Plywood Market: Strong Demand for MR Grade Plywood to Drive Growth By 2028
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Global Plywood Market Dynamics
Future Market Insights suggests that the global plywood market will witness robust growth during the forecast period which can be attributed to the optimistic outlook for the construction industry and increased demand from the furniture industry. The consumption of plywood for the manufacturing of furniture has been increasing. Demand for readymade furniture has been growing, which will indirectly increase the demand in the concerned market. Plywood also finds wide applications in the construction sector as a building material as it substantially reduces the overall weight of the structure. Several future projects involving the building of wooden skyscrapers are expected to further increase the demand for plywood. Plywood is also largely used in the packaging sector, mainly in the industrial packaging of valuable goods. Due to its dimensional stability and mechanical strength as well as light-weight properties, plywood is considered to be a suitable option for packaging. As a matter of fact, since it can be reused, plywood has become the most economical choice for companies engaged in the packaging sector.
However, competitive wood panel products, such as particleboards, MDFs (Medium Density Fibreboards), OSBs (Orient Strand Boards) and composite panel products, are noted to be much economical than plywood, which is an important factor restraining the growth of the market. The formaldehyde glue used in attaching the veneer layers together emits Volatile Organic Compounds and hence, manufacturers are being compelled to use zero – VOC emitting adhesives, such as E0 grade glues. Changes in raw materials and modifying the manufacturing technologies leads to increased overall cost of plywood, which causes the consumers to shift to other wood-panel products.
Global Plywood Market Segmentation Analysis
The plywood market has been segmented on the basis of application into furniture, flooring & construction, automotive interior, packaging, marine and others.
On the basis of application, the furniture and flooring & construction segments are anticipated to dominate the plywood market in value – volume terms over the forecast period
The packaging segment is forecast to grow at a healthy CAGR over the forecast period. It is expected to increase by over 1.7X between 2018 and 2028 in the global market
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Global Plywood Market Regional Forecast
Regionally, China alone accounts for more than 60% share in the global plywood market value. Steady growth is expected in all regions due to increasing investments in construction and infrastructure development activities.
Global Plywood Market Competition Landscape
The report highlights some of the top companies operating in the global plywood market, including Weyerhaeuser Company, Boise Cascade Company, Century Plyboards (India) Ltd, Greenply Industries Limited, Georgia-Pacific, LLC, Uniply Industries Ltd, JAYA TIASA HOLDINGS BERHAD, UPM-Kymmene Oyj, SUBUR TIASA HOLDINGS BERHAD, Sveza-Les LLC, among others.
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