Engineered Wood Market Overview:
Engineered wood market is projected to grow at a CAGR of 24.8% from 2016 to 2022. The market is, to reach over $40 billion by 2022. The base year considered for the study is 2015 and the forecast years range from 2016 to 2022
Engineered wood, also known as composite wood, consists of various wood products made by joining veneers, particles, fibers, and strands of wood with adhesives to form a man-made composite material. They include a variety of products ranging from plywood to roof trusses.
Europe and North America have introduced green building standards in several states, which has enforced the development of certified wood products that are linked with low emission levels such as engineered wood products.
The engineered wood market is expected to witness significant growth in the coming years with the introduction of cross-laminated timber (CLT) as a mega structuring material and steady growth of engineered wood market size in Asia-Pacific and LAMEA.
The global engineering wood market is influenced by the furniture and housing sectors. The market development depends on the type of products such as glulam, laminated veneer lumber (LVL), and oriented strand board (OSB). Despite the downfall in demand for engineered wood products in large-scale remodeling projects and new houses, the volume consumption of engineered wood is expected to increase owing to rise in consumer acceptance.
The engineered wood market is segmented based on product type, application, and geography. Based on product type, it is categorized into plywood, LVL, glulam, I-beams, OSBs, and CLT. By application, it is bifurcated into residential construction and non-residential construction. Geographically, it is studied across North America (U.S., Canada, and Mexico), Europe (UK, Germany, Austria, Finland, and rest of Europe), Asia-Pacific (Japan, Australia, India, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Key players profiled in this report are Celulosa Arauco Y Constitution S.A., Weyerhaeuser Company, Boise Cascade Company, Roseburg Forest Product Company, Shenzhen Risewell Industry Co., Ltd, Louisiana Pacific Corporation, Lowes Companies, Inc., Georgia Pacific Wood Products, LLC, Universal Forests Products, Inc., 84 Lumber Company, Huber Engineered Wood LLC, and Patrick industries, Inc.
Cost effectiveness and high sustainability are the major factors driving the engineered wood market
There is a need to reinvent construction methods, without harming the present environment; this can be achieved by the use of engineered wood over emission-intensive materials such as concrete, steel, or aluminum to minimize greenhouse gas emissions. Engineered wood, offers the same benefits.
Manufacturing of engineered wood products requires substantially less energy in comparison to that of other building products such as steel and concrete. Also, it results in fewer greenhouse gas and other air-polluting emission, thereby, making engineered wood a natural choice for sustainable designs. For instance, Glulam produces very less amount of CO2; 1,000 m3 of glulam wood traps equivalent of 765 tons of carbon.
CLT: A promising engineered wood material
CLT is an assembled solid engineered wood product made of at least three orthogonally bonded layers of solid-sawn lumber or a structural composite lumber (SCL), laminated by gluing together longitudinal and transverse layers with industrial adhesives to form a solid rectangular-shaped, straight, and plane timber used in roofing, flooring, and other applications.
CLT is rapidly gaining popularity in Europe and North America as a sustainable alternative to concrete and steel construction materials in commercial and multi-residential applications.
It is particularly suitable for rebuilding and elevation of existing buildings. Therefore, the main drivers for the positive development of engineered wood market are the green building movements, changes in building codes, consistent marketing efforts, and the development of distribution channels. The CLT production in Western European countries doubled from 2008 to 2013 to reach 456,000 m3.
Europe: Most Lucrative Engineered Wood Market
Europe is on a continuous rise, in both imports and exports of engineered wood products. It is the market leader with the presence of major market players in the region. The European engineered wood market players mainly produce glulam and plywood. They have achieved their market share based on their ability to provide one stop shop which includes design, manufacture and installation of these engineered wood products.
Europe is gradually importing engineered wood products rather than producing them due to high cost of production and lesser availability of timberlands. The leading importers of glulam to Europe are Malaysia, Indonesia, and Russia, followed by China.
Non-residential segment will take over residential in the coming future
Spending on non-residential construction is expected to increase in the near future owing to growth in CLT, which is utilized in mega-structures such as bridges and multi-story buildings.
Manufacturing of engineered woods production rose to nearly 4% in the U.S. in 2014, and it is further expected to grow with the introduction of CLT. Moreover, plywood imports, especially from Chile, is anticipated to increase through 2019 owing to the rise in domestic demand of North American plywood and the strength of the U.S. dollar. Imports alone accounted for 5% of North American plywood consumption in 2015. Export of OSB increased by 1% in 2014; growth of export is expected to accelerate in 2016‐2017 as the world economic growth increases.
Engineered Wood Market Key Benefits:
- The study provides an in-depth analysis of the engineered wood market, with current trends and future estimations to elucidate the imminent investment pockets.
- It provides a quantitative analysis from 2014 to 2022, which is expected to enable the stakeholders to capitalize on prevailing market opportunities.
- Actual historical figures for 2014 and 2015 and forecasts from 2016 to 2022, considering 2015 as base, are provided.
- Competitive intelligence highlights the business practices followed by leading players across various regions.
ENGINEERED WOOD MARKET KEY SEGMENTS:
- Nonresidential Construction
- Residential Construction
BY PRODUCT TYPE
- Laminated Veneer Lumber (LVL)
- Glulam (Glued Laminated Timber)
- Oriented Strand Boards (OSB)
- Cross-Laminated Timber (CLT)
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
MARKET PLAYERS IN THE VALUE CHAIN
- Celulosa Arauco Y Constitución S.A.
- Weyerhaeuser Company
- Boise Cascade Company
- Roseburg Forest Product Company
- Shenzhen Risewell Industry Co., Ltd
- Louisiana Pacific Corporation
- Huber Engineered Wood LLC
- Lowes Companies, Inc.
- Georgia Pacific Wood Products, LLC
- Universal Forests Products, Inc.
- 84 Lumber Company
- Patrick industries, Inc.
- Norbord Inc.
- Rockshield Engineered Wood products ULC
- Kahrs group
- Nordic Structures Inc.