South Korea Engineered Wood Market Overview, 2029

South Korea is located in a seismically active region, and engineered wood, especially products like laminated timber and cross-laminated timber (CLT), is valued for its seismic resilience. The flexibility and strength of these materials contribute to the safety of structures during earthquakes. Engineered wood has found widespread use in the construction of residential buildings in South Korea. Its diverse applications, including structural components and interior finishes, contribute to its prevalence in the housing sector. The South Korean engineered wood market has been experiencing notable growth and transformation, marked by a shift towards sustainable and innovative construction practices. Engineered wood products, encompassing a range of materials such as laminated veneer lumber (LVL), particleboard, medium-density fiberboard (MDF), and cross-laminated timber (CLT), have gained increased acceptance and prominence within the country's dynamic construction and design industries. South Korea's construction landscape, characterised by a mix of traditional and modern architectural styles, is witnessing a surge in the use of engineered wood due to its versatile applications, seismic resilience, and alignment with sustainable forestry practices. The market reflects the country's commitment to environmentally conscious building materials, a burgeoning interest in prefabrication and modular construction methods, and a cultural appreciation for wood in construction that is deeply rooted in tradition. Supported by government initiatives promoting green building practices and continuous collaboration with international partners, the South Korean engineered wood market stands at the forefront of a transformative period, playing a pivotal role in shaping the future of construction and architecture in the region. It is a landscape where innovation, sustainability, and cultural heritage converge to redefine the way buildings are constructed and designed in South Korea. According to the research report "South Korea Engineered Wood Market Overview, 2029," published by Bonafide Research, the South Korea Engineered Wood market is anticipated to grow at more than 6.70% CAGR from 2024 to 2029. With increasing urbanisation and a need for vertical expansion, South Korea has witnessed a rise in high-rise construction projects. Engineered wood, known for its strength-to-weight ratio, becomes an attractive option for builders and developers in high-density urban environments. Furthermore, the demand for green building certification, such as LEED (Leadership in Energy and Environmental Design) or the Korea Green Building Certification (K-GBC), incentivizes the use of sustainable and environmentally friendly materials like engineered wood. Industry initiatives, educational programmes, and awareness campaigns contribute to an increased understanding of the benefits of engineered wood. The dissemination of knowledge encourages architects, builders, and developers to incorporate engineered wood into their projects. Government initiatives and regulations supporting sustainable construction practices influence the demand for engineered wood. Incentives and policies that promote the use of environmentally friendly materials contribute to the growth of the market. Ecological and sustainable techniques are highly valued in the South Korean building sector. Engineered wood, which is frequently made from recycled materials and sustainably managed forests, supports the nation's commitment to responsible resource management and helps meet the demand for environmentally friendly building materials.

Based on the product types, which are segmented into plywood, medium-density fiberboard, oriented strand boards (OSB), particle boards, and others, among them, particle boards are significantly contributing to the market. South Korea has a robust furniture manufacturing industry, and particleboard is widely used in the production of various furniture items. Its affordability and suitability for furniture components contribute to its prevalence in the country's furniture sector. Particleboard is commonly used for interior paneling and wall coverings in both residential and commercial spaces. Its uniform surface and ability to accept finishes make it suitable for creating aesthetically pleasing interior environments. South Korea has access to wood resources suitable for the production of particleboard. The availability of raw materials contributes to the steady production and use of particleboard in the country. According to the report, the end users are segmented into residential and commercial markets. In South Korea, commercials are significantly contributing to the market. Engineered wood products often sourced from sustainably managed forests and utilising recycled materials, align with South Korea's commitment to sustainable construction practices. The commercial sector, influenced by environmental concerns, is inclined to choose materials with a smaller ecological footprint. Increasingly, commercial projects in South Korea seek green building certifications such as Leadership in Energy and Environmental Design (LEED) or the Korea Green Building Certification (K-GBC). Engineered wood, with its sustainable attributes, contributes to meeting the criteria for these certifications. In terms of the applications of construction, furniture, flooring, packaging, and others, among them, construction is leading the market. Engineered wood is well-suited for prefabrication and modular construction methods. The ability to produce engineered wood components in controlled factory conditions contributes to faster construction times, reduced on-site waste, and increased overall efficiency—a significant advantage in the construction industry. Engineered wood components can be manufactured off-site and assembled quickly on-site, contributing to faster construction schedules. This speed of construction is advantageous, especially in projects with tight timelines or where minimising disruption is crucial. International trends and best practices in construction, where engineered wood has gained popularity, influence the South Korean construction industry. Exposure to successful projects and advancements in other parts of the world contributes to the acceptance of engineered wood. Engineered wood is being increasingly utilised in high-rise construction projects in South Korea. Its lightweight nature and structural performance make it suitable for tall buildings, contributing to the vertical expansion of urban spaces. Considered in this report: • Geography: South Korea • Historic year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029

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Manmayi Raval

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Aspects covered in this report: • South Korea 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

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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.