Future Market Insights
Engineered wood is also known as man-made wood or composite wood, and these are quite popular in recent times due to their cost effective and ecofriendly properties. These woods are formed of composite materials manufactured by binding the strands, fibers and particles all together with the help of suitable adhesives. These engineered woods can be made by utilizing wastes such as sawmill waste, rice straw, sugarcane bagasse, wheat straw and other wood wastes thus making them cost effective and environment friendly. Engineered wood is mainly used as a substitute to hardwood and concrete. In many construction building projects, the products of engineered wood are used as an alternative of steel in beams. One of the advantage offered by engineered wood products is that it can be designed as per the demand and custom specifications of the end user. The main users of engineered wood products are construction developers, architects, designers etc. Promotion of green life and regulations concerning deforestation has led the global engineered wood market to expand with a decent pace.
Engineered Wood Market: Dynamics
Government norms and regulations such as Bharat stage emission standards or European emission standards regarding CO2emissions are driving the market for engineered wood at whole different level. Owing to the factors like cost efficiency, enhanced quality, waste reduction and environment friendly nature, the engineered wood market is expected to witness significant growth in the market. There are certain innovations in the technologies and machining systems have been developed in order to improve the efficiency and quality of the products which are expected to further drive growth of the market.
Although the global engineered wood market has potential opportunities in the future still the manufacturers of engineered wood products face some challenges regarding durability and fire resistant properties of engineered wood products. There are certain adhesives like Urea-formaldehyde used in the manufacturing of engineered wood products which are quite toxic. Also some products such as particle boards may not be suitable for outdoor use as they are more prone to humidity.
The ongoing developments regarding advanced grading and better material selection techniques is expected to result in improved definition of timber quality and efficient performance of the products.
Engineered Wood Market: Segment
Global Engineered wood market can be segmented by product type and by application type
By product type the global engineered wood market can be segmented as
Oriented strand boards
Cross laminated Timber
By application type the global engineered wood market can be segmented as
Residential - for home construction
Non-residential – for commercial construction and industrial use
Engineered Wood Market: Regional Outlook
The ecofriendly features of the engineered wood products will force the global market to grow at a rapid pace during the forecast period. Increase in the construction of large buildings structures leads to the increased demand of cross laminated timber. North America have a significant usage of plywood and oriented strand boards resulting in the growth of engineered wood market. Similarly European countries have high usage of glued laminated timber and I-beams. Growing industrialization and urbanization in developing regions such as Latin America and Japan has witnessed a significant growth in the engineered wood market and is expected to continue during the forecast period. In the Regions of Asia Pacific, countries like India and China having high population, dominates in the residential segment of the market. Middle East and Africa has high production rate in raw materials hence the market is expected to move at a higher pace and is anticipated to have a significant growth at the global level.
Engineered Wood Market: Key Participants
Examples of some of the market participants identified across the value chain of the global Engineered Wood Market include:
Celulosa Arauco Y Constitución S.A.
Louisiana Pacific Corporation
Boise Cascade Company
Roseburg Forest Product Company
Huber Engineered Wood LLC
Cefla Finishing Group
Georgia Pacific Wood Products, LLC,
Patrick industries, Inc.
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