The wood-based panel market has experienced substantial growth, increasing from $164.89 billion in 2023 to $177.96 billion in 2024, reflecting a CAGR of 7.9%. This growth is driven by a preference for sustainable construction materials. By 2028, the market is expected to reach $237.46 billion, with a CAGR of 7.5%, bolstered by innovations in manufacturing processes and architectural design trends.
Major Driver In The Wood Based Panel Market
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. The market size of wood-based panels witnessed substantial growth in 2023, and it is anticipated to experience significant expansion in both 2024 and 2028.
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Wood Based Panel Market Competitive Landscape
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
Key Wood Based Panel Market Trend
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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Wood Based Panel Market Segmentation
The wood based panel market covered in this report is segmented –
1) By Product Type: Medium-Density Fiberboard (MDF)/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
By Geography:The regions covered in the wood based panel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the wood based panels market in 2023.
The Wood Based Panel Global Market Report 2024 furnishes information about the global wood based panel market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
