Market Scope
The global market size for wood-based panels can expand at a rate close to 8% during the forecast period (2020-2027), reveals Market Research Future (MRFR).
Market Boosters and Key Barriers
The fastest rising segment for wood products manufacturers is wood-based panels, and this market can note spectacular growth from 2020 to 2027. The construction, packaging, and furniture industries are expanding at a favorable rate, which happen to be prominent consumers of wood panels. Wood-based panels enjoy massive demand across these industries as they cater to all the structural and aesthetical needs.
The worldwide infrastructure industry has noted decent growth in recent years. One of the most crucial verticals in the infrastructure sector is the wood panel market, consisting of materials like plywood as well as decorative surface products such as veneers and laminates, along with engineered wood panels including Particleboard and Medium density fiberboard (MDF) that find use in furniture and walls, in floors roofs, kitchen cabinets, door, staircase, among others. Furniture is the biggest end-use application segment for wood-based panels, trailed by construction and packaging.
Increasing urbanization within the real estate sector backed by the rising purchasing power coupled with the rapidly expanding replacement market gives a significant boost to the wood-based panels market. Wood panels are also extensively used in packaging, and given the burgeoning packaging industry, the demand for wood panels is expected to surge, especially in the food beverage packaging industry.
Market Segmentation
The product segment is classified into HDF, MDF, particleboard, OSB, plywood, soft wood, and others. Out of these, the highest share of close to 45% in the wood-based panels market is owned by the MDF segment, which is believed to retain its strong growth even in the future. The segmental reign over the market is the result of the extensive use of vertical and horizontal wood-based panels in the construction industry. The product versatility, as well as its wide range of applications within the construction industry, has made it a likely contender in the market. Also, massive demand for MDF products to manufacture furniture, cabinetry and flooring can boost its sales in the coming years. These are mostly affordable compared to other products like particleboard, plywood, and many others.
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Taking into account the application segment, the market has been considered for construction, furniture and packaging. The construction-wise market segments are floors and roofs, windows and doors, siding, and others. Among all the applications, the construction segment led the worldwide market in the year 2017 and can gain further traction throughout the review period. The segment’s stronghold over the market is due to the mounting demand for interior and exterior staircases, flooring, cladding and shear walls. The furniture application can attain a better position in the market during the estimated period from 2020 to 2027 since these products are generally used to manufacture durable interior decoration items. These products are durable and lighter in weight, especially when compared to traditional wood products.
Regional Insight
The global wood-based panels market can note significant growth in the primary regions of North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW) during the assessment timeframe.
APAC controlled the most significant share of close to 56% in the global market for wood-based panels. It is also the fastest expanding market and its dominance in the coming years is expected to remain intact, believes MRFR. Increase in public and private sector investments within infrastructural construction projects in developing countries of India and China can give birth to a number of lucrative opportunities in the wood-based panels market in APAC.
With the second-largest share in the global wood-based panels market, North America can demonstrate a steady growth rate in the following years. Surge in repair and renovation activities within the commercial and real estate sector has led to the market growth of wood-based panels in the region. The regional market is also influenced by the high concentration of well-known players that are mainly located in the United States (US).
In 2017, Europe held a share of approximately 25% in the worldwide market for wood-based panels and is touted to be positioned quite steadily throughout the review period. The burgeoning construction industry in the commercial, industrial and residential sectors enhances the market growth for wood-based panels in the region.
Top Players
Top players that are influencing the dynamics of the worldwide wood-based panels market include Caihong Wood Co. Ltd, Kronospan, Weyerhaeuser Company, Norbord Inc., Klenk Holz AG, Ante-Group, Dongwha Group, to name a few.
