Global Engineered Wood Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Engineered Wood Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by Trusted Business Insights. The global engineered wood market report has been segmented on the basis of product type, application, and region.

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Engineered Wood Market: Overview

Engineered wood is also known as composite wood or man-made wood, used as a substitute to hardwood and concrete. It is manufactured from wastes such as rice straw, wheat straw, sugarcane bagasse, sawmill, and saw dust, and scraps of lumber. It is available in a wide range of styles, ranging from traditional to specialty designs with features like multi-tonal colors and handcrafted, and serve as an environment friendly alternative to conventional wood. Certain looks, such as extra-wide planks and advancements in the quality, have increased demand for engineered wood across furniture and construction industry.

Engineered Wood Market: Dynamics

Increasing acceptance of engineered wood as an alternative to concrete and hardwood products to conserve energy owing to its unique properties such as lightweight nature and long durability, and are some of the major factors expected to propel growth of the global market over the forecast period.

Advancement in technologies to reduced carbon emissions rate, increasing investments, along with government initiatives and policies to promote energy efficiency and sustainable development in developed as well as developing economies are expected to support demand for growth of the target market.

Government norms and regulations such as Bharat stage emission standards or European emission standards regarding CO2 emissions bolster demand for emission less environment, which in turn is expected to drive growth of the global engineered wood market.

Engineered Wood Market: Segment Analysis

Global market is segmented on the basis of product type, application, and geography. By product type, the global market is segmented into I-beams, plywood, laminated veneer lumber (LVL), glulam (Glued Laminated Timber), oriented strand boards (OSB), cross-laminated timber (CLT). Plywood and oriented strand boards (OSB) segment is expected to hold significant share in the market over the forecast period.

By application, the global market is segmented into residential and non-residential. Non-residential segment is expected to grow at a significant rate in the global engineered wood market.

Engineered Wood Market: Regional Analysis

The Europe engineered wood market is projected to grow at a significant rate over the forecast period owing to rise in demand for engineered timber and substantial use of resources in countries in the region.  Moreover, introduction of green building standards in different countries has led to increased development activities of certified wood engineered products that are related with low carbon emissions.

The Asia Pacific engineered wood market is expected to grow at a significant rate over the forecast period with the introduction of cross-laminated timber (CLT) as a mega structuring material. Moreover, increasing FDI inflows in construction, rapid industrialization, increasing disposable income, and rising spending power of the people has enforced to increase construction projects in the region. In addition, preference for quality products at low prices as compared to harmful materials such as concrete, steel, or aluminum is expected to boost the target market.

Market in North America is expected to grow at a significant rate over the forecast period.  Increasing usage of oriented strand boards and plywood contributing to growth of the engineered wood market.

Global Engineered Wood Market Segmentation:

Segmentation by Product Type:

I-Beams
Plywood
Laminated Veneer Lumber (LVL)
Glulam (Glued Laminated Timber)
Oriented Strand Boards (OSB)
Cross-Laminated Timber (CLT)

Segmentation by Application:

Residential
Non-residential