Engineered wood, also called man-made or composite wood, has become popular in construction as it is used as a substitute to hardwood and concrete. It is also used as an alternative to steel beams in many building projects. Thus, the global market for engineered wood, is expected to grow steadily in the forecast period.
Engineered wood products are a good choice for use in construction as it they are made of recycled wood, thus serving as an environment friendly option. They are manufactured for years of trouble free and for dependable use. It helps to reduce waste by decreasing disposal costs and product damage. It is referred to as one of the best materials of choice for last few decades for residential and non-residential infrastructure due to its modern enhancement on a construction characteristic. Engineered wood flooring is a highly popular and sought-after wood flooring solution, these days. The demand for new value-added engineered wood products is increasing due to the scarcity of wood products. Builders focusing on engineered wood products in building systems that are capable of meeting certain load specifications, also increases the demand. Moreover, Government norms and regulations, such as Bharat stage emission standards or European emission standards regarding CO2 emissions, are driving the market for engineered wood.
The global engineered wood market is a very dynamic market, and is expected to witness high growth over the forecast period. Demand for engineered wood is driven by the industry searching for alternatives to concrete and hardwood to conserve energy, cut labor cost, and reduce waste. Factors such as ease of maintenance, increasing popularity and the rise in end use in construction and architects, will boost the growth of the market. The market is expected to reach at CAGR of ~12.82 percent between 2017 and 2023.
One of the advantages offered by engineered wood products is that it can be designed as per the demand and custom specifications of the end user. Due to the structural pattern, they have a higher resistance to temperature variation and moisture. This kind of wood is cost efficient, and better in quality, while they contribute in waste reduction. Moreover, they can last longer than laminate floor. Easy maintenance, and uniqueness of colorful design, are among other features, pushing the growth of the market.
Although, global engineered wood market has potential in the future, the market players of engineered wood products might face some challenges with the durability and fire resistance of engineered wood products.
Market Research Future analysis shows that the global market of engineered wood is estimated to grow at USD 24.12 Million by the end of year 2023. In terms of geography, Europe accounted for a major market share, and will continue to dominate the market in the forecast period. Europe have increased rapidly in the past decade in spite of the economic downturn. The growing usage of engineered wood products in construction in the future seems to be due to their improved cost competitiveness. This is expected to improve further for new construction business models and to promote institutional changes, such as revising wood-framed multi-storey building standards. On the other hand, some factors, such as the lack of education and skills, may also hinder the development of the market.