Engineered Wood Market to Reach $427.3 billion, Globally, by 2033 at 5.3% CAGR: Allied Market Research

Wilmington, Delaware, Feb. 05, 2025 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Engineered Wood Market by Type (Particle Board, Plywood, Medium Density Fibreboard (MDF), Cross Laminated Timber (CLT), Laminated Veneer Lumber, Oriented Strand Board, and Glue Laminated Timber (Glulam), by Application (Construction, Flooring, Furniture, Transport, Packaging, and others), and End User Industry (Residential and Non-residential): Global Opportunity Analysis And Industry Forecast, 2023-2032". According to the report, the global engineered wood market was valued at $254.2 billion in 2023, and is projected to reach $427.3 billion by 2033, growing at a CAGR of 5.3% from 2024 to 2033. 

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Prime determinants of growth 

Increased use of engineered wood over other building materials, rise in reconstruction, renovation, and remodeling of old buildings, and surge in focus on affordable homes drive the growth of the global engineered wood market. However, lack of skilled labor in countries where wood-based construction is not popular is a major hindrance to market growth. Despite this, growing popularity for sustainability in the construction sector is expected to open growth opportunities for the market players. 

Report Coverage & Details: 

Report Coverage  Details  Forecast Period  2024–2033  Base Year  2023  Market Size in 2023  $254.2 billion  Market Size in 2033  $427.3 billion  CAGR    5.3%  No. of Pages in Report  232  Segments Covered  Type, Application, End User Industry, and Region.