NEW
YORK, July 15, 2024 /PRNewswire/ -- The global
plywood market size is estimated to grow by USD 13.47 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of
4.36% during the forecast period. Increasing
residential and commercial construction activities is driving
market growth, with a trend towards rising wages in
manufacturing hubs. However, moisture and humidity concerns of
plywood poses a challenge. Key market players include 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., and Weyerhaeuser Co..
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Plywood Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
4.36%
|
Market growth
2024-2028
|
USD 13.47
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
3.78
|
Regional
analysis
|
APAC, North America,
Europe, Middle East and Africa, and South America
|
Performing market
contribution
|
APAC at 63%
|
Key
countries
|
US, China, India,
Japan, and Germany
|
Key companies
profiled
|
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., and Weyerhaeuser Co.
|
Market Driver
The global plywood market is experiencing a significant trend
with rising wages in manufacturing hubs, particularly in countries
like China and India. This development weakens the labor cost
advantage for vendors in these regions. The primary causes of this
wage increase include urbanization and industrialization in
emerging economies, such as China,
India, the Philippines, Vietnam, and Indonesia. The expansion of the global
economy, fueled by the growing GDP of countries like China and India, contributes to the wage rise.
Additionally, urbanization leads to a higher standard of living for
people in low-income nations, driving wage growth. In India and Indonesia, for example, wage growth has been
double-digit in recent years. Government initiatives, like
India's Smart Cities Mission and
Sardar Patel National Urban Housing Mission, aim to enhance living
standards, which is anticipated to result in further wage
increases. Consequently, the rising wages, particularly in
manufacturing hubs, is projected to negatively impact the global
plywood market during the forecast period.
Plywood market trends include smooth surface finishes for
improved aesthetics in doors, stairs, and interior fixtures. Water
damage prevention is crucial with specialized plywood varieties for
concrete shuttering and external cladding. Screw holding capability
is essential for framing and timber joinery products. Urbanization
and infrastructure projects drive demand for advanced manufacturing
techniques and innovative products. Hardwood plywood, such as
Uniply and Greenply, lead the market in high-performance
applications. Sustainability is key with recycling and reuse,
sustainable manufacturing, and environmental standards. Niche
manufacturers focus on specialized plywood varieties for furniture,
modular construction, and interior paneling. Feedstock prices
impact the market, with a shift towards online platforms for sales
and distribution. Product differentiation continues with softwood
and hardwood segment offerings, including wood veneer and interior
rails, balustrades, and external cladding.
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Market Challenges
• Plywood market
growth may be influenced by the proper conditioning of areas
intended for plywood flooring. Manufacturers provide guidelines
specifying a relative humidity range of 35%-55% for most plywood
installations, although this can vary. For instance, engineered
wooden flooring may require a slightly different range. Failure to
maintain these ranges can lead to damage. Humidity levels can
fluctuate from room to room or floor to floor, influenced by
appliances like humidifiers, moisture-generating appliances,
dryers, steam radiators, or combustion appliances. Plywood,
including softwood varieties, requires moisture content management
to prevent damage. Wood products absorb moisture from the air, so
it's crucial to allow the moisture content to reach equilibrium
with the prescribed conditions. Plywood's performance depends on
its core and wear layer's moisture content at the time of
manufacture, thickness, and core construction types. Installing
plywood without considering these factors can lead to damage and
potentially hinder the growth of the global plywood market.
• The Plywood
market faces several challenges in various sectors. In
Construction, affordability and availability of feedstock prices
impact the industry. Recycling and reuse are key sustainability
concerns, with a focus on eco-friendly practices. The Hardwood
segment faces competition from Plastic, Resin-impregnated paper,
Fabric, Formica, and Medium-density fiberboard (MDF) in Residential
and Commercial projects. Product differentiation through sizes,
shapes, designs, colors, patterns, and textures is essential for
Plywood in Furniture production. For Construction materials,
durability, flexibility, stability, strength, and
cost-effectiveness are crucial factors. Structural plywood,
External plywood, Internal plywood, Marine plywood, and various
plywood types offer resistance to chemicals, fire, sound, moisture,
abrasion, and corrosion. Sustainability, including carbon
footprint, is a growing concern, making eco-friendly practices
essential. In the Plywood market, competition comes from various
sources, including Softwood and Hardwood alternatives. Product
differentiation, cost-effectiveness, and meeting specific project
requirements are essential for success. Plywood's lightweight,
cost-effective, and versatile nature makes it a popular choice for
Walls, Floor coverings, and various applications.
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challenges - Request a sample report!
Segment Overview
This plywood market report extensively covers market
segmentation by
- Type
- 1.1 Hardwood
- 1.2 Softwood
- Sector
- 2.1 New construction
- 2.2 Replacement
- Geography
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Hardwood- Hardwood plywood is a popular
choice for furniture, cabinets, and decorative applications due to
its strength, stability, and convenience. The core of hardwood
plywood is made from either softwood or hardwood, and is faced and
backed with a veneer of finish or stain-grade hardwood. Hardwood
plywood is primarily used in cabinetry and furniture design, and is
graded by the Decorative Hardwood Association (DHA) based on veneer
face quality, with AA being the highest and E the lowest. The
rising demand for wooden furniture for home decor and the need for
cost-effective options, such as wardrobes, living room furniture,
and residential home decor, are major factors driving the hardwood
plywood segment. Additionally, the growth of the real estate
sector, particularly the demand for residential housing units, is
further boosting the hardwood plywood market. These factors are
expected to fuel the growth of the hardwood plywood segment within
the global plywood market during the forecast period.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
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The global cumene market is poised for growth, driven by
increasing demand from industries such as automotive, electronics,
and pharmaceuticals. Cumene, a key raw material in phenol and
acetone production, is experiencing rising consumption in
Asia-Pacific due to industrial
expansion and infrastructure development. North America and Europe continue to be significant markets with
established production facilities. Technological advancements in
production processes aim to enhance efficiency and sustainability,
addressing environmental concerns. As market players focus on
capacity expansions and strategic partnerships, the global cumene
market is expected to show steady growth in the coming years.
Research Analysis
Plywood is a popular construction material known for its
durability and affordability. The global plywood market is
witnessing significant growth due to increasing urbanization and
infrastructure projects. Feedstock prices play a crucial role in
the production cost of plywood. Sustainability is a key
consideration in the plywood industry, with recycling and reuse of
waste wood becoming a priority. Innovative products, such as
specialized plywood varieties and wood veneers, offer product
differentiation. Plywood is used extensively in various
applications, including construction materials for walls and floor
coverings, furniture, and high-performance applications. Online
platforms have made it easier for consumers to purchase plywood,
with options for softwood and hardwood varieties available.
Manufacturers are focusing on sustainable manufacturing practices
and adhering to environmental standards to meet growing demand for
eco-friendly products.
Market Research Overview
Plywood is a popular construction material known for its
durability, flexibility, and cost-effectiveness. It is made from
thin layers of wood veneer glued together with adhesives, creating
a strong and stable material suitable for various applications.
Plywood comes in different sizes, shapes, designs, colors, and
patterns, making it a versatile option for residential and
commercial projects. Feedstock prices significantly impact the
plywood market, with softwood and hardwood segments having distinct
price points. Recycling and reuse of plywood scraps and waste are
essential for sustainability. Sustainability is a growing concern
in the plywood industry, with manufacturers focusing on
eco-friendly practices, reducing carbon footprint, and adhering to
environmental standards. Product differentiation is achieved
through various factors such as resistance to chemicals, fire,
moisture, abrasion, and corrosion. Structural plywood, external
plywood, internal plywood, marine plywood, and specialized plywood
varieties cater to various applications. MDF, Formica, fabric, and
plastic are alternative materials used in place of plywood for
specific applications. Advanced manufacturing techniques and
innovative products are driving the plywood market, with modular
construction and high-performance applications gaining popularity.
Online platforms and niche manufacturers offer customized solutions
for urbanization and infrastructure projects. The plywood industry
continues to evolve, providing cost-effective, lightweight, and
durable solutions for construction materials, walls, floor
coverings, doors, stairs, and various other applications.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Type
-
- Sector
-
- New Construction
- Replacement
- Geography
-
- APAC
- North America
- Europe
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
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company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
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and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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