Global Plywood Market Size 2024, Forecast To 2033
11 Mar, 2024
The plywood market has witnessed substantial growth, expanding from $121.13 billion in 2023 to $128.83 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.4%. The growth during the historic period is attributed to the expansion of emerging markets, a rise in the world population, increased residential construction activity, and the presence of low-interest rates. Moving into the future, the market is anticipated to continue its robust growth, reaching $162.46 billion by 2028, maintaining a CAGR of 6.0%. This growth is linked to factors such as government support, an increase in renovation activities, rising urbanization, and a growing demand for wooden furniture. Key trends in the forecast period encompass technological advancements, product innovations, the use of biodegradable chemicals for wood preservation, the development of termite-free and waterproof plywood, the creation of zero-emission plywood, the production of fire-resistant plywood, new plant expansions, and collaborations and acquisitions.
Global Plywood Market Key Driver
The anticipated surge in construction activities is set to drive the growth of the plywood market. Plywood, playing a crucial role in construction for its structural support, versatility, and cost-effectiveness, is witnessing increased demand. According to Stats NZ Tatauranga Aotearoa, building activities in New Zealand rose by 3.7% in March 2021, with a 4.3% increase in residential activities in 2021 compared to 2020. The US Census Bureau reports a significant growth rate of 10.2%, with the value of construction activities increasing from $1,626.4 billion in 2021 to $1,792.9 billion in 2022. The market sizes for 2023, 2024, and 2028 are expected to align with this upward trend driven by escalating construction activities.
Get A Free Sample Of The Global Plywood Market ReportGlobal Plywood Market Segments
The plywood market covered in this report is segmented –
1) By Type: Softwood, Hardwood
2) By Application: Furniture, Building And Construction, Transportation, Packaging, Other Applications
3) By End-User: Residential, Commercial
By Geography:The regions covered in the plywood market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Asia-Pacific was the largest region in the plywood market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the plywood market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Plywood Industry Players
UPM-Kymmene Oyj, Boise Cascade Company, Metsä Group, West Fraser Timber Co. Ltd, Weyerhaeuser Company,Potlatch Deltic Corporation, Georgia-Pacific, LLC, Greenply Industries Limited, Sveza-Les LLC, Austal Plywoods Private Limited, Century Plyboards India Ltd, Kitply, Sarda Plywood, National Plywood, Kamdhenu Plywood, Oriental Veneer Products Ltd, Luli Group, Yingang Wood Based Panel Co Ltd, CNSIC, Shandong Xingang Group, Xinle Plywood Group, Jiangsu Shengyang Industrial Joint Stock Co Ltd, Specialized Panel Products Ltd, Ply-Tek, Caledonian Plywood Company, Holdex Plywood Ltd, Stonebridge UK Ltd, Sydenhams Plywood & Panel Products, Viking Plywood & Timber Ltd, Timb Ply Ltd, Stora Enso, Russia Forest Products, Wotan Forest a.s, UNILES Inc, Segezha Group, KPPD-Szczecinek SA, Ilim Timber LLC, West Fraser Allendale, Canfor Corporation, Hancock Timber Resource Group, RSH Forest Products, PotlatchDeltic Corporation, Sierra Pacific, Berneck, Araupel, Linea Parana Madeiras Ltda, Imaribo, Middle East Wood, Mazi Orman Urunleri Ltd, Dastas Demircioglu Agac AS, Daco Parquet Factory AS, Gabon Veneer, Merensky, Miro Forestry, Timber Products, United Forest Products, Afeefa Overseas Sarl Gabon, Okoume Face Veneer, Brick Plyboards, Boschetto Timbers
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Plywood Market Overview
Plywood refers to a type of wooden product in which thin layers of wood are bonded and pressed together to create a construction material due to its high structural strength and flexibility. It also works better against moisture, and the grains of the wood are often at right angles to one another. Plywood is widely used in interior design and furniture work. Apart from being economical and durable, it is also a more eco-friendly option than normal wood.
Plywood Global Market Report 2023 provides data on the global plywood market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The plywood market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.