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"The Demand for Plywood was estimated at USD ~68 Billion in 2019. It is projected to witness a CAGR of 2.3% during the Forecast Period (2020-2028)"
Timber and timber-based products like plywood are eco-friendly in nature, encouraging plantation of trees to meet the proliferating demand. Plywood and other ancillary wood products help to protect the forest. Increasing usage of plywood across numerous applications including high-value products furnishing, packaging, and flooring among others are boosting the demand for plywood sales in the global plywood market. In addition, increasing urbanization around the world coupled with rising demand for ready-made and aesthetically built furniture, making heavy use of plywood. Consumers’ inclination towards stylish furniture is further boosting the demand of the market and is anticipated to bolster sales for the global plywood market.
In addition, there is an increasing global trend encouraging the use of wood and wood-based products for construction in both residential and commercial spaces. This pattern is backed by administratively enforced laws. The tremendous growth of the global construction sector has led to the pouring of major investments in infrastructure development by both private and public sector firms. This is expected to boost the sales of regional plywood manufacturers in the global plywood market.
The global plywood market on the basis of the thickness segment is bifurcated into < 8mm, 8mm – 18mm, and > 18mm. The geography segment is analyzed into Asia-pacific, North America, Latin America, Europe, Middle East and Africa (MEA).
By thickness type, >18mm is expected to witness the highest growth in the plywood market across the globe. It is expected to hold XX% of the total market.
Thicker plywood provides greater physical and dimensional stabilization. Therefore, plywood with a density of more than 18 mm is widely preferred in heavy load handling applications whereas 8 mm–18 mm thick plywood is used considerably during furniture manufacturing. Globally, the segment of > 18 mm thickness is expected to continue its dominance throughout the forecast period.
By Application, the Furniture segment dominates the global plywood market
By application global plywood market is bifurcated into Furniture, Flooring & Construction, Automotive Interior, Packaging, and Others. The furniture segment is the most dominating segment and accounts for the largest revenue share in the global plywood market. The increasing urbanization across the globe has led to an increase in the number of commercial and residential spaces. Thus bolstering the demand for furniture segment in the global plywood market.
By contrast, the flooring and construction segment is witnessing the maximum growth in the market for plywood. This is because of the rapid growth of the worldwide construction industry. For example, Japan's government set up an act in 2010 to promote wood-based products in federal buildings that promote the use of plywood in the building sector.
Asia Pacific region to dominate the overall plywood market in terms of revenue share.
The rising investment in infrastructure by both private and public entities coupled with rising demand and supply in China is driving the growth in the region. In terms of both consumption as well as production China is leading the market. For instance, Olympic events in Tokyo in 2020 are creating lucrative opportunities in the Asia Pacific region. The market is expected to register a CAGR of XX% during the forecast period.
The market for plywood will hold significant market share in North America owing to the increased consumption of plywood in the construction industry of the region. On the contrary, the Middle East and Africa region are presenting lucrative growth opportunities owing to the vast expanse of forest and low cost of maintenance and production in the region.
Weyerhaeuser Company, Boise Cascade Company, Century Plyboards (India) Ltd, Greenply Industries Limited, Georgia-Pacific, LLC, Uniply Industries Ltd, JAYA TIASA HOLDINGS BERHAD, UPM-Kymmene Oyj, SUBUR TIASA HOLDINGS BERHAD and Sveza-Les LLC are few of the key players in the global plywood market.
Segmentation of Global Plywood Market:
Plywood Market by Thickness:
- < 8mm
- 8mm – 18mm
- > 18mm
Plywood Market by Wood Type:
Plywood Market by Sales Channel:
- Direct Sales
Plywood Market by Application:
- Flooring & Construction
- Automotive Interior
Plywood Market by Grade:
- MR Grade
- BWR Grade
- Fire Resistant Grade
- BWP Grade
- Structural Grade
Plywood Market by Size:
- 4’ x 8’
- 4’ x 6’
- 4’ x 10’
- 3’ x 6’
Plywood Market by No. of Ply:
- 3 Ply
- 5 Ply
- 7 ply and More
Plywood Market by Region:
- North America
- South America
- Middle East & Africa