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Wood Based Panel Market Report 2024-2033: Share, Trends, Demand, Overview
Wood Based Panel Market
As per the report, 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 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%.
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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.
Innovation In Products Is A Key Trend Gaining Popularity In The Wood Based Panel Market
Major companies in the market are introducing innovative products to sustain their position in the market. For instance, in 2022, Garnica Plywood, a Spain-based plywood manufacturer launched Fireshield Plywood, a fire-resistant plywood. The uniqueness of the product is that it is certified by all the necessary tests such as CE1 structural certification test and has the highest performance rating ASTM-E-84 B-s1-dO.
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
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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
Contents of the report:
1. Executive Summary
2. Wood Based Panel Market Report Structure
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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