What Is The Current and Historic Market Size Analysis Of Wood Based Panel Market?
The wood based panel market has seen considerable growth due to a variety of factors.
• In recent years, the size of the wood-based panel market has seen significant expansion. It is projected to expand from $176.85 billion in 2024 to $190.52 billion in 2025, boasting a compound annual growth rate (CAGR) of 7.7%.
Factors contributing to this surge during the historical period include traditional construction methods, the utilization of renewable resources, versatility in applications, urbanization, a construction boom, and a fondness for natural aesthetics.
What are the Forecasted Growth and Key Factors of the Wood Based Panel Market?
The wood based panel market is expected to maintain its strong growth trajectory in upcoming years.
• In the forthcoming years, the market size of wood-based panels is anticipated to witness significant growth, expanding to $261.55 billion in 2029, with an 8.2% compound annual growth rate (CAGR). The surge during the forecasted period is credited to the increasing demand for eco-friendly construction, advancements in manufacturing techniques, escalated interest in engineered wood products, architectural design evolution, and a resurgence of enthusiasm in wood construction. Key developments predicted for the period include the incorporation of digitalization and industry 4.0, sustainable procurement and certification, the introduction of innovative materials and products, enhanced energy efficiency, reduction in carbon footprint, and market expansion in the construction and furniture sectors.
What Are The Primary Growth Drivers In The Wood Based Panel Market?
The surge in construction and building operations is anticipated to propel the wood-based panel market. The term construction encompasses the act of creating or putting together something, typically a structure, using a variety of materials and methodologies for commercial and residential applications. Wood-based panels have found extensive use in the construction of commercial and residential buildings, serving various purposes such as wall sheathing, insulation, roofing, and flooring. For example, in October 2023, the U.S. Census Bureau, a central agency for the U.S. federal statistical system, provided statistics that exhibited the approval of 1,524,000 privately owned housing units by construction permits in February on an adjusted seasonal annual basis. This reflected a 13.8% rise compared to the corrected rate of 1,339,000 in January. Consequently, the boost in construction and building activities is steering the expansion of the wood-based panel market.
How Is the Wood Based Panel Market segmented?
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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What New Trends Are Influencing the Wood Based Panel Market?
In order to maintain their standing in the market, key players are launching novel products. Garnica Plywood, a plywood manufacturing company based in Spain, is an example of this, having released a fire-resistant product called Fireshield Plywood in 2022. What sets this product apart is its pass in all required evaluations like the CE1 structural certification test, as well as achieving the top performance rating of ASTM-E-84 B-s1-dO.
Who Are the Key Players 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
What Is The Most Dominant Region In The Wood Based Panel Market?
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.
