Plywood Market Key Drivers, Size, Trends, Growth, Outlook 2024-2033

"The Business Research Company recently released a comprehensive report on the Global Plywood Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The plywood market size has grown strongly in recent years. It will grow from $121.13 billion in 2023 to $128.83 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to emerging markets growth, a growth in world population, a growth in residential construction activity and the low interest rates.

The plywood market size is expected to see strong growth in the next few years. It will grow to $162.46 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to the government support, the rising renovation activities, the rising urbanization and an increasing demand for wooden furniture. Major trends in the forecast period include technological advancements, product innovations, use of biodegradable chemicals for wood preservation, development of termite-free and waterproof plywood, development of zero-emission plywood, development of fire-resistant plywood, new plant expansions and collaborations and acquisitions.

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Market Drivers and Trends:

Increasing construction activities is expected to propel the growth of the plywood market going forward. Construction refers to an activity of putting together various elements to create a structure for a specific location, using a detailed design and plan. Plywood plays a crucial role in construction activities, offering structural support, versatility, and cost-effective solutions. For instance, in June 2021, according to the Stats NZ Tatauranga Aotearoa, a New Zealand-based government data agency, building activities increased by 3.7 percent in March 2021. Further, in 2021, residential activities rose 4.3 percent compared to 2020. Additionally, according to the US Census Bureau, 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 percent. Therefore, the increasing construction activities are driving the growth of the plywood market

Fire-resistant plywood development is a key trend gaining popularity in the plywood market. Fireproof plywood is a type of plywood that is treated with special fire-retardant chemicals in the manufacturing process, thus making it excellent in fire resistance. This is also known as FR-grade plywood. The implementation of these types of plywood is predominantly done in public places, where the risk of fire has to be reduced such as in the making of woodwork for the kitchens of large restaurants, or for the interior woodwork done in public theatres and halls, and the wood used in the railway compartments of our trains. It can also be used in homes and offices, for car interiors, and any other such places where the risk and spread of the fire have to be reduced. For instance, in July 2022, Greenply Industries Limited, an India-based interior infrastructure company launched its new product named 'Green Platinum'. It is a fire-resistant plywood with E-0 compliance, which is twice as effective in fire-resistance and waterproof properties as other available plywood in its range. The product comes with PEN Tech technology which adds a protective mesh between the layers as well as on the surface of the plywood, rendering it two times more fire resistant.

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Major Key Players of the Market:

BP PLC, Saudi Arabian Oil Co., Phillips 66 Company, Reliance Industries Limited, Valero Energy Corporation, Indian Oil Corporation Ltd., PJSC Luke Oil, Chevron Corporation, Marathon Petroleum Corporation, HPCL - Mittal Energy Limited, Bharat Petroleum Corporation Ltd (BPCL), GAIL India Ltd, Hindustan Petroleum Corporation Ltd (HPCL), Indian Oil Corporation Ltd, Linde India Ltd, Oil and Natural Gas Corporation Ltd (ONGC), Reliance Industries Ltd, China National Petroleum Corporation, China National Offshore Oil Corporation, Vasundhra Enterprises, Psk Kirzinskii, Monolit, Esproenko LLC, Servistransneftegaz, M/S Ram Janam Singh & Company, Amw Trade, Keshav Traders, S V Ispat Private Limited, Haibo Lupu Business Consulting Co Ltd, Sinopec, BPA British Pipelines Agency, CLH Compañía Logística de Hidrocarburos, GPSS Government Pipelines and Storage System, LCC Lissan Coal Company, OPA Oil and Pipelines Agency, ExxonMobil, Valero, Chevron, British Petroleum, PBF Energy, Phillips 66, Lukoil-Zapadnaya Sibir, Novatek-Yurkharovneftegaz, Oil Tekhnolodzhis, Gazprom Pererabotka, SAE Manufacturing Specialties Corp, WD Energy Group, Atmos Technologies, Carbon Graphite Materials Inc, ReGo Trading Inc, Anker Industries, River Materials Inc, Rain Carbon Inc, Saint Jean Carbon, Shamokin Filler Co Inc, Rain CII Carbon, LA Ash Inc, Carbograf, Asbury Carbons, ConocoPhillips, Unimetal Industria Comercio E Empreendimentos Ltda, Oxbow Brasil Energia Industries, Petrocoque: Indústria Petroquímica, Green Light Agenciamentos De, Shurooq Al Shams International Fzco, World Metal Alloys Fzc, Petroleum Coke, Rawa Chemicals, Fahad International Trade Company, Tajanos Group, Production Plus Co, Durrans RMS, MOL Group

Plywood Market 2024 Key Insights:

• The plywood market size is expected to see strong growth in the next few years. It will grow to $162.46 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Surging Construction Activities Fuel Robust Growth In The Plywood Market
• Rising Demand For Fire-Resistant Plywood In Diverse Applications
• Asia-Pacific was the largest region in the plywood market in 2023

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