Demand for Engineered Wood Continues to Rise

Friday, 11 August 2017

Non-residential construction will lead the market...

Growing at a compound annual growth rate of 24.8% from 2016-2022 the global engineered wood market is estimated to reach $52.3bn in those years.

The market is expected to move at a quicker pace in Europe and North America, due to high disposable income and widespread awareness; however, developing regions such as Asia-Pacific, Latin America and Africa will also exploit their vast forests for timber and raw materials for these engineered wood products as well.

Between 2015 & 2016, countries in Asia Pacific led the engineered wood market, as they’re the main exporters of raw materials to North America and European countries. India is one of the emerging markets in Asia-Pacific engineered wood industry, currently accounting for 10% of the wood market share in that area. It is estimated to have the highest CAGR of around 25% from 2016-2022.

Non-residential construction will lead the market, due to increasing construction of multi-storey building and bridges globally.