Plywood Market worth $73.3 billion by 2027 | Key players Georgia Pacific LLC (US), Boise Cascade Company (US), Weyerhaeuser Company Ltd (US), UPM-Kymmene Oyj (Finland).

According to recent market research the "Plywood Market by Type (Hardwood and Softwood), Application (Construction and Industrial), Uses Type (New Construction and Rehabilitation), and Region (North America, Europe, APAC, MEA, South America) - Global Forecast to 2027", Plywood market size is projected to reach USD 73.3 billion by 2027 from USD 54.2 billion in 2022 growing at a CAGR of 6.2%.

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Based on application, construction segment is expected to be the largest segment during the forecast period. Over the medium term, construction will be a growth engine for the global economy, with growth averaging 4.4% between 2020 and 2025. The global construction market is expected to grow by US$4.5 trillion between 2020 and 2030, reaching US$15.2 trillion. US$8.9 trillion of this will be in emerging markets in 2030. Growth is projected to be concentrated in a few nations. China, India, the United States, and Indonesia account for 58.3% of worldwide building growth between 2020 and 2030. Over the next decade, ten markets likely contribute for about 70% of the $4.5 trillion in growth. These positive factors are expected to drive the plywood soon.
Based on type, the plywood market is segmented into hardwood and softwood. Softwood is renowned for its versatility and strength. Softwood Plywood is plywood that has a softwood veneer on the front and back rather than a hardwood veneer like Birch, Maple, Oak, and others.

Softwood plywood panels are utilized for structural purposes because they have a core made of either softwood and are faced and backed with a veneer of soft wood. Softwood Plywood is used mainly in the construction industry for structural purposes. Softwood plywood comes in a variety of grades, dimensions, and thicknesses depending on their intended application; nevertheless, the highest grades are occasionally utilized for purely ornamental projects like furniture and cabinetry.

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The Asia Pacific region is the largest market for plywood across the globe. The market in the Asia Pacific has been studied for China, India, Japan, South Korea, Taiwan, Thailand, Malaysia and the Rest of Asia Pacific (Australia, Indonesia, and others). Among these countries, China accounted for the largest share of 80.0% of the Asia Pacific plywood market in terms of value.

India and China have experienced close to double-digit GDP growth in recent years, as well as a population boom. The stable economy and growing building and construction industry has augmented the growth of plywood in India and China. Furthermore, furniture sector is one of the main consumers of plywood in India. During the 2018 to 2023, it is predicted that the India furniture market by commercial sector will have a CAGR of 11.97%. India is the fourth-largest consumer of furniture worldwide and the fifth-largest producer of furniture. The Indian furniture industry is estimated to be worth $8 billion, represents 0.5% of the GDP in 2022 according to IBEF (Indian Brand Equity Foundation). The domestic organized industry has roughly 5000 businesses, and there are almost 10,500 furniture imports. The industries that contribute most to the sectors growth include real estate, housing & hospitality, and consumer base growth.

Major players operating in the plywood include Georgia Pacific LLC (US), Boise Cascade Company (US), Weyerhaeuser Company Ltd (US), UPM-Kymmene Oyj (Finland), Svezza Forest Ltd (Russia), PotlatchDeltic Corporation (US), Greenply Industries Ltd (India), Century Plyboards India Ltd. (India), Austral Plywoods (Australia), and others.

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Boise Cascade Company is a key player in the plywood market. With its headquarters in Boise, Idaho, Boise Cascade Company is a producer of wood products and wholesaler of construction supplies. There are 60 facilities for the business throughout North America. As per the website, the 38 distribution centers of Boise Cascade Building Materials Distribution provide a wide range of wood goods and building materials manufactured by Boise Cascade Wood Products, including plywood, engineered wood products, and lumber. In North America, the corporation employs about 6,200 people.

Sveza Forest Ltd, SVEZA is a key producer of birch plywood. There are 80 nations where the company's products are sold. They are employed in the building of skyscrapers, Olympic venues, freight trailers and high-speed train production, eco-furniture manufacturing, and fashionable interior design. A total of 1.4 million m3/year of production is made up of 200 varieties of panels that vary in size and thickness.

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