Press release
Wood Based Panel Industry Outlook 2025-2029: Market Set to Cross $255.9 Billion Milestone
Wood Based Panel Market
How Large Will the Wood Based Panel Market Size By 2025?
The wood based panel market has recorded strong expansion in recent years. It will grow from $176.85 billion in 2024 to $188.17 billion in 2025, achieving a CAGR of 6.4%.
How Big Is the Wood Based Panel Market Size Expected to Grow by 2029?
In the coming years, the market for wood based panels is anticipated to experience a significant increase in size. By 2029, it is predicted to reach a value of $255.9 billion with a compound annual growth rate (CAGR) of 8.0%. This anticipated growth is attributed to the increase in demand for environmentally-friendly construction, advancements in manufacturing techniques, the rising popularity of engineered wood products, architectural design trends, and a resurgence in interest in wood construction. Key trends for this period include the integration of digitization and Industry 4.0, sustainability in sourcing and certification, the development of innovative materials and products, efforts towards energy efficiency and reducing carbon footprints, and market expansion in the construction and furniture sectors.
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Which Key Market Drivers Powering Wood Based Panel Market Expansion and Growth?
The wood-based panel market is predicted to be propelled by heightened activities in the construction and building sector. Construction typically involves the procedure of assembling or erecting a structure utilizing different materials and methods intended for both commercial and residential uses. Wood-based panels are commonly employed in the construction of both residential and commercial structures for wall sheathing, insulation, roofing, and flooring. For instance, the United States Census Bureau reported in October 2023 that the number of privately-owned housing units authorized by building permits shot up to 1,524,000 on a seasonally adjusted annual basis in February, marking a 13.8% rise over the corrected January rate of 1,339,000. Consequently, the escalation in construction and building activities is spurring growth in the wood-based panel market.
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Which Fast-Growing Trends Are Poised to Disrupt the Wood Based Panel Market?
Leading businesses in the market are creating new products to maintain their market standing. For example, in 2022, Garnica Plywood, a plywood producer from Spain, unveiled Fireshield Plywood, an innovative fire-resistant plywood. What sets this product apart is its certification from all required tests like the CE1 structural certification test and its superior performance rating ASTM-E-84 B-s1-dO.
What Are the Emerging Segments in the Wood Based Panel Market?
The wood based panel market covered in this report is segmented -
1) By Product Type: Medium-Density Fiberboard (MDF) Or 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
Subsegments:
1) By Medium-Density Fiberboard (MDF) Or High-Density Fiberboard (HDF): Standard MDF, Moisture-Resistant MDF, Fire-Retardant MDF, HDF
2) By Oriented Strand Board (OSB): Standard OSB, Load-Bearing OSB, Specialty OSB
3) By Particleboard: Standard Particleboard, Moisture-Resistant Particleboard, Flame-Retardant Particleboard
4) By Hardboard: Standard Hardboard, Tempered Hardboard
5) By Plywood: Softwood Plywood, Hardwood Plywood, Marine Plywood, Structural Plywood
6) By Other Product Types: Laminated Veneer Lumber (LVL), Glued Laminated Timber (Glulam), Engineered Wood Products
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Who Are the Global Leaders in the Wood Based Panel Market?
Major companies operating in the wood based panel market include 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., 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
Which are the Top Profitable Regional Markets for the Wood Based Panel Industry?
Asia-Pacific was the largest region in the wood based panels market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global wood based panel market during the forecast period. The regions covered in the wood based panel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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