The report forecasts the global engineered wood products market to grow at a CAGR of 26.5% during the period 2016-2020.
Commenting on the report, an analyst from the research team said: A trend that is expected to boost market growth is the development of new technologies. Latest machines and systems with innovative accessories are being developed for producing engineered wood and veneers, with support from the prominent international vendors that specialize in sustainable and efficient manufacturing. Different types of resins based on amino-formaldehyde and urea-melamine are used for the manufacture of engineered woods currently. These resins are preferred due to their cost effectiveness and usability. These resins also offer water resistance; enhancing the lifespan of these products.
According to the report, a key growth driver is the rising demand for environmentally friendly and durable flooring. Engineered wood has always been the most popular material of choice for environmentally friendly flooring. Unlike other hardwood materials, engineered wood flooring is pre-finished and is easier to mount. With developments in aesthetics, quality, and selections of wood and finishes, engineered wood has become an attractive option for durable flooring.
What will the market size be in 2020 and what will the growth rate be?
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What is driving this market?
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Who are the key vendors in this market space?
What are the market opportunities and threats faced by the key vendors?
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