Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 277 Billion | USD 489 Billion | 6.51% | 2021 |
FrequentlyAsked Questions
The global engineered wood market is anticipated to grow owing to the economical value offered by composite woods as compared to hardwood. In most cases, engineered wood offers the same kind of physical and mechanical benefits as their counterparts at a relatively lower cost thus making them a preferred choice amongst a large section of consumers, especially in home care settings.
According to study, the global engineered wood market size was worth around USD 277 billion in 2021 and is predicted to grow to around USD 489 billion by 2028 with a compound annual growth rate (CAGR) of roughly 6.51% between 2022 and 2028.
The global engineered wood market is anticipated to be dominated by Asia-Pacific growing at a CAGR of 6.49% by 2028. The regional growth can be attributed to the presence of half of the world’s population in China and India resulting in more demand for housing societies and living centers.
The global engineered wood market is home to players like Boise Cascade Company, Celulosa Arauco y Constitución, Universal Forests Products, Inc., Lowe's Companies, Inc., CST Timber Co, Georgia Pacific Wood Products, LLC, Rockshield Engineered Wood products ULC, Roseburg Forest Products, and Huber Engineered Wood LLC amongst others.
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