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Wood-Based Panels: Innovations Reshaping the Industry in 2024
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According to The Business Research Company's, 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 Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Wood Based Panel Market 2024 Key Insights:
• 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%.
• Wood-Based Panel Market Surges With Construction Activity
• Innovation In Products Is A Key Trend Gaining Popularity In The Wood Based Panel Market
• Asia-Pacific was the largest region in the wood based panels market in 2023
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