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MDF And Chipboard Market Size, Growth Drivers, Trends And Analysis 2024-2033
MDF And Chipboard Market Size
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According to The Business Research Company's, The MDF and chipboard market size has grown strongly in recent years. It will grow from $64.23 billion in 2023 to $69.03 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to the availability of application-specific panels, demand for residential and non-residential structures, an increase in demand for furniture in the furniture sector, population growth, and rising urbanization.
The MDF and chipboard market size is expected to see strong growth in the next few years. It will grow to $93.17 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to rising product consumption in construction, increasing residential development, a rise in global tourism, an increasing number of single-family houses, and rising construction-related activities. Major trends in the forecast period include technological innovations, investments and partnerships, superior adhesion techniques with low- emissions, and product innovations.
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Market Drivers and Trends:
The increase in construction-related activities is expected to propel the growth of the MDF and chipboard market going forward. Construction activities encompass the diverse tasks and processes involved in building structures, such as buildings, infrastructure, and other forms. The increase in construction-related activities can be attributed to boosting local economic activity, developing critical infrastructure, meeting changing demand, and structural changes and technological advancements. MDF and chipboard are used in construction for their adaptability and cost-effectiveness, allowing for a wide range of applications in both residential and commercial building projects. For instance, in December 2021, according to the United States Census Bureau, a US-based government agency, the value of construction activities increased from $1,626.4 billion in 2021 to $1,792.9 billion in 2022, with a growth rate of 10.2%. Therefore, the increase in construction-related activities is driving the growth of the MDF and chipboard market.
Major companies operating in the MDF and Chipboard market are focused on developing innovative products such as melamine-laminated MDF and particleboard products to meet increasing demands for durable, aesthetically pleasing, and easy-to-maintain furniture and interior decor solutions. Melamine-laminated MDF and particleboard are engineered wood products that involve bonding a layer of melamine resin to the surface through a thermal fusion. For instance, in March 2024, HANDAN RISUN TRADING CO., LTD, an Afghanistan-based company that manufactures MDF And Chipboards, launched Melamine-laminated MDF and particleboard products. They include specialized variants such as flame retardant, anti-pest, and anti-fungal options. These products are typically composed of wood or plant fibers combined with synthetic resins, manufactured under rigorous quality control measures to guarantee stability and long-lasting durability.
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Major Key Players of the Market:
Wanhua Ecoboard Co. Ltd., Georgia-Pacific LLC, Egger Group, Kronospan LLC, Weyerhaeuser, Roseburg Forest Products, Sonae Arauco, Swiss Krono Group, Dongwha Group, Yildiz Entegre, Pfleiderer, Eucatex S.A., MASISA, Greenply Industries Ltd, Uniboard Canada Inc., Kastamonu Entegre, Tafisa Canada Inc., Finsa, Arauco North America, Metro-Ply Group, CLEAF S.P.A., Duratex SA, Langboard Inc, Panel Plus Co. Ltd., Saviola Holding srl
MDF And Chipboard Market 2024 Key Insights:
• The MDF and chipboard market size is expected to see strong growth in the next few years. It will grow to $93.17 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%.
• Surge In Construction Activities To Drive Growth Of MDF And Chipboard Market
• Melamine-Laminated MDF And Particleboard Innovations Driving Sustainability And Performance In Furniture Manufacturing
• Asia Pacific was the largest region in the MDF and chipboard market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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