Posted on 10 Jan 2019
Engineered wood products refer to modern construction materials which offer superior strength and convenience to builders. A new research report titled, “Engineered Wood Products Market - Global Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast, 2019 to 2024”, by Syndicated Analytics estimates that the market was worth around US$ 92 Billion in 2018, registering a CAGR of more than 7% during the year 2011-2018. The report further anticipates the market to reach US$ 130 Billion by 2024, at a projected CAGR of nearly 6% over the forecast period.
The market has experienced several technological innovations over the past several years. Efforts have been made in order to improve the structural strength of the engineered wood products. Furthermore, manufacturers have been focusing on unique marketing strategies so as to increase the awareness among the consumers regarding the advantages offered by these products.
Engineered wood products are rapidly gaining popularity worldwide for various construction applications. They represent a sustainable and economical alternative to the conventional building materials such as hardwood, concrete, steel and masonry. Engineered wood products also offer structural and dimensional stability as compared to hardwood. These factors have prompted the utilization of engineered wood products in the construction industry. Moreover, favorable amendments in the building codes and regulations have enabled the use of these products in the construction of high-rise buildings.
However, engineered wood products are regarded as inferior to the conventional building materials in terms of strength due to unfamiliarity about their structural properties. This can pose a threat to the growth of the engineered wood products market.
There are a number of engineered wood products available in the market with varying properties. Plywood represents the largest product type, accounting for more than a third of the total market share. This can be accredited to the low cost of plywood and a rise in the demand from various end-use sectors. Plywood is followed by MDF, particle boards, I-joist, glulam and LVL.
On a geographical front, Asia Pacific enjoys the leading position in the market on account of the high demand for engineered wood products in the region. Increasing population along with rising urbanization has also contributed to the market growth. The region accounts for around a half of the total global sales of engineered wood products. Asia Pacific is followed by Europe, North America, Latin America, and Middle East and Africa.
The market is fragmented in nature with the presence of both small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are:
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