Global Engineered Wood Market: Snapshot
The engineered wood market is witnessing great strides on the back of advancing science of composites—wood composite technology. Industry players are focusing on improving the profile of engineered wood and make it at least as good as solid natural wood, if not better. The compelling propositions on which business players in the engineered wood market pivot their hopes on are their lower cost and quality. The applications have been thus been on the path of rapid expansion, especially for house floorings and furniture. Strides made in the building and construction industry have been reinforcing the demands for new construction materials especially for residential applications. The easy care and maintenance of engineered woods make them lucrative for the making of kitchen cabinet, for instance. Advances being made in engineering methods for hardwood are expanding the options for end users in terms of surface finish, durability, and style ranges. The ease of installation is a key aspect bolstering their use in variety of home furnishings.
The market for engineered wood is relatively new and there are relatively few array of products with desired mechanical and chemical properties. However over the past few years, advances made in bio-fiber composite technologies have expanded the type of bio-fiber feedstocks used for making engineered wood of attractive properties. The search for novel engineered biocomposites is opening new doors to promising revenue streams for market players. A key part of such pursuits is advancing the troika of performance, durability, and service life. Numerous new trends have been shaping the contours of the engineered wood market. Oil-borne preservative systems have been gathering steam among manufacturers due to their environmental friendliness. Constant focus on performance enhancement is expanding the potential of the engineered wood market.
Engineered Wood Market: Eco-friendly option for Building & Construction Applications
- Engineered wood is composite wood made by binding various components such as strands, fibers, and particles with suitable adhesives. It can act as a substitute for hard wood and concrete in building and construction applications.
- Engineered wood is being increasingly used instead of steel beams in various building projects. Major end-users of engineered wood include construction developers, architects, and designers.
- Engineered wood can be made by utilizing waste such as saw mill waste, rice straw, sugarcane bagasse, wheat straw, and other wood wastes. It is an eco-friendly option for building and construction applications, as it is made up of recycled wood. The usage of engineered wood in construction applications results in lower waste formation. This helps reduce the disposal cost.
- Engineered wood can be designed as per the demand and custom specifications of end-users. Furthermore, it exhibits higher resistance to temperature variation and moisture.
To obtain all-inclusive information on forecast analysis of global Engineered Wood Market, request a Report Brochure here.
Rise in Demand for Sustainable Building Products
- Rise in number of environmental regulations regarding the emission of carbon dioxide is fuelling the demand for engineered wood. In developed regions such as North America and Europe, emissions from buildings and their proportion of total emissions have been steadily increasing over the last few years. Several manufacturers have started developing sustainable products with high energy-efficiency owing to the implementation of environmental regulations in the building & construction sector in North America and Europe.
- Increase in number of technological research and development programs related to sustainable building & construction, especially in developed countries, is anticipated to propel the consumption of engineered wood during the forecast period
- The Energy Performance of Building Directive of the European Union mandates the member states to develop plans for low- or zero-carbon buildings. In the U.K., as per the Energy Performance of Buildings Regulations in 2008, all new buildings are required to have an Energy Performance Certificate or Display Energy Certificate.
- Demand for sustainable building products has been rising in developing countries as well. The UN Environment works with countries in Asia Pacific to pursue sustainable growth that catalyzes the efficient use of the region’s natural assets, reduces environmental degradation, and offers social and economic benefits to the people of the region.
Furniture Applications to Offer Lucrative Opportunities
- Demand for engineered wood in furniture applications has been increasing. This is anticipated to offer lucrative opportunities for the market during the forecast period. Engineered wood (such as plywood and fiberboards) is used in furniture applications.
- Engineered wood is employed in furniture applications, as it can provide high consistency and uniform strength. Furthermore, the furniture becomes highly resistant to warping, cracking, and splitting. Thus, high performance standards make engineered wood a superior option for most furniture and cabinet applications.
- Demand for superior visual style and appeal in furniture has been increasing among consumers. This is likely to provide growth opportunities to the global engineered wood market. Engineered wood is used to make stylish curves, arches, embossing, and trim. This is also considered a key factor boosting the engineered wood market.
Performance Issues Associated with Moisture & Humidity Measurement to Hamper Market
- Performance issues associated with the measurement of moisture and humidity of engineered wood are estimated to hamper the market. Health complications occurring after the installation of engineered wood, owing to the undesirable moisture and relative humidity, is one of the common performance issues of engineered wood.
- Engineered wood has less ability to withstand extreme temperature and pressure conditions. This is also one of the factors restraining the global engineered wood market.
Stuck in a neck-to-neck competition with other brands? Request a custom report on competition on Engineered Wood Market here
North America to Hold Significant Share of Global Engineered Wood Market
- In terms of region, the global engineered wood market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America is estimated to account for prominent share of the global engineered wood market in the near future owing to rise in environmental concerns such as pollution in the region. The wood industry in Canada contributes significantly to the engineered wood market in North America.
- Building and construction regulations in the U.S and Canada are driving the usage of building components that are sustainable
Key Players in Engineered Wood Market
The global engineered wood market is moderately concentrated, with the top manufacturers accounting for major share. Prominent players operating in the global engineered wood market seek to enter into partnerships for the development of engineered wood applications.
Key players operating in the engineered wood market include:
- ALAMCO Wood Products, LLC
- Nordic Homeworx LLC
- A&M Flooring
- Huber Engineered Woods LLC
- Plywood Co.Ltd
- D.R. Johnson Wood Innovations
- Eagle Plywood Specialties
- FraserWood Industries Ltd.
- Georgia-Pacific Wood Products LLC
- Hardel Mutual Plywood Corporation
- Natron Wood Products
- Pacific Woodtech Corporation
- Sound Wood Products, Inc.
- Scotch Plywood Company, Inc.
- Patrick Industries, Inc
Global Engineered Wood Market: Research Scope
Global Engineered Wood Market, by Product Type
- Laminated Veneer Lumber (LVL)
- Oriented Strand Board (OSB)
- Cross Laminated Timber (CLT)
- Others (including Structural Composite Lumber)
Global Engineered Wood Market, by Application
- Institutional & Industrial
Global Engineered Wood Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.
TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.
Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:
Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.
Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.
Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.