Over the last few decades, the construction industry and the field of infrastructure development have witnessed several variations, globally. The latest trends in construction have raised the demand for efficient and durable materials in the building of residential and commercial structures.
Material technology has undergone several changes with the advent of time, and the construction industry has embraced the concept of engineered, or composite wood. A combination of solid hardwoods with added veneers, fibers, and adhesive wood particles are increasingly being preferred by architects and construction engineers. This has ensured that the engineered wood industry flourishes at a tremendous pace.
The global engineered wood market is an emergent industry. The market has proven its ability to change construction norms, so as to cater to the constantly changing demands of buildings and infrastructures. Composite wood has gained more credibility due to its promise of efficiency and added durability. The enhanced stability, along with moisture-resistant properties, has ensured it gets the much-needed approval from engineers and architects. All these factors have triggered a major growth spurt in the industry in recent times. A recent report published by Allied Market Research stated that the Engineered Wood Market is set to garner an impressive value of around $41 billion, by the year 2022. This would be feasible with a projected CAGR of 24.8% during the forecast period 2016-2022.
Sustainable structures through timber materials
The concept of ‘green buildings’ has found a large number of takers in engineers, as well as regulatory bodies. The concerns related to global warming and climate changes have made several reigning governments more conscious towards the pollution caused by the construction industry. A step in the right direction, the collaborative efforts to reduce the carbon footprint on the environment has propelled engineers to embrace more of engineered wood, especially cross-laminated timber (CLT) in their construction activities. CLT has emerged a highly lucrative segment in recent years. What has also gained mass approval is the use of reclaimed or recycled wood. This wood is also treated with additional veneers and adhesives to promote durability and emerge as a sustainable option for infrastructure development.
Engineered wood can aid in making structures and flooring more stable and flexible, due to the excellent, natural mechanical properties of wood. Architects today have adapted to the market demands and embraced the use of laminated woods in flooring solutions. Laminated woods have gained more popularity because of their added aesthetic appeal, easy maintenance options, and ease of cleaning. This makes it more viable for the end-users. All these factors are responsible for contributing to the significant growth of the industry.
Engineered CLT - Marking the entry of the timber age
The modern day revolutionary architects and construction specialists have conferred on the fact that today’s infrastructures are a testimony to the timber age we live in. Cross-laminated timber is one of the most durable materials used in the industry, since the past few years. CLT usage in various building activities has delivered many benefits for the construction industry. Mass timber promises more accuracy and speed in working, along with the added ease of assembly. The cross laminated sections of engineered wood pose a lucrative appeal in the replacement of houses, barns, power line towers, churches, bridges, office buildings, and high-rise apartments. In comparison to concrete or steel, CLT also comes across as more affordable than other engineered timber. It is also fire-resistant, which makes it an excellent choice for commercial buildings and floors. Furthermore, it is eco-friendly and this adds to the sustainability element.
The use of CLT has proven more superficial in performance when compared to other solid hardwood. This is why the cross-laminated timber segment is projected to have the fastest growth in the entire engineered woods market. The rise in the number of green buildings created from sustainable, eco-friendly materials has created a major trend, and this has encouraged the market for CLT.
There has been an exponential increase in the number of construction projects for both commercial and residential projects. This has pushed several industry players engaged in the engineered wood market to venture into the industry and expand their market share. Big names in the competitive scenario including Cellulosa Arauco, Georgia Pacific wood LLC. Ltd., Huber Engineered Woods, Boise Cascade Company, Weyerhaeuser Company, and Louisiana-Pacific Corporation have expanded the scope of their operations in different local and international markets. The industry has witnessed a substantial rise in the number of imports and exports of engineered woods in the past few years. Further, lucrative opportunities in the form of enhanced demand for glulam and plywood laminated woods pose a significant opportunity for the market.
Nearly every industry player has aimed to be top-notch in the industry. They intend to gain a better competitive edge by incorporation of innovative design, manufacture, and installation services for composite wood products. The entire engineered wood market has gained momentum as more and more industry experts aim to provide better product design, both in terms of construction and decorative materials.