DUBAI, U.A.E, Sept. 7, 2020 /PRNewswire/ -- 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.
Plywood Market - Taxonomy
- 4' x 8'
- 4' x 6'
- 4' x 10'
- 3' x 6'
- < 8mm
- 8mm – 18mm
- > 18mm
- MR Grade
- BWR Grade
- Fire Resistant Grade
- BWP Grade
- Structural Grade
Number of Ply:
- 3 Ply
- 5 Ply
- 7 ply and More
- Direct Sales
- Flooring & Construction
- Automotive Interior
- North America
- Latin America
- Western Europe
- Eastern Europe
- Southeast Asia & Pacific
- Middle East & Africa
Get Valuable Insights into the Plywood Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global plywood market, presenting historical demand data and forecast statistics for the period from 2018-2028. The study divulges compelling insights on the plywood market, allowing readers to glean qualitative and quantitative information which will enable them to make informed market decisions in the upcoming forecast period.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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