CLEVELAND, March 24, 2020 /PRNewswire/ -- Engineered wood moulding and trim demand is expected to increase 4.3% annually through 2024 to $1.7 billion, according to a report recently released by Freedonia Group. Demand will grow at an above average rate due to:
rising consumer interest in materials that require minimal maintenance, such as medium-density fiberboard (MDF) and oriented strand board (OSB)
growth in the use of engineered wood in exterior trim applications because of its durability and generally lower cost than natural wood
increased interest in green building products made from recycled materials
Further growth will be hampered by the continued popularity of natural wood's aesthetic, which some consumers believe cannot be convincingly imitated by engineered wood products.
Interior moulding and trim products will continue to account for the largest share of engineered wood demand through 2024, reaching 59% in 2024. Engineered wood will be increasingly adopted in these applications because of its durability and minimal maintenance requirements. Engineered wood is also expected to increase its share of the exterior trim market at the expensive of plastic and natural wood products. Stairwork will continue to account for a limited share of engineered wood moulding and trim demand, as homeowners continue to favor the attractiveness of hardwood lumber and commercial customers continue to rely on metal for its strength and resistance to wear.
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About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.