Global Value of Fiberboard Market Is Estimated To Be Worth over USD 25.1 Billion In 2022

During the forecast period of 2022-2032, the global fiberboard market is anticipated to grow at a CAGR of 8.1 percent and reach US$ 25.1 Bn by 2022.

A composite wood product known as medium density fiberboard (MDF) is created by moulding wood fibres at a high temperature and pressure with wax and resin. Demand for wood products has increased as a result of the expansion of the construction industry and the interior design sector.

As a result, a lot of players in the furniture industry are looking at MDF as a possible replacement for low-density ply because of its smooth texture and durability. As a result, the demand for fireboards is anticipated to soar in the upcoming years.

Federal Reserve Economic Data of the USA shows that furniture store sales have continued to rise, reaching US$12.5 Mn in January 2022, an increase of almost 30%. The perception of MDF as lightweight wood and lacking in strength, however, may limit market expansion.

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Furthermore, compared to other wood boards like chipboards, layer boards, and others, MDF is highly sought-after due to its versatility and numerous distinctive features. As a result of MDF's many uses and the ease with which it can be manufactured, market sales are anticipated to increase.

Key Takeaways:
• According to projections, East Asia will make up close to 32% of the fiberboard market's total value in 2021 and will surpass $19.5 billion by the end of 2032.
• The medium density fiberboard segment held the largest market share of 48 percent in terms of board type in 2021 and is anticipated to increase by 570 BPS through 2022 and beyond.
• Over the course of the assessment period, India and China are anticipated to drive growth in the South and East Asian fiberboard market.
• According to applications, the construction sector is projected to have an 83.4% market share in 2022 and to reach US$ 48.7 billion by the end of 2032.

Growth Drivers:
• The fiberboard market will be driven by the rising demand for fiberboards in furniture and construction products like tables, chairs, and stands due to their excellent machinability.
• Sales are being boosted by the key companies' increased production because MDF is less expensive than ply.
• The demand for medium-density fiberboards is likely to increase in the near future due to the simple availability of raw materials.
• New MDF production methods being developed and expanding applications are expected to drive the market.

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Key Restraints:
• Since formaldehyde exposure is thought to be the main cause of cancer, these products' formaldehyde emissions may hurt sales.
• As a result, a number of laws prohibiting the use of fiberboard with high formaldehyde content will slow growth.

Competitive Landscape:
The market's top companies are offering a variety of marketing strategies, including mergers and acquisitions, expansions, collaborations, and partnerships.

For instance,

• A well-known manufacturer in this market, CenturyPly, offers a broad selection of fibre cement boards. Due to the combination of fibre and cement, these boards are weather-resistant, making them ideal for external wall cladding. The high UV radiation doesn't cause these boards to warp, wrinkle, or become brittle.

Key Companies Profiled by Fact.MR
• Evergreen Fiberboard Berhad
• KRONOSPAN Verwaltungs-und mbH
• Kastamonu Entegre Agac Sanayi ve Ticaaret A.S.
• UAB Grigeo Baltwood
• Georgia Pacific Building Products LLC
• Jining Best Star Wood Co Ltd.
• Coillte Group
• Finsa Forest Products S.A.
• Norbord Inc.

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Global Fiberboard Market Segments
• By Board Type :
o Hardboard
o Medium/Hard Density Fiberboard MDF/HDF
o Other Fiberboard

• By Application :
o Construction
 Roofing
 Sound Proofing
 Exterior Sheathing
 Flooring & Paneling
o Others

• By Region :
o North America
o Latin America
o Europe
o East Asia
o South Asia & Oceania
o MEA

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This release was published on openPR.