The global plywood market size reached a value of almost USD 43 billion in the year 2020. The plywood industry is further expected to grow at a CAGR of 5% between 2021 and 2026 to reach a value of almost USD 57.6 billion by 2026.
The global plywood market is driven by the growth of the construction industry. The Asia Pacific region represents the leading market as it holds the largest market share. Within the Asia Pacific region, India and China are the significant plywood markets owing to the rising population growth and inflating disposable incomes in the countries. The industry is further being aided by the increasing technological advancements by the manufacturers to reduce manufacturing costs, increase profitability, and improve the quality of the plywood products.
Properties and Applications
Plywood is an engineered wood that is made from various layers of thin wood veneer. These layers are glued together by the use of wood grains of adjacent layers that are rotated at a right angle. Plywood offers several advantages such as flexibility, reusability, high strength, easy installation, and resistance to chemical, moisture, and fire, and, thus, are used in multiple applications in roofing, doors, furniture, flooring, interior walls, and external cladding. Furthermore, it is also used as an alternative to other wood boards due to its improved quality and strength.
The plywood market is divided on the basis of its end-uses into:
Residential
Commercial
Currently, the residential segment represents the largest market due to rapid urbanisation, particularly in the developing economies.
The plywood market is segmented on the basis of sectors as:
New Construction
Replacement
The new construction sector exhibits the dominant market due to a rise in the housing projects, especially in the emerging nations.
The report also covers the regional plywood markets like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Market Analysis
The global plywood market is driven by the increasing global construction activities, along with the rapid growth of the furniture industry. The resultant increase in the use of plywood, especially in commercial buildings and in building homes and renovation of walls, floorings, and ceilings, is aiding the industry growth. The industry also offers special grade plywood to be used in the marine industry, which has the ability to withstand occasional contact to humidity and water for resisting a fungal attack. The product is also used for constructing seats, walls, stringers, floors, boat cabinetry, and others, further enhancing the industry growth.
The global plywood market is being propelled by the cost-efficiency of the product in comparison to raw wood, making it preferable among the consumers. Furthermore, the industry is invigorated by the eco-friendly strategies of manufacturers, capturing a significant consumer demand, thereby increasing the industry growth.
Post time: Dec-21-2022