVL), Furniture Industry, and Asia Pacific are the fastest-growing segments in the market.