Market research provider Fact.MR announced that the global engineered wood market is expanding.

The market is at an estimated $24.86 billion and is forecasted to reach $61.61 billion by the end of the year. It is experiencing rapid growth due to its advantages over traditional solid wood, including enhanced strength, stability and sustainability.

The market is also driven by increasing demand for environmentally-friendly construction materials, building practices and manufacturing technologies. Technologies are utilizing computer-controlled machinery and precision engineering. Engineered wood is cost-effective and versatile, and can be applied to construction, furniture, flooring and packaging.

Global urbanization is also a key factor in propelling the market. Engineered wood, with its enhanced properties and lower cost, is becoming an attractive option for builders in urban areas. Using engineered wood in prefabricated construction systems has become a trend in construction projects.

The global engineered wood market is predicted to have a CAGR of 9.5% during the 2023-2033 forecast period. Demand for glulam-engineered wood products is expected to rise at a CAGR of 10.5% over the next decade. Engineered wood products in Germany are projected to increase at a CAGR of 5.5% through 2033.

Key market players not only focus on meeting customer needs, but also on regional expansion and partnerships to increase their number of clients. Regional expansion enables businesses to broaden their customer portfolio and reduce their dependence on specific regions. Prominent companies also invest in research and development.

West Fraser, a leading wood products company, acquired Nobrord Inc. in February 2021. West Fraser specializes in MDF, LVL, plywood, wood chips, pulp, newsprint, other residuals and energy.

In order to expand its distribution center, Boise Cascade bought 4.67 acres of land close to its company division in Albuquerque, New Mexico in October 2022. In December 2022, the company purchased 45 acres of land in Walterboro, South Carolina, and 34 acres in Hondo, Texas.