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Wood Based Panel Market Growth Analysis, Trends, Share, Market Size And Forecast To 2033
Wood Based Panel Market Growth
The Business Research Company offers in-depth market insights through Wood Based Panel Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The wood based panel market size has grown strongly in recent years. It will grow from $164.89 billion in 2023 to $177.96 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to traditional construction practices, renewable resource, versatility in applications, urbanization and construction boom, preference for natural aesthetics.
The wood based panel market size is expected to see strong growth in the next few years. It will grow to $237.46 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to growing demand for sustainable construction, innovation in manufacturing processes, rising popularity of engineered wood products, architectural design trends, renewed interest in wood construction. Major trends in the forecast period include digitalization and industry 4.0 integration, sustainable sourcing and certification, innovative materials and product development, energy efficiency and carbon footprint reduction, market growth in construction and furniture industries.
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Market Segmentation:
The wood based panel market covered in this report is segmented -
1) By Product Type: Medium-Density Fiberboard (MDF)/High-Density Fiberboard (HDF), Oriented Strand Board (OSB), Particleboard, Hardboard, Plywood, Other Product Types
2) By Distribution Channel: Direct Sales, Online Stores, Specialty Stores, Other Distribution Channels
3) By End User: Residential, Non-residential
4) By Application: Construction, Furniture, Packaging, Flooring, Other Applications
Major Driver - Wood-Based Panel Market Surges With Construction Activity
Increased building and construction activity is expected to drive the wood based panel market going forward. Construction refers to the process of building or assembling something, typically a structure, using various materials and techniques for residential and commercial purposes. Wood-based panels are widely used in the construction of residential and commercial buildings for wall sheathing, insulation, roofing, and flooring. For instance, in December 2022, according to the Federal Reserve Bank of St. Louis, a US-based central bank, total spending on commercial construction reached $131 million, increasing from $103 million in December 2021. Furthermore, in May 2022, the total spending on residential construction topped $954 million, increasing from $797 million in May 2021. As a result, the increasing building and construction activity is driving the wood based panel market forward.
Competitive Landscape:
Major companies operating in the wood based panel market report are Georgia-Pacific LLC, Weyerhaeuser Company, West Fraser Timber Co Ltd., Boise Cascade Company, Sonae Industria SGPS SA, Celulosa Arauco y Constitucion, Canfor Corporation, Egger Group, Louisiana-Pacific Corporation, Duratex S.A., UPM Plywood, Kastamonu Entegre Agac A.S., Norbord Inc., Roseburg Forest Products Co, Swiss Krono Group, Dongwha Group, Masisa S.A., Century Plyboards Limited, Evergreen Fibreboard Berhad, Pfeifer Group, Klenk Holz AG, Greenply Industries Limited, Timber Products Company, Metsä Wood, Green River Holding Co Ltd., Sveza Group, Kronoplus Limited, Mieco Chipboard Berhad, Starbank Panel Products Ltd., DARE panel group Co ltd., Segezha Group, Sodra Wood Ltd., Tolko Industries Ltd., Daiken Corporation, Fantoni Group
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Top Trend - Strategic Collaborations As Catalysts For Innovation And Sustainability
Major companies operating in the wood-based panels market are focusing on strategic collaboration, to provide reliable services to customers. Strategic collaboration refers to a mutually beneficial partnership between two or more independent entities who work together to achieve shared goals aligned with their individual strategic objectives. For instance, in April 2023, BASF SE, a Germany-based chemical company, partnered with Swiss Krono Group, a Switzerland-based provider of wood-based materials, to develop innovative wood-based panels. The companies are committed to reducing the carbon footprint of the wood-based panel industry.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Wood Based Panel Market Characteristics
3. Wood Based Panel Market Trends And Strategies
4. Wood Based Panel Market - Macro Economic Scenario
5. Wood Based Panel Market Size And Growth
…..
27. Wood Based Panel Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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