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The engineered wood, sometimes known as man-made wood or composite wood, is used as a substitute to hardwood and concrete in the construction sector. Latest report on the global engineered wood market, published by Market Research Future (MRFR), asserts that this market could witness progress at 12.82% CAGR between 2017 and 2023. By value, the market can be worth the USD 24.12 Mn by the end of the forecast period.
The primary factor advancing the global engineered wood market growth is a set of advantages that are offered by engineered wood. Such advantages include ease of customization, cost efficiency, better quality, waste reduction, longevity, easy maintenance, and uniqueness of colorful design. Other factors backing the market include growing demand for engineered wood, reduced disposal costs, less product damage, eco-friendly nature, less labor cost, and lastly, government regulations to encourage the use of engineered wood. Market Segmentation The global engineered wood market segmentation covers the application and product type. MRFR’s report peeks into the market to understand various facets of the market. The application-based segmentation of this market covers residential and non-residential. Based product type, the market has been segmented into Cross Laminated Timber (CLT), Glulam, Laminated Veneer Lumber (LVL), I-beams, and Plywood. Regional Segmentation A geographical outlining of the global engineered wood market encompasses Asia Pacific, Europe, North America, and Rest of the World (RoW). Asia Pacific region holds the dominating share in the global market due to rising demand from countries like China and India. Market growth in these two countries has made the Asia Pacific region, the fastest-growing regional market. Growing demand from the residential & non-residential construction industries is also driving the market growth. Technological advancement makes Japan a prominent country-specific market of this region. Holding a major market share, Europe occupies a dominating position in the global market due to the growing use of engineered wood products in construction and increased cost competitiveness. New construction business models are promoting institutional changes that include revising wood-framed multi-storey building standards. Vital country-specific markets in this region include France, Germany, Spain, and the UK. In North America, the market is strong due to technological advancement, the existence of strong infrastructure, and the presence of major market players in the USA. After USA, Canada is the most important country-specific market. Key Players Major players in the global engineered wood market include Boise Cascade Company (USA), Celulosa Arauco y Constitución (Chile), CST Timber Co (USA), Georgia Pacific Wood Products LLC (USA), Huber Engineered Wood LLC (USA), Kahrs Group (Sweden), Lowe’s Companies Inc.(USA), Rockshield Engineered Wood products ULC (USA), Roseburg Forest Products (USA), Universal Forests Products Inc. (USA), and Weyerhaeuser (USA). Latest Industry News
https://www.marketresearchfuture.com/reports/engineered-wood-market-4791
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