Asia-Pacific Engineered Wood Market Research Report, 2029

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 Actual Market 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. 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.

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• 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.

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• 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.

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• Rise of Prefabrication and Modular Construction: The growing trend towards prefabrication and modular construction aligns well with the characteristics of engineered wood. 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. 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. The Asia Pacific market is experiencing significant growth due to various factors such as the increasing demand for sustainable construction materials, rising urbanization, and advancements in manufacturing technologies. Engineered wood, also known as composite wood or man-made wood is manufactured by binding together strands, particles, fibers, or veneers of wood with adhesives to create a strong and versatile material. It offers several advantages over traditional solid wood, including enhanced strength, dimensional stability, and resistance to moisture and pests. The market is witnessing a surge in demand from the construction and furniture industries, driven by the need for cost-effective and sustainable alternatives to solid wood. Additionally, the growing focus on green building practices and sustainable development is expected to drive the market's growth in the coming years. Considered in this report • Historic year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report • Engineered Wood market Outlook with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation 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 The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Engineered Wood industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.