Plywood Market Size, Share, Growth & Industry Trends | 2031
Plywood Market Size, Share, Growth & Industry Trends | 2031
Segments - Plywood Market by Type (Softwood and Hardwood), Grade (MR Grade, Fire-Resistant Grade, Structural Grade, BWR Grade, and BWP Grade), Size (3x6 Feet, 4x6 Feet, 4x8 Feet, 4x10 Feet, and Others), Thickness (Less Than 8mm, 8 Mm to 18 mm, and More Than 18 mm), Application (Flooring, Furniture, Automotive Interior, Marine, Packaging, and Others), Use (New Construction and Rehabilitation), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :CM-5165
| 4.2 Rating
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| 188 Pages
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Report Description
The global plywood market size was USD 84 Bn in 2022 and is likely to surpass USD 154 Bn by 2031, expanding at a CAGR of 6.5 % during the forecast period, 2023–2031. Numerous beneficial qualities of plywood and the rising usage of furniture are expected to boost the market.
Plywood is used in construction materials as it offers excellent strength, safety, and durability. Plywood is an engineered wood product, which is synthesized by piling up thin layers of wood veneers. It is a combination of piles or fine layers of wood that are glued together with strong adhesive or combined with urea-formaldehyde resin or phenol. It is a sheet of wood manufactured in a factory with specific measurements and dimensions.
A thin outer layer of material consisting of plastic, resin-saturated paper, fabric, or plastic phenolic resins (formica) that are attached to the face and lower back veneers to improve the sturdiness and provide high binding of paint. Plywood is a cost-effective and durable material. Thus, it is widely used in interior layouts of office and home furniture.
Woods of maple, pine, mahogany, cedar, oak, and spruce trees or a combination of these woods are used to manufacture different types of plywood. It offers flexibility, reusability, easy installation, and resistance to chemicals, moisture, fire, and other physical environments. Moreover, it is crack resistant. The properties of plywood depend on the type of wood being used, the number of plies it consists of, and the quality standards it passes.
The COVID-19 pandemic slowed down the overall revenue of the plywood market, due to the sharp decline in demand and reduction in the manufacturing of furniture. As a part of preventive measures, governments across countries imposed an emergency lockdown and restrictions on import and export activities to curb the virus spread. However, the irregular supply of raw materials such as wood, chemicals, and glue forced manufacturers to either delay their production plans or reschedule their existing projects, which disrupted the overall supply chain of the market.
Plywood Market Dynamics
Major Drivers
Increasing sales of flat-pack furniture, also known as ready-to-assemble furniture is projected to drive the market in the coming years. This furniture is made up of medium-density fiberboard (MDF) and particle board. In developing countries, numerous industrial & infrastructural development activities are taking place, which is likely to boost the market.
Rising disposable income of consumers is anticipated to increase demand for the customization of plywood in terms of designs, color, and textures. In addition, the growing requirement to increase the production of plywood, due to the increasing demand for sustainable and green building materials is further likely to propel the market.
Existing Restraints
The availability of other sustainable alternatives is expected to restrain the growth of the market. Various low-cost goods are utilized to replace plywood. Moreover, excessive cutting of trees for wood results in deforestation, which affects the environment. These factors are projected to restrain the market during the forecast period.
Emerging Opportunities
Rising investments to increase the properties and durability of plywood for recycling and reuse are expected to create lucrative opportunities in the market. Plywood is flexible and chemical & fire resistant. Thus, it is widely used in manufacturing boat cabinetry, floors, and wall for enhanced safety regulations. The increasing trend of interior designing and the rising adoption of creative furniture in homes, offices, and institutions are further anticipated to fuel the market.
Scope of Plywood Market Report
The report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Plywood Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Type (Softwood and Hardwood), Grade (MR Grade, Fire-Resistant Grade, Structural Grade, BWR Grade, and BWP Grade), Size (3x6 Feet, 4x6 Feet, 4x8 Feet, 4x10 Feet, and Others), Thickness (Less Than 8mm, 8 mm to 18 mm, and More Than 18 mm), Application (Flooring, Furniture, Automotive Interior, Marine, Packaging, and Others), and Use (New Construction and Rehabilitation) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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Key Players Covered in the Report |
West Fraser; UPM; Boise Cascade; Subur Tiasa Holdings Berhad; Metsä Group; PotlatchDeltic Corporation; Georgia-Pacific; Timber Products Company; BlueLinx; and Eksons Corporation Berhad |
Plywood Market Segment Insights
Based on type, the plywood market is bifurcated into softwood and hardwood. The hardwood segment is expected to expand at a considerable CAGR during the projection period, as they are heavy, thick, and durable. It is mainly used in flooring, paneling, cabinets, and outdoor decking. They have a complicated, rigid, and strong structure as compared to softwood. Growing demand for durable furniture is likely to boost the segment.
The softwood segment is anticipated to expand at a significant growth rate during the forecast period, due to its cost-effectiveness, sustainability, and wide availability. Softwood is easy to produce and is mostly used in making furniture and woodwork. Furthermore, softwood is easier to work with and is environmentally friendly, which further drives the segment.
On the basis of grade, the global market is segregated into MR grade, fire-resistant grade, structural grade, BWR grade, and BWP grade. The MR grade segment is projected to register a robust growth rate during the assessment period, as it is the most commonly used plywood in the construction industry, which is suitable for indoor applications. Kitchen roofs, doors, file cabinets, and wardrobes are some of the indoor applications. Moreover, MR grade has good internal strength.
Based on size, the plywood market is categorized into 3x6 feet, 4x6 feet, 4x8 feet, 4x10 feet, and others. The 4x8 feet segment is expected to expand at a significant growth rate during the projection period, due to its multifunctionality. 4x8 feet plywood is used in applications such as exterior and interior wall sheathing. It is also used for flooring, roofing, and in the construction of cabinets.
On the basis of thickness, the market is fragmented into less than 8mm, 8 mm to 18 mm, and more than 18 mm. The more than 18 mm segment is projected to register a considerable CAGR in the coming years, as it is more durable in nature compared to others. This plywood is stronger than natural wood, which enhanced uniform strength. It is lighter in weight than solid wood. Thus, it is used in making furniture, which further drives the segment.
In terms of application, the plywood market is segmented into flooring, furniture, automotive interior, marine, packaging, and others. The furniture segment is expected to register a robust growth rate during the forecast period, due to the rising adoption of high-quality premium furniture products.
The majority of furniture used by consumers including sofas, doors, and vanities are made of plywood. The segment growth is further attributed to the rising demand for home furniture, owing to the increasing consumers’ disposable income.
Based on use, the global market is segregated into new construction and rehabilitation. The new construction segment is anticipated to hold a key share of the market during the projection period, due to the rising number of construction projects in various sectors such as healthcare, commercial building, offices, logistics, and educational institutes.
Plywood is lightweight, moisture-resistant, and dimensionally strong. Thus, it is used in the production of furniture in new construction projects, which further boosts the segment.
In terms of region, the global plywood market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the projection period, owing to the increasing demand for plywood in construction activities and rising renovation activities in developing countries.
Increasing infrastructure development and rapid industrialization are likely to propel the market in the region. Furthermore, the presence of key manufacturers in the region and rapid urbanization is further driving the regional market.
Segments
The plywood market has been segmented on the basis of
Type
- Softwood
- Hardwood
Grade
- MR Grade
- Fire-Resistant Grade
- Structural Grade
- BWR Grade, and BWP Grade
Size
- 3x6 Feet
- 4x6 Feet
- 4x8 Feet
- 4x10 Feet
- Others
Thickness
- Less Than 8mm
- 8 mm to 18 mm
- More Than 18 mm
Application
- Flooring
- Furniture
- Automotive Interior
- Marine
- Packaging
- Others
Use
- New Construction
- Rehabilitation
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- West Fraser
- UPM
- Boise Cascade
- Subur Tiasa Holdings Berhad
- Metsä Group
- PotlatchDeltic Corporation
- Georgia-Pacific
- Timber Products Company
- BlueLinx
- Eksons Corporation Berhad
Competitive Landscape
Key players competing in the global plywood market are West Fraser; UPM; Boise Cascade; Subur Tiasa Holdings Berhad; Metsä Group; PotlatchDeltic Corporation; Georgia-Pacific; Timber Products Company; BlueLinx; and Eksons Corporation Berhad.
These companies adopt various strategies such as mergers, acquisitions, partnerships, collaboration, and product launches to boost their market share. For instance,
- On 23 January 2023, Boise Cascade, a US-based plywood manufacturer introduced its tenth door shop in Kansas. The new 150,000 sq. ft. mill facility is projected to start manufacturing in June 2023.
- In January 2022, Boise Cascade, a US-based plywood manufacturer partnered with Simpson Door Company a manufacturer of exterior, interior, and customized wood doors. This partnership helped Boise Cascade to expand its quality door services to its customers in Atlanta.
- In February 2021, West Fraser, a plywood manufacturer in Canada acquired Norbord, a Canada-based plywood manufacturer, for producing sustainable goods essential for a low-carbon economy position.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Plywood Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Plywood Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Plywood Market - Supply Chain
4.5. Global Plywood Market Forecast
4.5.1. Plywood Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Plywood Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Plywood Market Absolute $ Opportunity
5. Global Plywood Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Plywood Market Size and Volume Forecast by Types
5.3.1. Softwood
5.3.2. Hardwood
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Plywood Market Analysis and Forecast by Applications
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Applications
6.2.2. Y-o-Y Growth Projections by Applications
6.3. Plywood Market Size and Volume Forecast by Applications
6.3.1. Flooring
6.3.2. Furniture
6.3.3. Automotive Interior
6.3.4. Marine
6.3.5. Packaging
6.3.6. Others
6.4. Absolute $ Opportunity Assessment by Applications
6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Plywood Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Plywood Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Plywood Demand Share Forecast, 2019-2026
8. North America Plywood Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Plywood Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Plywood Market Size and Volume Forecast by Types
8.4.1. Softwood
8.4.2. Hardwood
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. North America Plywood Market Size and Volume Forecast by Applications
8.7.1. Flooring
8.7.2. Furniture
8.7.3. Automotive Interior
8.7.4. Marine
8.7.5. Packaging
8.7.6. Others
8.8. Basis Point Share (BPS) Analysis by Applications
8.9. Y-o-Y Growth Projections by Applications
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Plywood Demand Share Forecast, 2019-2026
9. Latin America Plywood Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Plywood Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Plywood Market Size and Volume Forecast by Types
9.4.1. Softwood
9.4.2. Hardwood
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Latin America Plywood Market Size and Volume Forecast by Applications
9.7.1. Flooring
9.7.2. Furniture
9.7.3. Automotive Interior
9.7.4. Marine
9.7.5. Packaging
9.7.6. Others
9.8. Basis Point Share (BPS) Analysis by Applications
9.9. Y-o-Y Growth Projections by Applications
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Plywood Demand Share Forecast, 2019-2026
10. Europe Plywood Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Plywood Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Plywood Market Size and Volume Forecast by Types
10.4.1. Softwood
10.4.2. Hardwood
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Europe Plywood Market Size and Volume Forecast by Applications
10.7.1. Flooring
10.7.2. Furniture
10.7.3. Automotive Interior
10.7.4. Marine
10.7.5. Packaging
10.7.6. Others
10.8. Basis Point Share (BPS) Analysis by Applications
10.9. Y-o-Y Growth Projections by Applications
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Plywood Demand Share Forecast, 2019-2026
11. Asia Pacific Plywood Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Plywood Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Plywood Market Size and Volume Forecast by Types
11.4.1. Softwood
11.4.2. Hardwood
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Asia Pacific Plywood Market Size and Volume Forecast by Applications
11.7.1. Flooring
11.7.2. Furniture
11.7.3. Automotive Interior
11.7.4. Marine
11.7.5. Packaging
11.7.6. Others
11.8. Basis Point Share (BPS) Analysis by Applications
11.9. Y-o-Y Growth Projections by Applications
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Plywood Demand Share Forecast, 2019-2026
12. Middle East & Africa Plywood Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Plywood Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Plywood Market Size and Volume Forecast by Types
12.4.1. Softwood
12.4.2. Hardwood
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Middle East & Africa Plywood Market Size and Volume Forecast by Applications
12.7.1. Flooring
12.7.2. Furniture
12.7.3. Automotive Interior
12.7.4. Marine
12.7.5. Packaging
12.7.6. Others
12.8. Basis Point Share (BPS) Analysis by Applications
12.9. Y-o-Y Growth Projections by Applications
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Plywood Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Plywood Market: Market Share Analysis
13.2. Plywood Distributors and Customers
13.3. Plywood Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. West Fraser
13.4.2. UPM
13.4.3. Boise Cascade
13.4.4. Subur Tiasa Holdings Berhad
13.4.5. Metsä Group
13.4.6. PotlatchDeltic Corporation
13.4.7. Georgia-Pacific
13.4.8. Timber Products Company
13.4.9. BlueLinx
13.4.10. Eksons Corporation Berhad
Methodology
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