Summary

Australia has shown a growing interest in tall timber buildings. The Timber Building in Fortitude Valley, Brisbane, is an example of a multi-story residential building that utilises engineered wood, showcasing the material's strength and versatility in vertical construction. Australia has invested in research to assess the fire performance of engineered wood products. This research helps develop construction standards and regulations to ensure the safety of buildings constructed with engineered wood in bushfire-prone regions. Engineered wood is well-suited for prefabricated and modular construction methods. In Australia, the use of prefabricated engineered wood components is contributing to faster construction times, reduced waste, and improved overall efficiency in building projects. Engineered wood's environmental benefits align with Australia's commitment to sustainable construction. The Green Building Council of Australia's Green Star certification system recognises and rewards projects that incorporate environmentally friendly building materials, including engineered wood. The government provides support for the use of engineered wood through policies that encourage sustainable building practices. Incentives and grants are available to projects that prioritise environmentally friendly and innovative construction materials. Furthermore, the significant role of the Australian Engineered Wood Products Association is to provide product certification and testing services. EWPAA certification comprises a number of robust Type 5 certification schemes that assess wood products and the manufacturer’s ability to reliably and consistently make those products in conformity to Australian standards. These include the EWPAA Plywood and LVL Certification Scheme, the EWPAA particleboard and MDF Certification Scheme, chain custody certification, the Responsible Wood/PEFC Australian Wood Packaging Scheme, and the EWPAA Plantation Timber Certification Scheme; furthermore, the associated standards and rules include the AS4707 It is for the chain of custody for forest products, PEFC standards, and AWPCS rules.

According to the research report "Australia Engineered Wood Market Overview, 2029," published by Bonafide Research, the Australia Engineered Wood market is anticipated to grow at more than 7% CAGR from 2024 to 2029. With increasing urbanisation and population growth in Australia, there is a demand for efficient and sustainable construction solutions. Engineered wood's suitability for high-density construction, combined with its lighter weight, meets the needs of urban development projects. Global trends and best practices in construction, where engineered wood has gained popularity, influence the Australian market. International success stories and the recognition of engineered wood as a sustainable and innovative building material contribute to its growth in Australia. Due to Australia's susceptibility to bushfires, there is a focus on engineered wood products' fire performance. Research and development efforts aim to enhance the fire resistance of these materials, ensuring their suitability in bushfire-prone regions. The market for engineered wood is influenced by customers' growing awareness of ecologically friendly and sustainable construction materials. Green construction solutions are often preferred by companies and home purchasers. Australia's imports of engineered wood products were valued at AUD 170.9 million for the first half of 2022. Furthermore, the value of engineered wood products imports increased sharply, peaking in May 2022 at AUD 36.6 million.

Based on the product types, which are segmented into plywood, medium-density fiberboard, and oriented strand boards (OSB), particle boards, and others, plywood leads the market. Australia encourages architectural innovation and creativity. Engineered wood provides architects with a versatile material that can be used in contemporary and innovative designs, contributing to the development of aesthetically pleasing and environmentally friendly structures. Climate encourages an outdoor lifestyle, and this influences construction choices. Engineered wood, especially treated plywood or composite materials, is commonly used in outdoor applications such as decking, pergolas, and fencing. Australia has a strong DIY and home improvement culture, with many homeowners actively engaging in renovation and construction projects. Engineered wood, being user-friendly and available in various forms, is popular among DIY enthusiasts for projects ranging from shelving to flooring. According to the report, the end users are segmented into residential and commercial markets. In Australia, the commercial market for engineered wood is growing. In regions prone to seismic activity, engineered wood's ability to flex and dissipate energy can enhance the seismic resilience of commercial buildings. This is a crucial consideration in areas where earthquake safety is a priority. The commercial sector often seeks certifications such as Green Star or other green building certifications. Engineered wood products, with their sustainable attributes and environmental benefits, contribute positively to achieving these certifications.

In terms of the applications of construction, furniture, flooring, packaging, and others, among them, flooring is contributing a significant market share; engineered wood flooring often incorporates technologies or treatments that enhance its moisture resistance. This is particularly beneficial in regions with high humidity or areas prone to occasional spills, making engineered wood a practical choice for flooring in Australian climates. Australians often have a strong appreciation for the natural beauty of wood. Engineered wood flooring, with its real wood veneer layer, offers an authentic and warm aesthetic that resonates with those who value the appearance of natural materials in their living spaces. As urbanisation continues, there is a growing preference for engineered wood flooring in urban areas. Its suitability for multi-story buildings, apartments, and condominiums aligns with the trend of Australians choosing urban living environments. Australians are influenced by global design trends and interior styling. Engineered wood flooring, being a popular choice in international markets, is often selected by those who are inspired by contemporary design trends.

Considered in this report:
• Geography: Australia
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report:
• Australia 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 Types
• 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 as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic 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 doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Engineered Wood, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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