Allied Market Research published a report, titled, “#Engineered#Wood Market Share by Type (Particle Board, Plywood, Medium Density Fibreboard (MDF), Cross Laminated Timber (CLT), Laminated Veneer Lumber, Oriented Strand Board, and Glue Laminated Timber (Glulam), by Application (Construction, Flooring, Furniture, Transport, Packaging, and others), and End User Industry (Residential and Non-residential): Global Opportunity Analysis And Industry Forecast, 202... moreEngineered Wood: Innovation in Timber
Allied Market Research published a report, titled, “#Engineered#Wood Market Share by Type (Particle Board, Plywood, Medium Density Fibreboard (MDF), Cross Laminated Timber (CLT), Laminated Veneer Lumber, Oriented Strand Board, and Glue Laminated Timber (Glulam), by Application (Construction, Flooring, Furniture, Transport, Packaging, and others), and End User Industry (Residential and Non-residential): Global Opportunity Analysis And Industry Forecast, 2023-2032“. According to the report, the global engineered wood market was valued at $254.2 billion in 2023, and is projected to reach $427.3 billion by 2033, growing at a CAGR of 5.3% from 2024 to 2033.
Prime determinants of growth
Increased use of engineered wood over other building materials, rise in reconstruction, renovation, and remodeling of old buildings, and surge in focus on affordable homes drive the growth of the global engineered wood market. However, lack of skilled labor in countries where wood-based construction is not popular is a major hindrance to market growth. Despite this, growing popularity for sustainability in the construction sector is expected to open growth opportunities for the market players.
The plywood segment to maintain its leadership status throughout the forecast period
Based on type, the plywood segment held the highest market share in 2023, accounting for more than one-fourth of the global engineered wood market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to plywood’s strength, versatility, and wide application across construction and furniture. Its sustainable appeal also boosts demand. On the other hand, the medium density fibreboard (MDF) segment is projected to manifest the highest CAGR of 6.9% from 2024 to 2033. MDF is projected to grow fastest due to its affordability, smooth finish for coatings, and rising use in furniture and cabinetry.
The construction segment to maintain its leadership status throughout the forecast period
Based on application, the construction segment held the highest market share in 2023, accounting for more than half of the engineered wood market and is estimated to maintain its leadership status throughout the forecast period. This is attributed to high demand for engineered wood in flooring, roofing, and structural applications, driven by its durability and cost-effectiveness. However, the furniture segment is projected to manifest the highest CAGR of 6.8% from 2024 to 2033, due to increasing consumer preference for engineered wood in affordable, sustainable furniture and interior decor.
The residential segment to maintain its lead position during the forecast period
Based on end user industry, the residential segment accounted for the largest share in 2023, contributing to nearly three-fifths of the global engineered wood market revenue, and is projected to maintain its lead position during the forecast period. This is attributed to high demand for engineered wood in home construction and renovation, favored for its durability and aesthetic appeal. However, the non-residential segment is expected to portray the largest CAGR of 4.8% from 2024 to 2033. The non-residential segment is set to grow fastest as commercial and institutional projects increasingly adopt engineered wood for sustainable and cost-effective building solutions.
Asia-Pacific to maintain its dominance by 2033
Asia-Pacific held the highest market share in terms of revenue in 2023, accounting for nearly half of the engineered wood market revenue and is likely to dominate the market during the forecast period. Moreover, the same region is expected to witness the fastest CAGR of 6.3% from 2024 to 2033, driven by rapid urbanization, infrastructure development, and the increasing need for affordable housing. Government initiatives promoting sustainable construction and rising construction activities across both residential and non-residential sectors further boost the demand for engineered wood in the region.
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