Global Engineered Wood Market: Snapshot
The engineered wood market is witnessing great strides on the back of advancing science of composites—wood composite technology. Industry players are focusing on improving the profile of engineered wood and make it at least as good as solid natural wood, if not better. The compelling propositions on which business players in the engineered wood market pivot their hopes on are their lower cost and quality. The applications have been thus been on the path of rapid expansion, especially for house floorings and furniture. Strides made in the building and construction industry have been reinforcing the demands for new construction materials especially for residential applications. The easy care and maintenance of engineered woods make them lucrative for the making of kitchen cabinet, for instance. Advances being made in engineering methods for hardwood are expanding the options for end users in terms of surface finish, durability, and style ranges. The ease of installation is a key aspect bolstering their use in variety of home furnishings.
The market for engineered wood is relatively new and there are relatively few array of products with desired mechanical and chemical properties. However over the past few years, advances made in bio-fiber composite technologies have expanded the type of bio-fiber feedstocks used for making engineered wood of attractive properties. The search for novel engineered biocomposites is opening new doors to promising revenue streams for market players. A key part of such pursuits is advancing the troika of performance, durability, and service life. Numerous new trends have been shaping the contours of the engineered wood market. Oil-borne preservative systems have been gathering steam among manufacturers due to their environmental friendliness. Constant focus on performance enhancement is expanding the potential of the engineered wood market.
Engineered Wood Market: Eco-friendly option for Building & Construction Applications
- Engineered wood is composite wood made by binding various components such as strands, fibers, and particles with suitable adhesives. It can act as a substitute for hard wood and concrete in building and construction applications.
- Engineered wood is being increasingly used instead of steel beams in various building projects. Major end-users of engineered wood include construction developers, architects, and designers.
- Engineered wood can be made by utilizing waste such as saw mill waste, rice straw, sugarcane bagasse, wheat straw, and other wood wastes. It is an eco-friendly option for building and construction applications, as it is made up of recycled wood. The usage of engineered wood in construction applications results in lower waste formation. This helps reduce the disposal cost.
- Engineered wood can be designed as per the demand and custom specifications of end-users. Furthermore, it exhibits higher resistance to temperature variation and moisture.
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Rise in Demand for Sustainable Building Products
- Rise in number of environmental regulations regarding the emission of carbon dioxide is fuelling the demand for engineered wood. In developed regions such as North America and Europe, emissions from buildings and their proportion of total emissions have been steadily increasing over the last few years. Several manufacturers have started developing sustainable products with high energy-efficiency owing to the implementation of environmental regulations in the building & construction sector in North America and Europe.
- Increase in number of technological research and development programs related to sustainable building & construction, especially in developed countries, is anticipated to propel the consumption of engineered wood during the forecast period
- The Energy Performance of Building Directive of the European Union mandates the member states to develop plans for low- or zero-carbon buildings. In the U.K., as per the Energy Performance of Buildings Regulations in 2008, all new buildings are required to have an Energy Performance Certificate or Display Energy Certificate.
- Demand for sustainable building products has been rising in developing countries as well. The UN Environment works with countries in Asia Pacific to pursue sustainable growth that catalyzes the efficient use of the region’s natural assets, reduces environmental degradation, and offers social and economic benefits to the people of the region.
Furniture Applications to Offer Lucrative Opportunities
- Demand for engineered wood in furniture applications has been increasing. This is anticipated to offer lucrative opportunities for the market during the forecast period. Engineered wood (such as plywood and fiberboards) is used in furniture applications.
- Engineered wood is employed in furniture applications, as it can provide high consistency and uniform strength. Furthermore, the furniture becomes highly resistant to warping, cracking, and splitting. Thus, high performance standards make engineered wood a superior option for most furniture and cabinet applications.
- Demand for superior visual style and appeal in furniture has been increasing among consumers. This is likely to provide growth opportunities to the global engineered wood market. Engineered wood is used to make stylish curves, arches, embossing, and trim. This is also considered a key factor boosting the engineered wood market.
Performance Issues Associated with Moisture & Humidity Measurement to Hamper Market
- Performance issues associated with the measurement of moisture and humidity of engineered wood are estimated to hamper the market. Health complications occurring after the installation of engineered wood, owing to the undesirable moisture and relative humidity, is one of the common performance issues of engineered wood.
- Engineered wood has less ability to withstand extreme temperature and pressure conditions. This is also one of the factors restraining the global engineered wood market.
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North America to Hold Significant Share of Global Engineered Wood Market
- In terms of region, the global engineered wood market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America is estimated to account for prominent share of the global engineered wood market in the near future owing to rise in environmental concerns such as pollution in the region. The wood industry in Canada contributes significantly to the engineered wood market in North America.
- Building and construction regulations in the U.S and Canada are driving the usage of building components that are sustainable
Key Players in Engineered Wood Market
The global engineered wood market is moderately concentrated, with the top manufacturers accounting for major share. Prominent players operating in the global engineered wood market seek to enter into partnerships for the development of engineered wood applications.
Key players operating in the engineered wood market include:
- ALAMCO Wood Products, LLC
- Nordic Homeworx LLC
- A&M Flooring
- Huber Engineered Woods LLC
- Plywood Co.Ltd
- D.R. Johnson Wood Innovations
- Eagle Plywood Specialties
- FraserWood Industries Ltd.
- Georgia-Pacific Wood Products LLC
- Hardel Mutual Plywood Corporation
- Natron Wood Products
- Pacific Woodtech Corporation
- Sound Wood Products, Inc.
- Scotch Plywood Company, Inc.
- Patrick Industries, Inc