Demand for engineered wood molding and trim is projected to increase 4.3% annually through 2024, according to a new report from The Freedonia Group. Value demand for engineered wood molding and trim will rise to $1.7 billion.
Cleveland-based The Freedonia Group expects demand to rise because of rising consumer interest in materials that require minimal maintenance, such as medium-density fiberboard and oriented strand board. Demand will also be benefited by growth in engineered wood’s use in exterior trim applications because of improved durability and lower cost when compared to natural wood. Homeowner interest in green building products made from recycled materials will also benefit the engineered wood molding and trim market over the next four years.
Interior molding and trim products will continue to account for the largest share of engineered wood demand through 2024, with The Freedonia Group projecting the share will reach 59% in four years. The durability and low maintenance requirements will continue to allow engineered wood to be adopted at a higher rate in interior applications. The market share of engineered wood in the exterior market is expected to gain ground at the expense of plastic and natural wood products, according to The Freedonia Group.
While growth is projected to exceed the segment average for molding and trim products, engineered wood’s growth could be hampered by the continued popularity of natural wood’s aesthetic, according to The Freedonia Group. Many homeowners believe natural wood’s aesthetic cannot be convincingly imitated by engineered wood products.
The full study, Moulding & Trim, is available for purchase from The Freedonia Group for $5,300.
