PORTLAND, Ore., Jan. 13, 2021
- Surge in use of engineered wood over other building materials and rise in reconstruction, renovation, and remodeling of old buildings drive the growth of the global engineered wood market
PORTLAND, Ore., Jan. 13, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Engineered Wood Market by Type (I-Beams, Plywood, Laminated Veneer Lumber (LVL), Glulam (Glued Laminated Timber), and Oriented Strand Boards (OSB), Cross-Laminated Timber (CLT), and Others), Application (Construction, Furniture, Flooring, Packaging, and Others) and End User (Residential and Commercial & Industrial): Global Opportunity Analysis and Industry Forecast, 2020–2027". As per the report, the global engineered wood industry was pegged at $284.76 billion in 2019, and is projected to reach $400.45 billion by 2027, growing at a CAGR of 6.2% from 2020 to 2027.
Drivers, restraints, and opportunities
Surge in use of engineered wood over other building materials, growing focus on affordable homes, and rise in reconstruction, renovation, and remodeling of old buildings drive the growth of the global engineered wood market. However, threat of substitute material and global trade war hamper the growth of the market. On the contrary, increase in sales of furniture is estimated to create lucrative opportunities for the market players in the future.
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The furniture segment dominated the market
By application, the furniture segment held the largest share in 2019, accounting for nearly one-third of the global engineered wood market, owing to use of engineered wood in manufacturing tables, chairs, cabinets, and wardrobes. However, the packaging segment is estimated to register the highest CAGR of 7.1% during the forecast period, due to increase in awareness of using engineered wood for packaging.
The commercial & industrial segment to manifest the highest CAGR through 2027
By industry, the commercial & industrial segment is projected to manifest the highest CAGR of 6.4% during the forecast period, rise in use of engineered wood for packaging and furniture in commercial infrastructures. However, the residential segment held the lion's share in 2019, contributing to nearly two-thirds of the global engineered wood market, as it is used in construction of beams, roofs, flooring, and home furniture on a large scale.
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Asia-Pacific, followed by North America, held the lion's share
By region, the market across Asia-Pacific, followed by North America, dominated in 2019, accounting for around two-thirds of the market, owing to a large number of construction activities to accommodate the huge number of populations in the region. However, the global engineered wood market across LAMEA is estimated to portray the highest CAGR of 7.1% from 2020 to 2027, due to awareness developed in the region about engineered wood over other building materials.
Major market players
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