ENGINEERED WOOD MARKET ANALYSIS

Regional Analysis

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North America has established itself as the dominant regional market for engineered wood. The region is expected to account for 34.4% of the market share in 2024. The region accounts for the largest market share owing to a strong presence of major industry players and suppliers. The U.S. is the largest producer and consumer of engineered wood in the world given robust construction industry in the country. Several large companies have manufacturing facilities spread across the U.S. and Canada to cater to the growing domestic demand. These companies invest heavily in R&D to develop advanced wood panel technologies. This has ensured that North American brands dominate the global trade of medium density fiberboard (MDF), particleboard and laminated veneer lumber (LVL).

The Asia Pacific region has emerged as the fastest growing market for engineered wood over the past decade. China is pioneering this growth due to massive investments in industrial and infrastructure development. Rapid urbanization coupled with rising disposable income has boosted demand for new residential and commercial construction. This has provided the necessary push for domestic manufacturers to ramp up production of wood panels, LVL and glue laminated timber. Meanwhile, other South-East Asian countries like Indonesia, Malaysia, and Vietnam are also contributing significantly to the overall regional growth. Their abundant supply of raw materials and availability of low-cost labor have made these countries attractive manufacturing hubs as well as exporter markets. As transportation costs remain low within the region, trade volumes of Asian wood panel brands are increasing substantially in global markets.