Allied Market Research predicts sharp growth in engineered wood market
The engineered wood market is estimated to reach $41,273 million by 2022, growing at an annual rate of 24.8% from 2016 to 2022, according to new research published by Allied Market Research. Engineered wood demand, as an alternative to concrete and other products, is expected to remain high during the forecast period. Engineered wood products are widely used by architects, builders, code officials, and building designers, says Allied Market research.
The market is expected to move at a higher pace in Europe and North America, owing to high disposable income and widespread awareness of the benefits of engineered wood. Allied Market Research says the engineered wood industry in Europe will be driven by the rise in demand for engineered timber, substantial use of resources, and increased import of raw wood from Asia-Pacific and Latin America. North America and Europe account for nearly 70% of global engineered wood production, according to the report.
Significant growth expected in Brazil, Chile and India
Other developing and emerging regions, such as Asia-Pacific, Latin America, and Africa, exploit their vast forestlands for timber and raw materials for various engineered wood products. In 2015 and 2016, countries in Asia-Pacific such as Japan, Indonesia, and India led the engineered wood market, as they are the main exporters of raw materials to North American and European countries, says Allied Market Research. India is mentioned as one of the emerging markets in Asia-Pacific engineered wood industry, currently accounting for 10% of the Asia-Pacific engineered wood market share. It is estimated to register the highest annual growth of around 25% from 2016 – 2022.
In Latin America, Brazil and Chile are predicted to show significant growth in the engineered wood market, owing to the high production of raw materials. These regions are expected to grow with double-digit growth rates and witness entry of a number of market players.
According to Allied Market Research, non-residential construction is expected to lead the market throughout the analysis period.
However, engineered wood products have also increasingly been discussed as the building material of the future for residential buildings in recent years.
The full report can be purchased here.