Engineered Wood Market to Garner $400.45 Bn, Globally, by 2027 at 6.2% CAGR, Says Allied Market Research

- Surge in use of engineered wood over other building materials and rise in reconstruction, renovation, and remodeling of old buildings drive the growth of the global engineered wood market

PORTLAND, Ore., Jan. 13, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Engineered Wood Market by Type (I-Beams, Plywood, Laminated Veneer Lumber (LVL), Glulam (Glued Laminated Timber), and Oriented Strand Boards (OSB), Cross-Laminated Timber (CLT), and Others), Application (Construction, Furniture, Flooring, Packaging, and Others) and End User (Residential and Commercial & Industrial): Global Opportunity Analysis and Industry Forecast, 2020–2027". As per the report, the global engineered wood industry was pegged at $284.76 billion in 2019, and is projected to reach $400.45 billion by 2027, growing at a CAGR of 6.2% from 2020 to 2027.

Drivers, restraints, and opportunities

Surge in use of engineered wood over other building materials, growing focus on affordable homes, and rise in reconstruction, renovation, and remodeling of old buildings drive the growth of the global engineered wood market. However, threat of substitute material and global trade war hamper the growth of the market. On the contrary, increase in sales of furniture is estimated to create lucrative opportunities for the market players in the future.

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Covid-19 scenario:

• During the Covid-19 pandemic, industries such as construction, manufacturing, tourism, and hotel were completely shut down. So, the demand for engineered wood decreased.
• As the manufacturing and transportation activities were suspended, the supply chain of engineered wood is disrupted.
• However, some industries are coming back on track gradually, which is expected to help in reviving losses that occurred during the pandemic.

The furniture segment dominated the market

By application, the furniture segment held the largest share in 2019, accounting for nearly one-third of the global engineered wood market, owing to use of engineered wood in manufacturing tables, chairs, cabinets, and wardrobes. However, the packaging segment is estimated to register the highest CAGR of 7.1% during the forecast period, due to increase in awareness of using engineered wood for packaging.