Market Scope:
Plywood Market Size was valued at USD 94978.5 million in 2021. The plywood market industry is projected to grow from USD 100772.19 million in 2022 to USD 152527.58 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.10% during the forecast period (2022–2030). Rising production capabilities with quick urbanization and increasing inclination towards customized interior designing are the key market drivers fueling the market.
The construction industry makes use of this plywood market in the making of lightweight doors and shutters, as well as in the formation of lightweight partitions and external walls. Cabinets, including those used in the kitchen, are another common application.
Plywood is a type of engineered wood made by gluing several thin layers of wood veneers together, with the grains of adjacent layers oriented at right angles to each other. This construction method enhances the material’s strength, stiffness, and stability, making it suitable for a variety of applications in construction, furniture, packaging, and more.
Plywood sheets are utilized in construction & flooring applications where it is employed to give greater mechanical strength while drastically decreasing the total weight of the building. Plywood board provides greater insulation properties and is primarily water and weatherproof.
Competitive Dynamics:
- Austal plywoods private limited
- Boise cascade company
- Eksons corporation berhad
- Georgia Pacific LLC
- Latvijas fineries AS
- Metas wood
- Potlatch Deltic corporation
- SVEZA forest
- UPM Kymmene Oyj
- Weyerhaeuser company limited
- Among others.
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Market Drivers
The increase in the growth and the development of growth in development of commercial buildings is strengthening the fuel to the expansion of the Plywood Market Share. The advantages of plywood are also adding the driving force to the expansion of the Plywood Market Size. Heavy loads can be supported, mechanical strength is increased, and the overall weight is decreased thanks to their use in construction and flooring applications. Waterproofing makes it durable against elements and climate fluctuations, and its straightforward installation process only adds to its value.
The plywood market refers to the industry involved in the production, distribution, and sale of plywood products. The global plywood market is driven by various factors, including the increasing demand for affordable and sustainable building materials, the growing construction and furniture industries, and the rising popularity of DIY projects. The market is also influenced by the availability and cost of raw materials, manufacturing technology, and government regulations. Major players in the plywood market include Georgia-Pacific LLC, Weyerhaeuser Company, UPM-Kymmene Oyj, Boise Cascade Company, and SVEZA-Les LLC, among others. The market is expected to continue to grow in the coming years, driven by increasing demand from emerging economies and the development of new and innovative plywood products.
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Market Restraints
The primary restraint which influences the growth of the Plywood Market is the presence of substitute products in the market. Many products are available in the products at a low cost and are employed as a substitute for plywood. Price swings in key inputs like lumber have a chilling effect on the Plywood Market, which could slow its expansion.
COVID-19 Analysis:
In 2020, as the pandemic sweeps across the globe, it will have a profound impact on the expansion of the world’s manufacturing industries. Maximum numbers of factories have closed as a result of the global pandemic. The government has also employed a number of strategies to slow the pandemic’s progress. Nonetheless, the manufacturing sector and related industries have been profoundly affected by its success. Residents were urged to remain indoors and take every possible safety measure to combat the virus.
Due to the pandemic, the Plywood Market Value also declined, as there was no process in the construction sectors across the globe. As the construction industry was shut down due to the absence of raw materials and the lack of labor. As a result of the decline in the building industry, the plywood industry also went out of business. Market expansion for plywood is expected to improve in the wake of the recent epidemic.
Market Segmentation:
By Grade
The MR Grade segment is expected to record substantial growth over the review period.
By Wood Type
The hardwood segment is expected to grow at a notable CAGR over the review period.
Application
The furniture segment is expected to record the highest growth over the review period.
Regional Analysis:
North America is holding the greatest share in the Plywood Market, because of the development in the construction industries and the expanding countries like the US, Mexico etc. Due to the increase in the expansion of the key companies in North America is obtaining steady development.
The Asia Pacific region is expected to get gradual growth in the forecasting period in the Market. Increasing investment in infrastructure in Asia and the Pacific is driving economic expansion there. Rapidly increasing infrastructure development, fast urbanization, and a huge proportion of furniture production are the factors driving the growth of the market in the region. Huge building sector growth, the existence of significant plywood dealers, expanding indigenous plywood production demand, and an increase in disposable income among the rich and middle classes are all supporting the plywood market growth. In India, the rising building industry, coupled with the elevating levels of urbanization, are majorly driving the plywood market. Furthermore, the increasing consumer inclination towards plywood over many constructional and structural purposes based on its multiresolution stability, rigidity, strength, longevity, and flexibility, is also fueling the market growth in the country.
Also, regions like Europe and the Middle East, and Africa are expecting moderate expansion in the following years because to the increased construction activity from the residential sectors.
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Market Overview
- Overall growth analysis of the market
- Pandemic analysis
- Market dynamics
- Cumulative growth analysis
- Value chain analysis
- Market segmentation
- Competitive landscape
- Regional analysis
- Key players
- Recent updates
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