The global wood-based panel market is experiencing significant growth and anticipated to grow considerably in a few years. A wood-based panel is a general term for a variety of different board products, which have an impressive range of engineering properties. Wood-based panels are primarily used in construction, packaging, and shipping. The increase in the demand for wood-based panel due to the increasing number of investments in the construction of new commercial space worldwide drives the demand for the global wood-based panel market during the forecast period. However, emission of gases and dust during the manufacturing process may restrain the market.

Market Scope and Structure Analysis

Wood-based panels are flat, partially curved panels made of engineered wood that are bonded together with an adhesive. The wood-based panel market is segmented into product type, application, and region. By product type, the market is segmented into medium density fiberboard/high density fiberboard, OSB board, particle board, soft-board, plywood, and other product types.

COVID-19 IMPACT ANALYSIS

• The coronavirus has affected the import and export of construction materials. China is the largest exporter of construction materials globally. Negative trends in the Chinese economy are anticipated to reduce the global import and export of goods throughout the globe.
• Travel prohibitions around the globe have affected the trade of construction materials. Thus, the supply and demand for construction materials are almost halted throughout the globe.
• Construction material manufacturing companies located in China, are the major sufferers from the virus outbreak, owing to lockdown and unavailability of logistics in the region.
• The major hindrance for the global construction materials market comes from the orders of home quarantine by respective governments, which has led to the discontinuing of production of construction materials.
• Decreased consumer demand and consumption has led to reduction and slowdown of sales of construction materials all over the globe over the course of the current economic year.
• Therefore, the wood-based panel market was negatively affected in 2020.

Top Impacting Factors

Increase in application in the manufacture of cladding, flooring, and decking as well as windows and doors in the construction sector is expected to impact the market growth. In addition, increase in demand for furniture such as cabinets, shelves, cupboards, and desks is expected to drive the market. Engineered wood is used in the packaging industry to make boxes, containers, and cases for shipping and logistics. Wood-based panels are vital to the construction industry as they provide structural durability to roofs and beams, doors, and stairs.

Market Trend

• South America is expected to drive the use of engineered wood and minimize infrastructure failures. The factors driving the building and construction industry are the ever-increasing population, and urbanization and rising purchasing power. These factors will boost the market.
• The emerging trend of renovation and remodeling of existing residential and commercial spaces are the factors driving the growth of the market. Moreover, rise in demand for furniture such as cabinets, shelves, cupboards, and desks is anticipated to drive the growth of the market.

Key Benefits Of The Report

• This study presents the analytical depiction of the wood-based panel market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities, along with a detailed analysis of the wood-based panel market.
• The current market is quantitatively analyzed from 2021 to 2030 to highlight the wood-based panel market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers and suppliers in the market.
• The report provides a detailed analysis of the wood-based panel market based on competitive intensity and how the competition will take shape in coming years.

 Key Market Segments