Engineered wood products: Key market research findings
- Demand for environmentally friendly and durable flooring
- Development of new technologies
- Key players include Arauco, Boise Cascade, Lowe’s, Roseburg, and Weyerhaeuser
Technavio’s market research analysts predict the global engineered wood products market to grow at a CAGR of more than 26% between 2016 and 2020. Engineered woods products are more sustainable and durable and are highly preferred for environmental friendly flooring as it is pre-finished and is easier to mount. These woods are manufactured using wood waste and are a sustainable alternative to conventional soft and hardwoods in most applications. EMEA is the largest revenue-generating region in the engineered wood products market and is likely to hold more than 46% of the overall market share during the forecast period. There are high projections for the growth of the market in this region as many sawmills are getting involved in extending their finger-joining capacity, besides high production of glulam in countries such as Germany, Austria, and Finland.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Vendors in the market are introducing latest machines and technologies to produce engineered wood and veneers. They are using different types of resins based on amino-formaldehyde and urea-melamine to manufacture engineered wood. These resins are preferred due to their cost effectiveness, usability and water resistance properties. The manufacturers have come up with the latest computer numerical control technology in the manufacturing processes of these woods. With the growing demand for resilient building structures, there will be continuous technological innovations in the engineered woods market,” says Chandrakumar Badala Jaganathan, Lead Analyst, Chemicals & Materials, Technavio Research
I-beams will dominate the engineered wood products market during the forecast period and is likely to occupy more than 41% of the total market share by 2020. These beams offer excellent straightness, constant depth, and high dimensional stability. The end-users of wood I-beams include non-residential floors, remodelling, non-residential sectors, and new residential roofs. These beams are produced using a combination of timber products and are economical to produce.
There are not many major players in the market due to which the existing players compete to gain market share and greater market outreach. These players dominate the market in terms of high-quality products, innovations, and pricing strategies. The dominant position of the established players will restrict the entry of new players in the market in the coming years.
A more detailed analysis is available in the Technavio report, Global Engineered Wood Products Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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