Asia-Pacific Engineered Wood Market Outlook, 2029
The Asia-Pacific Engineering Wood Market is segmented into By Type (Plywood, Medium Density Fiberboard, Oriented Strand Boards (OSB), Particle Board, Others), By Application (Construction, Furniture, Flooring, Packaging, Others), By End User (Residential, Commercial & Industrial).
- Bonafide Research
- 31-01-2024
- Pages : 91
- Figures : 14
- Tables : 26
- Region : Asia-Pacific
- Category : Manufacturing & Industry
- Construction & Building Materials
The Asia Pacific Engineered Wood market is anticipated to grow with more than 7% CAGR from 2024–2029 rise in Urbanization, infrastructure development
- Historical Period2018-2022
- Base Year2023
- Forecast Period2024-2029
- CAGR (2024-2029) 7%
- Largest Market China
- Fastest Market China
- Format
Featured Companies
- 1. Mohawk Industries Inc.
- 2. Kajaria Ceramics Limited
- 3. UFP Industries, Inc
- 4. Kaneka Corporation
- 5. UPM-Kymmene Oyj
- 6. Century Plyboards Ltd.
- More...
Engineering Wood Market Market Analysis
The Asia-Pacific region is a major contributor to the global engineered wood market, with robust growth attributed to the region's expanding construction and infrastructure development activities. The Asia-Pacific region is a major contributor to the global engineered wood market, with robust growth attributed to the region's expanding construction and infrastructure development activities. The rapid pace of urbanisation in Asia-Pacific countries fuels the demand for engineered wood in construction. Engineered wood's efficiency and versatility meet the challenges posed by urban development projects. The booming residential construction sector in countries like India and China contributes significantly to the demand for engineered wood. The material's cost-effectiveness and structural advantages make it a preferred choice. Engineered wood, encompassing a diverse array of products such as plywood, oriented strand board (OSB), laminated veneer lumber (LVL), and particleboard, has become the cornerstone of construction projects and furniture manufacturing throughout Asia and the Pacific. Several countries in the Asia-Pacific region have implemented policies and initiatives to promote sustainable forestry practices. Governments encourage responsible harvesting of timber, reforestation programmes, and adherence to international forestry standards. Environmental policies and regulations emphasise the importance of using materials that have a lower environmental impact. Engineered wood, being a sustainable and renewable resource, aligns with these policies, and governments may provide incentives or tax breaks for its use. Many countries in the Asia-Pacific region actively participate in international agreements and conventions related to environmental sustainability. This includes commitments to reduce deforestation, promote sustainable forestry, and mitigate the environmental impact of construction materials. According to the research report, “Asia Pacific Engineered Wood Market Outlook, 2029,” published by Bonafide Research, the Asia Pacific Engineered Wood market is anticipated to grow with more than 7% CAGR from 2024–2029. The Asia-Pacific region is experiencing significant urbanisation and a construction boom, particularly in countries like China, India, and Southeast Asian nations. Engineered wood, with its versatility and cost-effectiveness, is in high demand for various construction applications. Growing awareness and concerns about environmental sustainability drive the demand for engineered wood. Governments and consumers alike are increasingly prioritising construction materials with lower environmental impact, and engineered wood fits this criterion as a renewable and eco-friendly option. Government initiatives, including incentives, subsidies, and regulations promoting sustainable construction practices, play a crucial role. Supportive policies for responsible forestry, green building, and environmentally friendly materials drive the adoption of engineered wood. Population growth in the Asia-Pacific region contributes to increased demand for housing. Engineered wood is extensively used in residential construction due to its versatility and ease of use. Urban renewal projects and large-scale infrastructure developments contribute to the demand for engineered wood. Engineered wood products are used in a variety of infrastructure applications, from bridges to public buildings.
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Market Drivers • Urbanisation and Construction Growth: The rapid pace of urbanisation in the Asia-Pacific region, accompanied by substantial construction activities, fuels the demand for engineered wood. Urban development projects, residential construction, and infrastructure developments are key drivers. • Innovations in Engineered Wood Products: Continuous innovations in engineered wood products, such as cross-laminated timber (CLT) and laminated veneer lumber (LVL), contribute to increased demand. These products offer enhanced strength, durability, and design flexibility, expanding their applications in construction. Market Challenges • Raw Material Supply and Sustainability: A consistent and sustainable supply of raw materials, such as timber, is crucial. Meeting the demand for engineered wood products while maintaining sustainable forestry practices can be challenging. • Standardisation and Certification: Standardised quality and certification across the industry can be challenging. Different countries may have varying standards, and achieving universal recognition for engineered wood products is an ongoing effort. Market opportunity • Infrastructure Development Projects: Large-scale infrastructure development projects across the Asia-Pacific region, including bridges, highways, and public buildings, present opportunities for the use of engineered wood. Its versatility and structural capabilities make it suitable for various infrastructure applications. • Rise of Prefabrication and Modular Construction: The growing trend towards prefabrication and modular construction aligns well with the characteristics of engineered wood.
Engineering Wood Market Segmentation
| By Type | Plywood | |
| Medium Density Fiberboard | ||
| Oriented Strand Boards (OSB) | ||
| Particle Board | ||
| Others | ||
| By Application | Construction | |
| Furniture | ||
| Flooring | ||
| Packaging | ||
| Others | ||
| By End User | Residential | |
| Commercial & Industrial | ||
| Asia-Pacific | China | |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
Based on plywood, medium-density fiberboard, oriented strand boards (OSB), particle boards, and others, in Asia Pacific, oriented strand boards are a growing market. According to the report, the end users are segmented into commercial and residential, and among them, commercial is growing the market. The use of OSB aligns with the trends of prefabrication and modular construction. Its structural qualities and ease of manufacturing make it a preferred material for prefabricated building components. OSB is produced in large quantities, ensuring its availability on the market. A reliable supply chain contributes to its widespread use in construction projects across the Asia-Pacific region. Furthermore, it often meets or exceeds building code requirements. Its compliance with industry standards and regulations makes it a viable option for builders and contractors who prioritise meeting construction codes. It is often more cost-effective than some traditional wood products. This cost advantage makes it an attractive option for various construction applications, especially in regions where cost considerations play a significant role in material selection. The Asia-Pacific region is undergoing rapid urbanisation and population growth, leading to a surge in construction activities. Engineered wood, with its versatility and adaptability, becomes a preferred choice for various construction applications. Governments in the Asia-Pacific region are promoting green building practices and sustainable construction. Engineered wood, being a renewable resource, receives support through incentives, subsidies, or regulations that encourage its use in construction projects. Engineered wood is known for its ease of installation, which contributes to more efficient construction processes. This characteristic is particularly beneficial for projects with tight schedules or those adopting modern construction methods like prefabrication. Furthermore, it provides architects and designers with flexibility in terms of aesthetics and design. Its ability to be moulded into various shapes and sizes allows for innovative and visually appealing architectural designs. The trend towards prefabrication and modular construction methods in the Asia-Pacific region aligns well with the characteristics of engineered wood. Prefabricated components made from engineered wood can contribute to faster and more efficient construction. In terms of the application, it is segmented into construction, furniture, flooring, packaging, and others. Construction is significantly contributing to the market. Engineered wood is often sourced from sustainable and managed forests. As sustainability becomes a more significant consideration in construction practices, the use of engineered wood aligns with environmentally friendly building standards. Rapid urbanisation and population growth in the Asia-Pacific region have led to a surge in construction activities. Engineered wood, with its versatility and efficiency, meets the demand for materials that can be used in various construction applications. Many governments in the Asia-Pacific region are actively promoting green building practices. Engineered wood, being a renewable resource, may receive support through incentives, subsidies, or regulations that encourage its use in construction projects. Ongoing technological advancements have resulted in the development of innovative engineered wood products, such as cross-laminated timber (CLT) and laminated veneer lumber (LVL). These products offer improved strength, durability, and design flexibility, enhancing their suitability for construction. Engineered wood is well-suited for renovation and urban renewal projects. Its adaptability and compatibility with existing structures make it a valuable choice when upgrading or revitalising buildings.
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Engineering Wood Market Market Regional Insights
According to the report, the major countries covered in the report include China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific; among them, China is the major market. China has experienced rapid urbanisation and industrialization over the past few decades, leading to a significant demand for construction materials. Engineered wood products, such as laminated veneer lumber (LVL) and particleboard, are widely used in construction due to their versatility and sustainability. The Chinese government has implemented policies to promote sustainable and environmentally friendly construction practices. Engineered wood products are often considered more environmentally friendly than traditional solid wood, as they make more efficient use of wood resources. China has abundant forest resources, and the availability of raw materials is crucial for the engineered wood industry. Having a stable supply of wood allows Chinese manufacturers to produce engineered wood products at a competitive cost. Chinese companies have invested heavily in technology and manufacturing processes for engineered wood products. This has improved the quality and efficiency of production, making Chinese products more competitive in the global market. Furthermore, the rise of the middle class in China has increased the demand for high-quality housing and consumer goods. Engineered wood products are often used in the construction and furnishing of modern homes. Chinese manufacturers have capitalised on export opportunities, supplying engineered wood products to various countries in the Asia-Pacific region and beyond. China's competitive pricing and product quality have helped it establish a dominant position in the market.
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Companies Mentioned
- Mohawk Industries Inc.
- Kajaria Ceramics Limited
- UFP Industries, Inc
- Kaneka Corporation
- UPM-Kymmene Oyj
- Century Plyboards Ltd.
- Greenply Industries Limited
- Kronospan
- Fritz EGGER
- Metsä Wood
- Koch Industries, Inc
- Archid Ply Industries Ltd.
Table of Contents
- Table of Contents
- 1. Executive Summary
- 2. Research Methodology
- 2.1. Secondary Research
- 2.2. Primary Data Collection
- 2.3. Market Formation & Validation
- 2.4. Report Writing, Quality Check & Delivery
- 3. Market Structure
- 3.1. Market Considerate
- 3.2. Assumptions
- 3.3. Limitations
- 3.4. Abbreviations
- 3.5. Sources
- 3.6. Definitions
- 4. Economic /Demographic Snapshot
- 5. Global Engineered Wood Market Outlook
- 5.1. Market Size By Value
- 5.2. Market Share By Region
- 5.3. Market Size and Forecast, By Type
- 5.4. Market Size and Forecast, By Application
- 5.5. Market Size and Forecast, By End User
- 6. Asia-Pacific Engineered Wood Market Outlook
- 6.1. Market Size By Value
- 6.2. Market Share By Country
- 6.3. Market Size and Forecast, By Type
- 6.4. Market Size and Forecast, By Application
- 7. Market Dynamics
- 7.1. Market Drivers & Opportunities
- 7.2. Market Restraints & Challenges
- 7.3. Market Trends
- 7.4. Covid-19 Effect
- 7.5. Supply chain Analysis
- 7.6. Policy & Regulatory Framework
- 7.7. Industry Experts Views
- 7.8. Market Size and Forecast, By End User
- 7.9. China Engineered Wood Market Outlook
- 7.9.1. Market Size By Value
- 7.9.2. Market Size and Forecast By Type
- 7.9.3. Market Size and Forecast By Application
- 7.9.4. Market Size and Forecast By End User
- 7.10. Japan Engineered Wood Market Outlook
- 7.10.1. Market Size By Value
- 7.10.2. Market Size and Forecast By Type
- 7.10.3. Market Size and Forecast By Application
- 7.10.4. Market Size and Forecast By End User
- 7.11. India Engineered Wood Market Outlook
- 7.11.1. Market Size By Value
- 7.11.2. Market Size and Forecast By Type
- 7.11.3. Market Size and Forecast By Application
- 7.11.4. Market Size and Forecast By End User
- 7.12. Australia Engineered Wood Market Outlook
- 7.12.1. Market Size By Value
- 7.12.2. Market Size and Forecast By Type
- 7.12.3. Market Size and Forecast By Application
- 7.12.4. Market Size and Forecast By End User
- 7.13. South Korea Engineered Wood Market Outlook
- 7.13.1. Market Size By Value
- 7.13.2. Market Size and Forecast By Type
- 7.13.3. Market Size and Forecast By Application
- 7.13.4. Market Size and Forecast By End User
- 8. Competitive Landscape
- 8.1. Competitive Dashboard
- 8.2. Business Strategies Adopted by Key Players
- 8.3. Porter's Five Forces
- 8.4. Company Profile
- 8.4.1. UPM-Kymmene Oyj
- 8.4.2. UFP Industries, Inc
- 8.4.3. Century Plyboards Ltd.
- 8.4.4. Greenply Industries Limited
- 8.4.5. Kronospan
- 8.4.6. Mohawk Industries, Inc.
- 8.4.7. Fritz EGGER
- 8.4.8. Pfeifer Group
- 8.4.9. Stora Enso Oyj
- 8.4.10. Metsä Wood
- 8.4.11. Koch Industries, Inc
- 9. Strategic Recommendations
- 10. Annexure
- 10.1. FAQ`s
- 10.2. Notes
- 10.3. Related Reports
- 11. Disclaimer
Table 1: Global Engineered Wood Market Snapshot, By Segmentation (2023 & 2029) (in USD Billion)
Table 2: Top 10 Counties Economic Snapshot 2022
Table 3: Economic Snapshot of Other Prominent Countries 2022
Table 4: Average Exchange Rates for Converting Foreign Currencies into U.S. Dollars
Table 5: Global Engineered Wood Market Size and Forecast, By Type (2018 to 2029F) (In USD Billion)
Table 6: Global Engineered Wood Market Size and Forecast, By Application (2018 to 2029F) (In USD Billion)
Table 7: Global Engineered Wood Market Size and Forecast, By End User (2018 to 2029F) (In USD Billion)
Table 8: Asia-Pacific Engineered Wood Market Size and Forecast, By Type (2018 to 2029F) (In USD Billion)
Table 9: Asia-Pacific Engineered Wood Market Size and Forecast, By Application (2018 to 2029F) (In USD Billion)
Table 10: Influencing Factors for Engineered Wood Market, 2023
Table 11: Asia-Pacific Engineered Wood Market Size and Forecast, By End User (2018 to 2029F) (In USD Billion)
Table 12: China Engineered Wood Market Size and Forecast By Type (2018 to 2029F) (In USD Billion)
Table 13: China Engineered Wood Market Size and Forecast By Application (2018 to 2029F) (In USD Billion)
Table 14: China Engineered Wood Market Size and Forecast By End User (2018 to 2029F) (In USD Billion)
Table 15: Japan Engineered Wood Market Size and Forecast By Type (2018 to 2029F) (In USD Billion)
Table 16: Japan Engineered Wood Market Size and Forecast By Application (2018 to 2029F) (In USD Billion)
Table 17: Japan Engineered Wood Market Size and Forecast By End User (2018 to 2029F) (In USD Billion)
Table 18: India Engineered Wood Market Size and Forecast By Type (2018 to 2029F) (In USD Billion)
Table 19: India Engineered Wood Market Size and Forecast By Application (2018 to 2029F) (In USD Billion)
Table 20: India Engineered Wood Market Size and Forecast By End User (2018 to 2029F) (In USD Billion)
Table 21: Australia Engineered Wood Market Size and Forecast By Type (2018 to 2029F) (In USD Billion)
Table 22: Australia Engineered Wood Market Size and Forecast By Application (2018 to 2029F) (In USD Billion)
Table 23: Australia Engineered Wood Market Size and Forecast By End User (2018 to 2029F) (In USD Billion)
Table 24: South Korea Engineered Wood Market Size and Forecast By Type (2018 to 2029F) (In USD Billion)
Table 25: South Korea Engineered Wood Market Size and Forecast By Application (2018 to 2029F) (In USD Billion)
Table 26: South Korea Engineered Wood Market Size and Forecast By End User (2018 to 2029F) (In USD Billion)
Figure 1: Global Engineered Wood Market Size (USD Billion) By Region, 2023 & 2029
Figure 2: Market attractiveness Index, By Region 2029
Figure 3: Market attractiveness Index, By Segment 2029
Figure 4: Global Engineered Wood Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 5: Global Engineered Wood Market Share By Region (2023)
Figure 6: Asia-Pacific Engineered Wood Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 7: Asia-Pacific Engineered Wood Market Share By Country (2023)
Figure 8: China Engineered Wood Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 9: Japan Engineered Wood Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 10: India Engineered Wood Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 11: Australia Engineered Wood Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 12: South Korea Engineered Wood Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 13: Competitive Dashboard of top 5 players, 2023
Figure 14: Porter's Five Forces of Global Engineered Wood Market
Engineering Wood Market Market Research FAQs
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