Wood-Based Panel Market Research: 2031
The Gobal Wood-Based Panel Market size was valued at $190.9 billion in 2021, and is projected to reach $354.9 billion by 2031, growing at a CAGR of 6.4% from 2022 to 2031. Wood-based panel products are flat, curved, sheets made from wood-based materials that are bonded together with an adhesive. Panels are typically made of veneer, strands, particles or fibers and bonded with a synthetic or other adhesive cured using heat and pressure.
The increase in the demand for wood-based panels due to an increase in the number of investments in the construction of new commercial space worldwide drives the demand for the wood-based panel market. In addition, wood-based panels are cost effective and eco-friendly alternative to cement products increase in use of wood-based panels as substitution for building materials. Moreover, wood-based panels emit less harmful bi-products while manufacturing, as compared to emission-intensive materials, such as concrete, steel, or aluminum. In addition, a rise in government spending on residential and commercial buildings development is expected to boost the wood-based panel market growth.
Moreover, escalation in industrialization and urbanization in economies, which include India and China, is expected to cater to the development of the wood-based panel market. Furthermore, the surge in consumer expenditure on home renovation and enhancement activities and improvement in new construction activities are expected to provide remunerative growth opportunities for the market players. However, fluctuating prices of raw materials are anticipated to restrain the market.
Major players have adopted various strategies, such as product launch, acquisition, and business expansion to sustain the competition and improve the product portfolio. For instance, in March 2022, Kronospan Limited expanded its business by opening its newest design center in Sofia, Bulgaria, which is located on an area of over 300 sq. m. and in this design center, it architects, designs, and manufactures different products including a range of decorative boards that is used in the furniture and interior design industries, also the wood-based products used in the building and construction industries.
The wood-based panel market is segmented into Product Type, Application, End User, and region. On the basis of product type, the market is divided into particleboards, plywood, medium-density fiberboard, oriented strand board and others. On the basis of application, the market is divided into construction, furniture, packaging, and others. On the basis of end-user, the market is divided into residential, and non-residential. Region-wise, the global market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (UK, France, Germany, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
The wood-based panels market is segmented on the basis of product type into particleboards, plywood, medium density fiberboard, oriented strand boards and others. The Particleboards segment generated the highest revenue in 2021, due to increasing demand for the furniture in various residential and commercial areas such as office spaces is driving the wood-based panels market.
On the basis of region, Asia-Pacific registered the highest share of the global wood-based panel market share in 2021, owing to increased investment in tourism by private as well as public sector, which has also led to increased construction activities, thereby; creating demand for wood-based panels. Furthermore, the majority of countries in the region are spending on the construction sector for the growth of their economies.
The wood-based panels market is segmented on the basis of Application into construction, Furniture, packaging, and others. In 2021, the furniture segment accounted for the major share of the total wood-based panels market owing to increase in trend for luxury wooden furniture in home and office interior designs offers potential growth opportunities for wood-based panels industry expansion and is expected to see significant growth.
The wood-based panels market is divided on the basis of end-user into residential and non-residential. The residential segment leads the wood-based panels market due to rural-to-urban immigration, which has led to growth of the market for the new construction sector, which, in turn, propels the growth in wood-based panels market.
The novel coronavirus (COVID-19) rapidly spread across various countries and regions in 2019, causing an enormous impact on lives of people and the overall community. It began as a human health condition and has now become a significant threat to global trade, economy, and finance. The COVID-19 pandemic halted production of many products in the wood-based panels market, owing to lockdowns. Furthermore, the number of COVID-19 cases is expected to reduce in the future with the introduction of the vaccine for COVID-19 in the market. This has led to the reopening of wood-based panels companies at their full-scale capacities. This is expected to help the market recover by the end of 2022. After COVID-19 infection cases begin to decline, wood-based panels producers must focus on protecting their staff, operations, and supply networks to respond to urgent emergencies and establish new methods of working.
The key players that operate in the wood-based panels market are Dare Panel Group, Century Plyboards Limited, Egger Group, Evergreen Fibreboard Berhad Georgia Pacific Wood Products LLC, Kronoplus Limited, Louisiana-Pacific Corporation, Sonae Arauco, West Fraser, and Weyerhaeuser Company.
KEY BENEFITS FOR STAKEHOLDERS
The report provides an extensive analysis of the current and emerging global wood-based panel market trends and dynamics.
In-depth market global wood-based panel market analysis is conducted by constructing market estimations for key market segments between 2022 and 2031.
Extensive analysis of wood-based panel market outlook is conducted by following key product positioning and monitoring of top competitors within the market framework.
A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
wood-based panel market forecast analysis from 2022 to 2031 is included in the report.
The key players within the wood-based panel market overview are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of wood-based panel Industry.
Wood-Based Panel Market Report Highlights
Market Size By 2031
USD 354.9 billion
CAGR of 6.4%
2021 - 2031
By Product Type
By End User
Key Market Players
Sonae Arauco, Kronospan Limited, Century Plyboards (India) Limited (Century Prowud), West Fraser Timber Co., Ltd., Georgia Pacific LLC, Evergreen Fibreboard Berhad, Weyerhaeuser Company, Dare Panel Group Co., Ltd., Louisiana-Pacific Corporation, Egger Holzwerkstoffe GmbH
The wood-based panels market has observed huge demand in North America, Asia-Pacific, and Europe. Asia-Pacific registered the highest share of the global wood-based panels market share in 2021, owing to strong economic growth, rapid urbanization, and presence of large population base significantly contribute toward the growth of the wood-based panels market in Asia-Pacific. Furthermore, the majority of the countries in the region are spending on construction sector for the growth of their economies. The particleboards segment generated the highest revenue in 2021, due to increasing demand for furniture in various residential and commercial areas such as office spaces.
According to the Engineered Wood Association, new home construction is the primary end user for the wood-based panels. Rise in adoption of wood-based panels in residential and non-residential construction fuels growth of the global wood-based panels market. Rise in need for wood-based panels in various industry verticals such as construction, furniture, packaging, flooring, and decorative propels demand for wood-based panels.
Various market players have adopted strategies such as business expansion and acquisition to expand their business and strengthen their market position. For instance, in June 2022, Sonae Arauco is officially inaugurating a particleboard line at the Beeskow plant in Brandenburg, Germany. According to the company, the investment in the new line amounts to over €50 million and is part of the Beeskow 50+ project, which refers to both the investment and the site’s more than 50 years of existence. As a result, such strategic moves are expected to provide lucrative growth opportunities in the global wood-based panels market.