Engineered Wood Market Innovations in Timber Diving Deep to Reach $400,450.9 million by 2027

Engineered Wood Market Application, New-Innovations in Virtual World & Global Industry Analysis 2027

PORTLAND, OR, UNITED STATES, September 15, 2023/EINPresswire.com/ — Rise in use of engineered wood over other building materials, surge in focus on affordable homes, and growth in reconstruction, renovation, and remodelling of old buildings fuel the growth of the global engineered wood market. On the other hand, threat of substitute material and global trade war restrain the growth of the market. Nevertheless, surge in sales of furniture is expected to usher a plethora of opportunities for the market players in the future.

The engineered wood market size accounted for $284,761.1 million in 2019, and is expected to reach $400,450.9 million by 2027, registering a CAGR of 6.2% from 2020 to 2027. In 2019, the furniture segment dominated the engineered wood market, followed by the construction segment. The engineered wood market includes revenue generated by products used in several industries such as construction, furniture, and packaging. Engineered wood is also called mass timber or man-made wood or manufactured boards.

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The engineered wood being cost effective and environment friendly is preferred over other wood and cement products that emit harmful bi-products while manufacturing. In addition, subsidies provided by governments over green building material encourages builders and architects to use engineered wood products. Moreover, companies have keenly looked after products to enhance their aesthetics. Further, rise in renovation and remodeling of old structures in developed nation of North America and Europe drives the engineered wood market.

Segmentation Based On:
The engineered wood market is segmented into type, application, end user, and region. Based on application, the furniture segment dominated with the largest share in 2019, garnering nearly one-third of the global engineered wood market. On the other hand, the packaging segment is expected to manifest the highest CAGR of 7.1% during the forecast period.

Based in industry, the commercial & industrial segment is expected to showcase the highest CAGR of 6.4% during the forecast period. At the same time, the residential segment accounted for the highest market share in 2019, with nearly two-thirds of the global engineered wood market.

Based on region, the market is studied across various regions including Asia-Pacific, Europe, North America, and LMAEA. The Asia-Pacific region has dominated in 2019, with around two-thirds of the market. On the other hand, the global engineered wood market across LAMEA is expected to portray the highest CAGR of 7.1% from 2020 to 2027.

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Leading Players:
Major market players profiled in the report include Boise Cascade Company, Huber Engineered Woods LLC, Celulosa Arauco Y Constitucion SA, Norbord Inc., Louisiana-Pacific Corporation (LP), Raute Group, Patrick Industries, Inc., Universal Forest Products, Inc., Shenzhen Risewell Industry Co., Ltd, and Weyerhaeuser Company

Key Findings Of The Study
• By type, the others segment was the highest revenue contributor in 2019.
• By application, the furniture segment generated the highest revenue in 2019.
• By end user, the residential segment generated the highest revenue in 2019.

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David Correa
Allied Analytics LLP
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