IMARC Group, a leading market research company, has recently released a report titled “Plywood Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The study provides a detailed analysis of the industry, including the global plywood market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the plywood market?
|Market Size in 2022||US$ 45.5 Billion|
|Market Forecast in 2028||US$ 62.3 Billion|
|Growth rate (2023 to 2028)||CAGR of 5.27%|
|Base Year of the Analysis||2022|
What is Plywood?
Plywood is a type of engineered wood product that is widely used in various industries and applications. It is made by layering thin sheets of wood veneer, known as plies or layers, and bonding them together with adhesives under high pressure and heat. Each layer is typically placed with the grain direction alternating between adjacent layers, providing strength, stability, and resistance to warping. One of the key advantages of plywood is its versatility. It is available in different thicknesses, sizes, and grades, allowing it to be tailored to specific requirements. Plywood can be easily cut, shaped, and drilled, making it suitable for a wide range of applications in construction, furniture manufacturing, packaging, and more. Plywood is known for its dimensional stability, meaning it remains relatively unaffected by changes in temperature and humidity. This makes it less prone to warping, shrinking, or expanding compared to solid wood. The layered structure of plywood gives it consistent strength and stiffness, allowing it to withstand heavy loads and structural stresses. Additionally, plywood can be manufactured with specialized features such as fire resistance, moisture resistance, and enhanced durability. This makes it suitable for specific applications where these properties are required.
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What are the growth prospects and trends in the plywood industry?
The expansion of the construction industry represents one of the key factors driving the growth of the market across the globe. This is primarily attributed to the high usage of plywood in the construction of residential, commercial, and industrial buildings for applications such as roofing, flooring, wall paneling, and formwork, which is driving the market growth. In line with this, the increasing construction activities, infrastructure development projects, and rapid urbanization, particularly in emerging economies, are contributing to the growth of the market.
The widespread adoption of plywood in the furniture manufacturing industry for making a variety of furniture items, including cabinets, tables, chairs, shelves, and beds, is acting as a major growth-inducing factor. The market is also driven by changing consumer lifestyles, along with evolving interior design trends and the rising demand for customized furniture. In addition to this, increasing renovation and a rising number of remodeling projects, both in the residential and commercial sectors, are facilitating the growth of the market. The utilization of plywood for replacing old flooring, repairing, and constructing walls, and creating decorative elements is increasing the demand for plywood, which, in turn, is driving the growth of the market.
The rising use of plywood in the packaging industry, particularly for heavy-duty packaging applications and the transportation of goods is facilitating the growth of the market. Moreover, the rising industries, such as logistics, e-commerce, and manufacturing are driving the demand for plywood in packaging applications, which, in turn, is boosting the growth of the market. Other factors, including the accessibility of plywood through global supply chains, the ease of import and export, increasing awareness about environmental sustainability, rising preference for plywood over traditional wood, and technological advancements in plywood manufacturing processes, such as improved bonding techniques and surface treatments, are creating a positive outlook for the market across the globe.
Who are the key players operating in the industry?
The report covers the major market players including:
- Georgia-Pacific LLC
- PotlatchDeltic Corporation
- Weyerhaeuser Company Ltd.
- Boise Cascade Company
- UPM-Kymmene Oyj
- SVEZA Forest Ltd.
- Metsä Wood (Metsäliitto Cooperative)
- Latvijas Finieris AS
- Austral Plywoods Pty Ltd.
- Eksons Corporation Berhad (BHD)
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Residential and Commercial Application:
Breakup by New Construction and Replacement Sector:
- New Construction
Breakup by Region:
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others)
- Middle East and Africa ( Turkey, Saudi Arabia, Iran, United Arab Emirates, Others)
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