Wilmington, Delaware, United States, April 07, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – Rise in awareness about positive environmental impact of bamboo among residential and commercial consumers is expected to bolster the adoption of bamboo engineered wood in the building & construction industry.
Advancements in materials and methods used to produce bamboo engineered wood are likely to broaden the market outlook. The bamboo engineered wood market stood at US$ 25.0 Bn in 2022 and is projected to reach US$ 40.7 Bn by 2031.
Surge in demand for environmentally friendly alternatives to wood flooring is likely to drive usage of bamboo engineered wood. Consumers, especially in residential applications, prefer bamboo engineered wood over hardwood, owing to the former’s high tensile strength, durability, environmental sustainability, and adaptability to different flooring styles.
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High rate of adoption of laminated bamboo engineered wood is likely to augment market expansion in the next few years. Rise in utilization of eco-friendly building materials is likely to bolster market progress.
Key Findings of Study
- Rise in Utilization of Bamboo Engineered Wood in Residential Construction: Rise in usage of environmentally-friendly materials in the construction industry has spurred popularity of bamboo engineered wood. Rapid pace of urbanization in developing countries in Asia Pacific and the Middle East & Africa is a key trend likely to augment the bamboo engineered wood market development in the near future. Residential consumers benefit from the cost-effectiveness and ease of installation of bamboo engineered wood. Among the various end-users in the market, the residential segment accounted for the major share in 2022.
- High Preference for Bamboo Engineered Wood Flooring to Fuel Market: An analysis of recent market trends indicates that laminated bamboo engineered wood is witnessing significant consumer demand. These are versatile in nature since they can be used in both indoor and outdoor applications. Additionally, these are considered more water- and termite-resistant, thus meeting the characteristics of an attractive flooring choice for consumers. Surge in demand for bamboo engineered wood flooring is anticipated to propel the market during the forecast period.
Key Drivers
- Rise in awareness about the environmental benefits of bamboo is likely to spur demand for bamboo engineered wood in the construction & building industry, such as in flooring and veneer applications. Surge in utilization of bamboo engineered wood in furniture is likely to bolster market size.
- Consumers, particularly homeowners, prefer bamboo engineered wood over hardwood due to several advantages such as ease of maintenance, durability, and high aesthetic value. Rise in investment in home remodeling projects is therefore likely to accelerate market development in the next few years.
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Regional Growth Dynamics
Asia Pacific was a lucrative market for bamboo engineered wood in 2022. The market in the region is anticipated to grow at a rapid pace from 2023 to 2031. Rise in demand for bamboo engineered wood is anticipated to drive the market in Asia Pacific. Rapid expansion of the residential sector is a key trend poised to offer significant business opportunities to companies in the market. Singapore, India, South Korea, and China are projected to offer significant opportunities to companies during the forecast period. Advancements in the construction industry in developing economies are expected to accelerate the bamboo engineered wood industry growth in Asia Pacific.
Competition Landscape
The business landscape is fairly consolidated due to the prominent presence of a small number of players in the bamboo engineered wood market. A few medium and large-scale players account for more than half of the market share.
Some of the prominent companies in the market are Teragren, Hawa Bamboo Flooring Trading Corp., Lotus Kaleen Private Limited, Cali Bamboo, LLC, Dasso Group, Xylos Arteriors India Private Limited, MOSO, International Bamboo and Rattan Organization, and Mutha Industries.
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Bamboo Engineered Wood Market Segmentation
By Product Type
- Laminated Bamboo
- Reconstituted Densified Bamboo
- Bamboo Boards
By Application
- Flooring
- Roofing
- Doors
- Window Frames
- Beams & Columns
- Others
By End-use
- Residential
- Commercial
Regions Covered
- North America
- Europe
- Middle East & Africa
- Asia Pacific
- Latin America
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