PUBLISHER: Market Research Future | PRODUCT CODE: 1727716
PUBLISHER: Market Research Future | PRODUCT CODE: 1727716
Global Wood-based Panels Market Research Report Information by Product (MDF, HDF, OSB, Particleboard, Plywood and Others), by Raw Material (Softwood, Hardwood, Recycled Wood, Agro-Based Fiber, Bamboo, and Others) By Application (Construction, Furniture, Packaging, Decorative, Flooring, and Others), by Size (8 mm, 8 to 20 mm, and Above 20 mm), by Distribution Channel (Direct Sales, Retail Sales, Online Stores, and Wholesale), and By Region (North America, Europe, Asia-Pacific, and Rest Of the World) Industry Forecast Till 2032
The market for wood-based panels is anticipated to increase at a compound annual growth rate (CAGR) of 5.3% between 2024 and 2032. The demand for wood-based panels for roofing, flooring, ceilings, cladding, and furniture applications is primarily driven by low product costs and outstanding features including strength and durability.
The long-term factors influencing the demand for wood in China remain positive. The substantial urbanization trend will need the construction of an extra 7-8 million new homes by 2020. According to Margules Groome Publication, an additional 50 million new homes would be needed by 2030, since the Chinese government hopes to reach a 60% urbanization rate by 2020 and a 70% urbanization rate by 2030. The demand for larger, better-quality homes is growing as the GDP per person rises by 6.9% annually. Wood frame construction is now a minor player in China's residential construction market, accounting for less than 0.05% of the total. Notably, since the market's growth potential is recognized more and more, several wooden building demonstration projects have been developed.
Perspectives on Market Segments
The market for wood-based panels has been divided into several product categories, including plywood, particleboard, Oriented Strand Board (OSB), MDF, and HDF.
Construction, Furniture, Packaging, Decorative, Flooring, and Others are the market segments based on application.
The market is divided into three segments based on size: Up to 8 mm, 8 to 20 mm, and Above 20 mm.
The global market for wood-based panels is divided into several segments based on the raw materials used, including hardwood, softwood, recycled wood, bamboo, agro-based fiber, and others.
The market is divided into four segments based on the distribution channel: wholesale, online stores, retail sales (including specialty and home improvement stores), and direct sales.
Regional Perspectives
The analysis offers market insights by region, including Asia-Pacific, Europe, North America, and the rest of the world. The market for wood-based panels in Asia Pacific was valued at USD 33.8 billion in 2021 and is anticipated to grow at a 41.90% CAGR during the study. It is anticipated that emerging economies like China, India, and Japan will stimulate demand for the commodity in packaging and building applications.
Over the course of the forecast period, the European wood-based panels market is anticipated to expand at a significant compound annual growth rate. Germany, the region's largest furniture market, is the main driver of demand in the area. In the upcoming years, the growth of the furniture industry in the area is also anticipated to increase demand for particleboard.
The second-largest market share is held by the wood-based panels market in North America. The demand for wood-based panels in this area is anticipated to increase due to rising consumer expenditure on furniture and the notable expansion of the building sector. In addition, the primary market for wood-based panels is anticipated to expand quickly in the upcoming years as a result of quick infrastructural improvements and industrialization.
Major players in the wood-based panels market include Kronospan, Caihong Wood Co., Weyerhaeuser Company, Norbord, Klein Holz AG, Donghwa Group in South Korea, and Ante Group in Germany.