-- The engineered wood market is mainly driven by increase in substitution of engineered wood for building materials. As engineered wood is cost effective and eco-friendly alternative to other wood and cement products. Moreover, use of engineered wood over emission-intensive materials, such as concrete, steel, or aluminum is expected to minimize greenhouse gas emissions.
According to a recent report published by Allied Market Research, titled, “Engineered Wood Market by Product, Industry, and Application: Opportunity Analysis and Industry Forecast, 2020–2027,” the engineered wood market size accounted for $284,761.1 million in 2019, and is expected to reach $400,450.9 million by 2027, registering a CAGR of 6.2% from 2020 to 2027.
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The engineered wood being cost effective and environment friendly is preferred over other wood and cement products that emit harmful bi-products while manufacturing. In addition, subsidies provided by governments over green building material encourages builders and architects to use engineered wood products. Moreover, companies have keenly looked after products to enhance their aesthetics.
Further, rise in renovation and remodeling of old structures in developed nation of North America and Europe drives the engineered wood market. However, cheap and easily available plastic, rubber, and synthetic materials over engineered wood act as restraint to the engineered wood market. Similarly, plastic laminates also hamper sales of engineered wood.
Covid-19 Impact Analysis
In addition, outbreak of COVID-19 has led to halt in construction and manufacturing activates across the globe. Halt in logistics services has led to halt in the packaging industry, which, in turn, hinders growth of the engineered wood market. However, industries are gradually back on track and vaccine discovery would lead to recovery of the engineered wood market. Further, urbanization of major cities in Asia-Pacific and LAMEA is expected to lead to rise in construction activities as thus led to increase in demand for engineered wood products in the market.
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Geographic Review
It is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Key Players
The major players profiled in the engineered wood market include Boise Cascade Company, Celulosa Arauco y Constitucion SA, Huber Engineered Woods LLC, Louisiana-Pacific Corporation (LP), Norbord Inc., Patrick Industries, Inc., Raute Group, Shenzhen Risewell Industry Co., Ltd, Universal Forest Products, Inc. and Weyerhaeuser Company.
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Organization: Allied Market Research
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Website: https://www.alliedmarketresearch.com
Release ID: 89029590
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