Big Market Research has recently added an extensive report on the “Engineered Wood Market” It takes into account the market structure, size, and share to project performance of regions based on production volumes
Engineered wood products are high-performance substitutes of wood products that offer better structural performance and dimensional stability. They are manufactured by combining wood strands, veneers, lumber, or other forms of wood fiber to produce a large mass of composite wood. These engineered products provide greater strength & durability over wood, steel, concrete, and plastics. During the analysis period, Europe is expected to account for the largest engineered wood market share, followed by North America. However, as per the engineered wood market forecast, Asia-Pacific is estimated to register the highest growth rate.
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Engineered wood comprises various composite and man-made wood products, varying from strand boards to plywood. They are applicable in structure panels for building purposes, load bearings, floorings, and decorative purpose. The rise in demand for engineered wood is attributed to its sustainable nature, strength, and aesthetic value.
The engineered wood market is driven by rise in living standards owing to the increase in disposable income of people, increase in technical knowledge of machinery required in engineered wood product and high cost-effectiveness of engineered wood over hardwood. Availability of substitutes such as steel, vinyl, carpets, laminates, and foils act as major constraints for the market growth. In addition, increase in cost of American timber and the regionally grown timber, specifically in China, is a major threat to wood producers globally.
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Increased awareness among the population regarding engineered wood and its advantages, such as improved strength, durability, and less spoilage, make it an effective alternative to non-sustainable resources in the future. In addition, increase in new residential sales in developed economies, such as the U.S., provide lucrative opportunities for market growth.
The market is segmented on the basis of application, product type, and geography. Based on application, it is bifurcated into residential construction and non-residential construction. By product type, it is divided into I-beams, plywood, laminated veneer lumber (LVL), glued laminated timber (glulam), oriented strand boards (OSB), and cross-laminated timber (CLT). Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA, with a country level analysis of key countries in these regions.
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