Global engineered wood market is set to touch a valuation of USD 24.12 Mn by the end of the assessment period 2017 to 2023. The report also suggests that the market is expected to strike a CAGR of 12.82% over the forecast period. Engineered wood offers key advantages such as eco-friendly, const-efficiency, etc. which is anticipated to propel the expansion of the market over the next couple of years.

Carbon emission norms are expected to drive the growth of the market in the forthcoming years. Also, the expansion of the construction sector is poised to reflect on the growth pattern of the engineered wood market positively across the review period. These products facilitate reduction of waste and cutting of disposable costs which are the major factors responsible for catalyzing adoption of engineered wood in the construction industry. An upsurge in demand for these products is forecasted for both residential and non-residential applications. It is likely to augment the engineered wood market in the foreseeable future.

Engineered wood has higher resistance to moisture and temperature variation which makes it eligible for offering customized offerings to the consumers. It is presumed to accelerate revenue creation for the participants of the engineered wood market. On the flip side, the concerns regarding fire resistance and durability are prognosticated to undermine market growth.

Market Segmentation:

By product type, the global engineered wood market has been segmented into plywood, Laminated Veneer Lumber (LVL), glulam, I-beams and Cross Laminated Timber (CLT).

By application, the engineered wood market has been segmented into residential and non-residential.

Regional Analysis:

By region, the global engineered wood market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). Europe accounts for a major share of the market and is poised to maintain its prominence in the upcoming years. The towering demand from the construction sector has been forecasted to expedite the expansion of the engineered wood market over the next couple of years. Increasing economic activities in the construction industry in conjunction with the strict emission norms enforced by the European Union are poised to boost the growth trajectory of the market through the projection period.

Competitive Dashboard:

Some of the noted players operating in the global engineered wood market profiled in this MRFR report are Celulosa Arauco y Constitución (Chile), Lowe's Companies, Inc.(U.S.), Rockshield Engineered Wood products ULC (U.S.), Boise Cascade Company (U.S.), Roseburg Forest Products (U.S.), Georgia Pacific Wood Products, LLC (U.S.), Weyerhaeuser (U.S.), Universal Forests Products, Inc. (U.S.), CST Timber Co (U.S.), Huber Engineered Wood LLC (U.S.), and Kahrs Group (Sweden).

Industry News:

In April 2019, future STEM Teaching and Learning Facility of the Michigan State University has announced USD 100 Mn investment for construction which will be the first in the university to use solid or engineered wood.

In April 2019, US LBM Holdings, LLC, a leading supplier of engineered wood, lumber, fasteners, floor and roof truss systems, has announced the acquisition of BM Windows, a provider of sales, distribution, and installation services for doors and windows.

In March 2019, a Castlegar-based family-owned business, Kalesnikoff Lumber, has announced the investment of USD 35 Mn in an engineered wood manufacturing plant.