What are the Historical Developments and Current Growth Metrics of the Plywood Market?
The plywood market has seen considerable growth due to a variety of factors.
• In the past few years, the size of the plywood market has experienced robust growth. The projection is for it to expand further, from $127.19 billion in 2024, to reach $135.61 billion in 2025 - an expected compound annual growth rate (CAGR) of 6.6%.
The historic growth surge can be ascribed to factors such as expansion in emerging markets, an increase in the global population, a rise in residential construction activities and beneficial low-interest rates.
What is the Forecasted Market Size and CAGR for the Plywood Market?
The plywood market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the plywood market is anticipated to experience robust growth, reaching a value of $169.8 billion in 2029 with a CAGR of 5.8%.
This growth in the projected period can be credited to several factors such as government support, an upturn in renovation activities, escalating urbanization and a surge in demand for wooden furniture. Noteworthy trends to observe in the forecast period entail progress within technology, innovations in product design, the incorporation of biodegradable chemicals for wood conservation, introduction of waterproof and termite-resistant plywood, creation of plywood with zero-emissions, the prospect of fire-proof plywood, expansion of new plants, as well as partnership and acquisition activities.
What Are The Key Drivers Fueling Growth In The Plywood Market?
The surge in construction undertakings is anticipated to fuel the expansion of the plywood market. Construction, which involves the amalgamation of various components to erect a structure for a particular site, adhering to a meticulously organized design and plan, is significantly reliant on plywood. Plywood is integral in delivering structural stability, flexibility, and economically viable options in construction tasks. To illustrate, the Sunshine Coast Council in Australia, which provides information on its services, initiatives, and community involvement activities, reported in August 2024 that construction building approvals for the region had risen to an all-time high of $2.3 billion, a $100 million increase compared to the 2022-23 period. This signals a monumental peak in construction undertakings. On a broader scale, this progression is indicative of a sturdy demand for building projects in the area. Consequently, the escalating construction activities are further stimulating the expansion of the plywood market.
What Are The Principal Market Segments In The Global Plywood Healthcare Industry?
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
Subsegments:
1) By Softwood: Pine Plywood, Spruce Plywood, Fir Plywood, Cedar Plywood, Larch Plywood
2) By Hardwood: Oak Plywood, Birch Plywood, Maple Plywood, Beech Plywood, Teak Plywood, Cherry Plywood
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Which Emerging Market Trends Are Altering The Plywood Market?
The rise of fire-retardant plywood production is a prominent trend surfacing in the plywood market. Fire-resistant plywood, commonly referred to as FR-grade plywood, undergoes a specific treatment with fire-resistant chemicals during its manufacture. This process confers superior fire-resistance features on the plywood. This type of plywood is primarily used in public spaces where minimizing the risk of fire is crucial. These spaces include large restaurant kitchens that require woodwork, public theatre and hall interiors, and wood components in the compartments of trains. Fire-resistant plywood can also be utilized in residential and commercial settings, car interiors, and other locations where fire risk mitigation is necessary. For instance, Greenply Industries Limited, a company dealing with interior infrastructure based out of India, rolled out a new product titled 'Green Platinum' in July 2022. This product is a fire-resistant plywood with an E-0 compliance rating, offering double the fire resistance and water-resistance than other plywoods in its category. PEN Tech technology is built into the product, providing a protective mesh layer within and on the plywood's surface, resulting in enhanced fire resistance.
Who Are the Key Players in the Plywood Market?
Major companies operating in the plywood market include:
• UPM-Kymmene Oyj
• Boise Cascade Company
• Metsä Group
• West Fraser Timber Co. Ltd
• Weyerhaeuser Company
• 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
What are the Regional Insights into the Plywood Market?
Asia-Pacific was the largest region in the plywood market in 2024. 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.
