Engineered wood also known as man-made wood or composite wood, has become popular in recent times due to its cost effective and ecofriendly properties, it is expected to see steady growth to 2017. Source: Find Market Research
These woods are formed of composite materials manufactured by binding the strands, fibers and particles all together with the help of suitable adhesives.
These engineered woods can be made by utilizing wastes such as sawmill waste, rice straw, sugarcane bagasse, wheat straw and other wood wastes thus making them cost effective and environmentally friendly.
Engineered wood is mainly used as a substitute to hardwood and concrete. In many construction building projects, engineered wood is used as an alternative of steel in beams.
One of the advantages offered by engineered wood products is that they can be designed as per the demand and custom specifications of the end user.
The main users of engineered wood products are construction developers, architects, designers etc.
Government norms and regulations such as Bharat stage emission standards or European emission standards regarding CO2emissions are driving the market for engineered wood at whole different level.
Owing to the factors like cost efficiency, enhanced quality, waste reduction and environment friendly nature, the engineered wood market is expected to witness significant growth in the market.
There are certain innovations in the technologies and machining systems have been developed in order to improve the efficiency and quality of the products which are expected to further drive growth of the market.
Although the global engineered wood market has potential opportunities in the future the manufacturers of engineered wood products face some challenges promoting the durability and fire resistant properties of engineered wood products.
There are certain adhesives like Urea-formaldehyde used in the manufacturing of engineered wood products which are quite toxic. Also, some products such as particle boards may not be suitable for outdoor use as they are more prone to humidity.
The ongoing developments regarding advanced grading and better material selection techniques is expected to result in improved definition of timber quality and efficient performance of the products.
The ecofriendly features of the engineered wood products will force the global market to grow at a rapid pace during the forecast period.
Increase in the construction of large building structures leads to the increased demand of cross laminated timber.
North America has a significant use of plywood and oriented strand boards resulting in the growth of the engineered wood market. Similarly, European countries have high use of glued laminated timber and I-beams.
Growing industrialization and urbanization in developing regions such as Latin America and Japan has witnessed a significant growth in the engineered wood market and is expected to continue during the forecast period.
In the Regions of Asia Pacific, countries like India and China with high populations, dominate in the residential segment of the market.
Middle East and Africa has high production rates in raw materials hence the market is expected to move at a higher pace and it is anticipated to show significant growth at a global level.
