Engineered wood, also known as composite wood, has gained popularity in construction. It is used as a substitute for hardwood and concrete and steel beams. Engineered wood products are a respectable choice when it comes to construction as an industry. These are made of recycled wood, and therefore serves as an environment friendly choice. These generally go a long way, and are highly durable. Along with this, such wood also helps in waste reduction by declining disposal costs and reduced product damage. It is because of the modern enhancement on a construction characteristic that engineered wood is often referred to as one of the best materials for applications in residential and non-residential infrastructure. The global market for engineered wood, is anticipated to grow steadily in the forecast period.
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There has been lot of promotion and development from the governments of various countries for their construction sector. The emerging nations mostly bringing various reform and regulations to enhance their infrastructure growth and real-estate market. Such growth is predicted to amplify the market growth of engineered wood. For illustration, the government of India declared major policy initiative. To name a few these are the passage of the Real Estate (Regulation and Development) Act 2016, the modification to the Benami Transactions Act, change in arbitration norms for construction companies, 100% inference in profits for reasonable housing construction, and many others to lift the construction industry. This along with progress of smart cities is estimated to spike the demand for engineered wood in the developing economies.
The global engineered wood market is expected to see decent growth over the forecast period. The demand is driven to an extent by the industry looking for various alternatives to concrete and also hardwood in order to conserve energy, and cut down labor cost. Furthermore, ease of maintenance, and the upsurge in construction projects in Asia Pacific, is expected to boost the growth of the market.
Global Engineered Wood Market - Competitive Analysis
The market is observing stiff competition which is expected to get more intensified during the forecast period. The players have adopted various strategies to increase their market positioning, and brand value.
Composite Wood Company participated in the Great FIT 2017. The Composite Wood stand at K1 in Hall 7 expected to give visitors a chance to observe the home improvement. At the FIT Show, the company was expected to launch some new products.
Georgia-Pacific Wood Products LLC announced that it entered an agreement for a patent license with Huber Engineered Woods LLC. This is to settle litigation related to the company’s ForceField System products. HEW, owns a portfolio of patents and associated pending applications for a structural system integrating water resistant and air barrier technologies that is used to streamline the weatherization process.
In 2016, Huber Engineered Woods LLC announced the reopening of its Spring City, Tennessee, oriented strand board (OSB) facility. The facility is expected tom reopen in 2018. The company takes the step in anticipation that the operational investment will increase their production capacity and further help them to enhance their product availability and efficient customer service.
In 2017, The UFP-Edge Rustic Collection launched new product line. This features new lumber that is distressed, primed and painted and is available in both 1×6 shiplap interior siding up to 12 ft. long and 1×4 trim boards up to 8 ft. long. It comes with various color options. Unfinished variants are also available to be customized later. The company feels their brand with such product launches continues to add value to both contractors and the DIY market.
Global Engineered Wood Market - Segments
Global Engineered Wood market is segmented in to 3 Key dynamics for an easy grasp and enhanced understanding.
Segmentation By Product Type : Comprises – Plywood, Laminated Veneer Lumber (LVL), Glulam, I-beams and Cross Laminated Timber (CLT)
Segmentation By Application : Comprises – Residential and Non-residential
Segmentation By Regions : Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
Global Engineered Wood Market - Regional Analysis
Asia pacific is projected to account for the largest share, in terms of value, of the engineered wood market. The region is expected to embrace highest growth rate due to rising demand from countries such as China and India. China is expected to be the largest market for engineered wood in the Asia-Pacific region, and similar trend is forecasted to remain by 2022. Moreover, growing demand from the residential & non-residential construction industries drives the engineered wood market in these countries.
Celulosa Arauco y Constitución (Chile), Boise Cascade Company (U.S.), Lowe’s Companies, Inc.(U.S.), Roseburg Forest Products (U.S.), Weyerhaeuser (U.S.), Georgia Pacific Wood Products, LLC (U.S.), Universal Forests Products, Inc. (U.S.), Huber Engineered Wood LLC (U.S.), CST Timber Co (U.S.), Rockshield Engineered Wood products ULC (U.S.) and Kahrs Group (Sweden) are some of the prominent players at the forefront of competition in the global engineered wood market and are profiled in MRFR Analysis.
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