Various Trends and Competitive Benchmarking in Wood Based Panel Market

Global wood based panel market was valued over US$ 57,450 Mn in 2017 and is expected to register a CAGR of over 7% between 2016 & 2026. . The global wood based panel market is segmented on the basis of type, end use, and region.

Increasing use of wood based panel in various applications is expected to drive wood based panel market over the forecast period. Demand for wooden materials have increased the demand for wood based panel over solid wood.

Increasing demand for interior designing and furniture in developed economies such as US, UK, France, Japan etc. and developing economies such as China, India, Brazil etc. is expected to create demand for wood based panel.

However, high cost of raw materials and stringent regulations are primary factors expected to hamper growth of the global wood based panels market. Most of cost is incurred in suppling of log from forest areas to mills or port which in turn increases cost of goods.

On the basis of type segmentation, the hardwood, softwood, and plywood segment is expected to contribute major revenue share and expected to maintain its dominance over the forecast period.Among all application segments, furniture segment is expected to register highest CAGR over 7.2%. Increase in demand for furniture is expected to drive the growth of wood based panel market over the forecast period.

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North America market is expected to dominate the global wood based panel market, and it accounts for largest market revenue over US$ 20,000 Mn in 2017, as compared to that of markets in other regions.

The new regulation for formaldehyde is expected to create negative impact on wood based panel markets in North America. In December 2016, Environmental Protection Agency had published a final rule in the Federal Register to reduce exposure to formaldehyde emissions from certain wood products either produced domestically or imported in the US.

Europe accounts major share of the market revenue and is expected to grow over the forecast period. According to PRO LIGNO- A scientific journal in the field of wood engineering in Romania, had published an article on ‘Development of Wood Based Products worldwide’ in 2015

Asia pacific region has an immense potential in wood based panel as it has over 4,500 varieties of wood-yielding species which in turn provides huge opportunity for market player to penetrate in the market, as there is limited market competition and company can gain maximum market share.

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