Engineered wood market to reach $41.3 billion globally by 2022

A new report from market research firm Allied Market Research (AMR) projects that the global engineered wood market is estimated to reach $41.273 billion by 2022, growing at a compound annual growth rate (CAGR) of 24.8 percent from 2016 – 2022. North America and Europe, being the developed markets, account for nearly 70 percent of global engineered wood production, while still maintaining high CAGRs.

Engineered wood demand is expected to remain high during the forecast period as it is an alternative to concrete and hardwood. Engineered wood products are widely used by architects, builders, code officials, and building designers aware of energy-efficient framing practices that conserve energy, speed-up construction, cut labor cost, and reduce waste.