Press release
Wood Based Panel Market is estimated to reach 247.23 Billion by 2029 : Cognitive Market Research
Wood Based Panel Market is estimated to reach 247.23 Billion by 2029 : Cognitive Market Research
Wood-based panels are sheet materials that include a large amount of wood in the form of veneers, chips, strips, strands, or fibers. They are widely utilized in shipping, construction, and packaging. The demand for the wood-based panel market is increased due to the increasing number of construction activities worldwide. The shift from office workspaces to house settings has increased the demand for more flexible and functional home furniture which will drive market growth. In addition, rapid urbanization, the growing global population, and inflation in the income levels of individuals will boost the growth of the market. The emerging trend of renovation and remolding of residential buildings provides an opportunity for the market. Wood-based panels are eco-friendly in that they do not provide any harm to the environment which will provide the opportunity. The high cost and instability of raw materials would be challenging to the market. growth. Government policies regarding saving trees will also hinder the growth of the market.
Read Full Report with Table of Contents :
@-https://www.cognitivemarketresearch.com/wood-based-panel-market-report
Regional Analysis of wood-based panel Market:
• Asia-Pacific held the largest market share of 54.34% in 2021 and is projected to expand at a CAGR of 7.9% over the forecast period among developing economies like India, China, and Japan. In the region, China is the largest producer of the wood-based panel, due to higher increasing industrial exports from the country. Europe is anticipated to register a significant market share of 24.12 % in 2021. The Middle East and Africa are expected to develop high-performance and cost-effective wood-based panels.
Top players involved in the wood-based panel market:
• Ante-Group
• Dongwha Group
• Klenk Holz AG
• Kronospan
• Caihong Wood Co. Ltd
• Weyerhaeuser Company
• Norbord Inc.
• Sonae Industria
• SGPS SA
• Kastamonu Entegre
• Louisiana-Pacific Corporation
• Others
Current Trends of Manufacturers:
- LP Building Solutions completed a project to produce LP SmartSide.
• September 2022
- LP Building Solutions completed a million-dollar conversion and expansion project to produce LP Siding products and SmartSide Trim at its New Limerick, Maine facility
- Kronoplus invested in Tortosa to build a new facility
• June 2022
- Kronoplus invested EUR 400 million (USD 473.26 million) to build a new manufacturing facility for wood-based panels with a planned production of 720,000 m³/year covering 25 hectares in Tortosa.
Segment Analysis:
• On the basis of type, the market is segmented into medium-density fiberboard (MDF)/high-density fiberboard (HDF), oriented strand board (OSB), particleboard, hardboard, and plywood. The plywood segment is expected to dominate the market in 2021 with a market share of 39.6% due to its superior characteristics including moisture resistance, affordability, durability, and high strength.
• On the basis of the application, the market is divided into furniture, construction, packaging, and other applications. The global furniture market accounted for 65% of the market share of domestic home furniture, followed by construction, packaging, and others.
Related Report:
• Wood Pulp Market - https://www.cognitivemarketresearch.com/wood-pulp-market-report
• Wood Furniture Market - https://www.cognitivemarketresearch.com/wood-furniture-market-report
• Building panels market - https://www.cognitivemarketresearch.com/building-panels-market-report
• Plywood market - https://www.cognitivemarketresearch.com/plywood-market-report
𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬
Nicolas Shaw
Cognitive Market Research
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Illinois, 60602
United States
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Email: sales@cognitivemarketresearch.com
Website: https://www.cognitivemarketresearch.com/about-us
About Cognitive Market Research Company :
Cognitive Market Research has evolved as one leading market research and consulting firm and it provides services across multiple domains. Cognitive Market Research gathers and analyzes data about customers, competitors, distributors, and other market actors and forces operational across the value chain. As a market research company, we follow a complete process of gathering information about the target market and end-use industries to verify the complete journey of the product or service in the global market. It helps our readers understand the demand and viability of their product/service and how it might perform in the real world and help them to build business strategies accordingly.
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