Plywood Market Size to grow by USD 13.47 billion, Increasing Consumption of Softwood in Furniture Manufacturing to boost market growth, Technavio

NEW YORK, March 7, 2024 /PRNewswire/ -- The Plywood market is set to grow by USD 13.47 billion from 2024 to 2028 progressing at a CAGR of 4.36% during the forecast period. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The market is driven by Increasing residential and commercial construction activities. The global wood market grows alongside the expanding economy and real estate sector. Population growth drives demand, with online sales of wooden furniture boosted by increasing internet penetration. Here is an Exclusive report talking about Market scenarios with a historical period (2017-2021) and forecast period (2024-2028). 

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Market Dynamics

The emergence of mixed-use structures is driving market growth, fueled by population density and increased urbanization. Wood is gaining popularity as an alternative to steel and concrete in low-cost, high-density housing. Additionally, constructions featuring mid-rise podiums with wood framing above non-residential concrete structures are becoming popular due to reduced construction time and costs, contributing to market expansion expectations.

Substitution and Environmental Challenge:

• Wood faces stiff competition from substitutes with advanced properties, prompting consumers to shift away from traditional wood products.
• Declining global forest cover, down by nearly 25% in recent years, poses a significant challenge to the wood industry's growth.

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Market Segmentation

The plywood market analysis includes Type, Sector and Geography landscape. This study identifies the Origination of mixed-use structure as one of the prime reasons driving the plywood market growth during the next few years.

• The hardwood plywood segment is poised for significant market share growth due to its widespread use in furniture, cabinets, and decorative applications. With a core made from softwood or hardwood and faced with veneer, hardwood plywood accounted for USD 35.31 billion in 2018. Increasing demand for wooden furniture for home decor and cost-effective options like wardrobes and living room furniture are key drivers. Growth in the real estate sector, especially residential housing, further boosts demand, projecting robust growth for the hardwood plywood segment.

This report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters. 

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Companies Mentioned

• Boise Cascade Co.
• Century Plyboards Ltd.
• Columbia Forest Products Inc.
• Duroply Industries Ltd.
• Evergreen Plywood Industries
• Ganahl Lumber Co.
• Greenply Industries Ltd.
• Kitply Industries Ltd.
• Koch Industries Inc.
• Kronospan Ltd.
• METSA GROUP
• MJB Wood Group LLC
• PotlatchDeltic Corp.
• Roseburg Forest Products Co.
• Subur Tiasa Holdings Berhad
• SVEZA
• SWANSON GROUP
• Tolko Industries Ltd.
• UPM Kymmene Corp.
• Weyerhaeuser Co.

Companies are strategically positioning themselves in the market through initiatives such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches to bolster their market presence.

Boise Cascade Co. specializes in plywood offerings tailored for residential and light frame applications, exemplified by their Boise Cascade plywood line.

The report further delves into a comprehensive competitive landscape analysis featuring 15 key market players including Boise Cascade Co., Century Plyboards Ltd., Columbia Forest Products Inc., and others. Through qualitative and quantitative analysis, clients gain insights into the business environment and the strengths and weaknesses of each market player, categorized based on their focus and market dominance.

Analyst Review:

In recent years, the Plywood Market has experienced remarkable growth, reshaping the landscape of construction and interior design. Plywood, a versatile wood panel product widely used in various industries, has become a fundamental component in modern construction materials and furniture manufacturing. With its diverse applications across the timber and lumber industries, plywood has emerged as a preferred choice for interior design and building materials.

One of the key drivers behind the surge in the Plywood Market is the increasing demand for sustainable forestry practices and wood sourcing. Plywood products sourced from responsibly managed forests offer a renewable and eco-friendly alternative to traditional building materials. Additionally, advancements in plywood production and processing technologies have led to the development of high-quality plywood grades and sizes, meeting the diverse needs of the construction and furniture industries.

Security and durability are paramount in plywood products, especially in applications such as marine and exterior construction. Marine plywood, known for its exceptional strength and resistance to water, is extensively used in boat building and marine applications. Similarly, exterior plywood, engineered to withstand harsh weather conditions, is favored for outdoor construction projects.

Moreover, the Plywood Market caters to a wide range of plywood types, including structural plywood, decorative plywood, and veneer plywood, each serving specific purposes in construction and interior design. Structural plywood, renowned for its strength and stability, is commonly used in structural applications such as flooring and roofing. On the other hand, decorative plywood offers aesthetic appeal and versatility, making it a popular choice for interior finishes and furniture manufacturing.

Looking ahead, the Plywood Market is poised for further growth with the increasing emphasis on sustainable forestry practices and wood sourcing. As consumers prioritize eco-friendly and durable building materials, plywood is expected to remain a cornerstone of construction and interior design industries. Additionally, advancements in plywood manufacturing and quality standards will continue to drive innovation and efficiency in the Plywood Market, ensuring its continued relevance in the years to come.

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Market Overview:

The Plywood Market is a dynamic sector within the construction materials industry, encompassing various plywood products and wood panels. Plywood, a key component in furniture manufacturing and building materials, plays a vital role in interior design and structural applications. With diverse plywood grades and types available, including marine plywood, exterior plywood, and interior plywood, the market caters to a wide range of consumer needs. Plywood production involves stringent quality standards to ensure durability and performance, reflecting the importance of plywood quality standards in the industry. The lumber industry is closely linked to plywood production, providing the raw materials necessary for plywood manufacturing. As plywood remains a popular choice for engineered wood products, sustainable forestry practices and responsible wood sourcing are increasingly emphasized to support long-term environmental stewardship. Overall, the Plywood Market continues to evolve, driven by advancements in plywood processing techniques and innovations in plywood manufacturing.

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Key Topics Covered:
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

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