According to a new market study by Future Market Insights (FMI), the global plywood market is forecasted to witness substantial growth in terms of value between 2018 and 2028.
Ever-growing adoption in the construction & flooring applications owing to its ability to offer mechanical strength while lowering the weight of the structure is expected to remain the primary growth attribute. Furthemore, owing to its resistance against water, weather fluctuations, and better insulation, plywood wood finds usage in applications that require resistance to harsh physical conditions.
Along similar lines, growing focus on infrastructural developments in office spaces is a crucial factor driving the demand for plywood. Likewise, rising spending on interior designing, home decor and aesthetic furnishing, in the residential sector is expected to proliferate adoption of plywood in the furniture industry. Attributed to the rising standards of living worldwide, the adoption of plywood in the residential sector will remain high.
Moreover, backed by its lightweight properties, plywood is finding significant usage in the production of ready-made and easy-to-install furniture, which will continue to drive the market growth in the years to come.
“Manufacturers are focusing on establishing a backward integrated supply chain and are procuring possessing licenses to maintain and cultivate forest lands to produce plywood and other wood-based panel products in bulk quantities” opines FMI analyst.
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Plywood Market – Key Takeaways
- The global plywood market was valued at US$ 64.5 Bn in 2018 and is forecasted to surge past a valuation of US$ 115 Bn by the end of 2028 while progressing at a CAGR of 6.0%.
- Based on thickness, plywood with thickness greater than 18mm is expected to remain the most sought-out type owing to high preference in load bearing applications due to higher strength.
- The adoption of plywood with thickness 8mm–18mm is expected to remain steady in furniture manufacturing applications.
- The structural grade and MR grade are forecasted to cumulatively account for majority of the overall market share.
Plywood Market – Key Trends
- Growing usage of plywood as a substrate in inkjet printing applications has emerged as a lucrative trend driving the market growth.
- Rising prominence of social media platforms, e-commerce, and search engines is reshaping the growth strategies of market players, with small and medium scale players prioritizing the expansion of their online presence.
Plywood Market – Regional Analysis
- Asia Pacific, which accounts for over 35% of global furniture production, is forecasted to maintain hegemony over the regional landscape, with China forefronting the region.
- The region’s dominance is also attributed to rapidly developing infrastructural activities and infrastructural investments by public and private organizations.
- North America will remain a prominent region in the forthcoming years owing to remarkable applications in commercial applications.
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Plywood Market – Competitive Landscape
Some of the major players operating in the market include Weyerhaeuser Company, Boise Cascade Company, Century Plyboards (India) Ltd, Greenply Industries Limited, Georgia-Pacific, LLC, Uniply Industries Ltd, Jaya Tiasa Holdings Berhad, UPM-Kymmene Oyj, Subur Tiasa Holdings Berhad and Sveza-Les LLC, among others. Market players are focusing on developing affordable products to cater to a wide consumer demographic.