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A15837 | Pages: 283 | Charts: 59 | Tables: 127 |
The global medium density fiberboard (MDF) market size was valued at $53.9 billion in 2021, and is projected to reach $96.5 billion by 2031, growing at a CAGR of 6% from 2022 to 2031. Medium density fiberboard (MDF) market overview includes an engineered wood made by compressing together the uniformly sized wood particulates at high temperature along with resin and wax to bind these particulates. It is widely used in all applications that is applicable for plywood, such as flooring, furniture, cabinets, speaker boxes, wooden temporary construction, and others.
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Rise in global population, increasing urbanization, and rising tourism across the globe have significantly increased the demand for residential and non-residential buildings. This has fueled the use of medium density fiberboard (MDF), as it is majorly used for flooring, door and windows, and in interior designing of the house or buildings. Furthermore, the furniture industry is witnessing a significant surge in demand, largely as a result of rising number of dwellings, and other residential and non-residential buildings. Since a substantial number of furniture is made using medium density fiberboard (MDF) panels, increasing demand for furniture is driving the medium density fiberboard (MDF) market growth. Furthermore, medium density fiberboard (MDF), is also used for manufacturing various other products such as speaker boxes, temporary wooden construction, and shipping boxes. This also plays a substantial role in driving the growth of the medium density fiberboard (MDF) market.
Medium density fiberboard (MDF) offers many advantageous features as compared to plywood. It is more moisture proof, does not bend or crack, has structural stability, and requires little maintenance. In addition, since MDF is an engineered wood, it has a homogenous structure, unlike the wood, which has various surface irregularities, presence of knots, and other issues. Moreover, availability of a wide range of medium density fiberboard (MDF) having varied thickness, durability, and prices, is also driving its demand.
Major medium density fiberboard (MDF) manufacturers such as, Century Plyboards (India) Limited (Century Prowud), Dare Panel Group Co., Ltd., Egger Holzwerkstoffe GmbH, and others offer a wide variety of medium density fiberboard (MDF) to consumers. Moreover, various development strategies are adopted by the medium density fiberboard (MDF) manufacturers to sustain harsh competition in the market. For instance, in September 2020, EGGER Group, expanded its presence in the Lexington, N.C., U.S., for raw particleboard manufacturing and particleboard lamination. This expansion helped the company to enhance its presence in North Carolina, U.S.
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On the basis of product type, the standard MDF segment generated highest revenue in 2021, owing to its wide applications and easy availability. Standard MDF is vastly available in the market, as it is used in many kinds of application such as furniture, cabinets, doors and windows, and others, except the applications and places with possibility of moisture and fire.
The novel coronavirus rapidly spread across various countries and regions, causing an enormous impact on the lives of people and the overall community. It began as a human health condition and later became a significant threat to global trade, economy, and finance. The COVID-19 pandemic halted the production of medium density fiberboard (MDF) due to lockdown. The economic slowdown initially resulted in reduced spending on various applications of medium density fiberboard (MDF) by residential and commercial users. However, owing to the introduction of various vaccines, the severity of the COVID-19 pandemic has significantly reduced. As of mid-2022, the number of COVID-19 cases has diminished significantly. This has led to the reopening of medium density fiberboard (MDF) manufacturing companies at their full-scale capacities. Furthermore, it has been more than two years since the outbreak of this pandemic, and many companies have already shown notable signs of recovery.
Furthermore, rising standards of living and increasing spendings on home remodeling projects, especially in high income countries are also anticipated to positively influence the medium density fiberboard (MDF) market during the forecast period.
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on the basis of end user, the residential segment was the largest segment in 2021, owing to rise in number of buildings, fueled by rising population and urbanization. Gradual increase in population and rise in disposable income of majority population in various developing countries, including India and Brazil, boost the demand for MDF panels for applications in furniture, flooring, and home interior.
The medium density fiberboard (MDF) market is segmented into Product type, Application and End-User. On the basis of product type, the market is categorized into standard MDF, moisture-resistant MDF, and fire-resistant MDF. On the basis of application, the market is segmented into cabinet flooring, furniture, molding, door, and millwork, packaging system, and others. On the basis of end user, it is categorized into residential, commercial, and institutional.
[REGIONGRAPH]
On the basis of region, the medium density fiberboard (MDF) market share is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific dominated the market in 2021, followed by Europe and LAMEA. Moreover, Asia-Pacific is also anticipated to maintain this trend during the forecast period. This is attributed to increase in building construction activities and increasing demand for furniture.
Key companies profiled in the medium density fiberboard (MDF) market report include Arauco and Constitution Pulp Inc., Century Plyboards (India) Limited (Century Prowud), Dare Panel Group Co., Ltd., Egger Holzwerkstoffe GmbH, Greenpanel Industries Limited, Kastamonu Entegre, Korosten MDF manufacture, Kronospan Limited, Uniboard Canada Inc., and West Fraser Timber Co. Ltd.
Key Market Segments
Key Market Players