The global plywood market size was estimated at around USD 105.9 million in 2021 and is projected to grow to around USD 146.7 million by 2030 with a significant compound annual growth rate (CAGR) of roughly 6.1% between 2022 and 2030
The plywood market includes sales of plywood by entities (organizations, sole traders, and partnerships) that are a sort of production board that is fabricated from thin wood layers that are glued collectively and feature an outer layer that is plastic-like, a resin-impregnated paper that improves the sturdiness of plywood. This plywood has excessive structural energy & versatility and additionally works higher in opposition to moisture.
Plywood is extensively utilized in interior layout and furniture work. Apart from being the most cost-efficient and durable, it’s also a superior alternative to ordinary wood. The major types of plywood markets are softwood and hardwood. Softwood plywood has a back and front veneer of softwood and is used for ornamental functions along with furniture construction. These are utilized in furniture, floors and construction, automotive interiors, packaging, marine, and different packages and are utilized by residential and commercial sectors.
Plywood has excellent fire and chemical resistance, flexibility, and structural strength. It also offers sound and extreme heat insulation. These characteristics make it useful for a variety of industries, including construction, aviation, and marine. It is employed in the construction sector to create items like doors, stairs, external cladding, flooring, framing, interiors of rails & balustrades, internal paneling, and timber furnishings.
On the other hand, marine industry-based plywood may survive on brief exposure to seawater without degrading or decomposing. It is used to make boat cupboards, walls, seating, and other interior fixtures as well as stringers, floors, and transoms. Additionally, technological breakthroughs made by top businesses have improved product quality while simultaneously lowering manufacturing costs and increasing profitability. The increased popularity of plywood along with the R&D activities propels the global plywood market.
The increased usage of plywood in numerous industrial markets because of its excessive resistance to a wide variety of chemical compounds has also provided a thrust to both the global and regional marketplace. Furthermore, the growth in investments in extensive R&D activities aimed at introducing product variants with stronger durability, low toxicity, advanced aesthetics, environmental sustainability, etc., is expected to fuel the plywood marketplace over the forecast period. The benefits of plywood also include the trigger to accelerate the growth of the plywood market. The plywood market is commonly influenced by the increased demand for plywood from residential areas across different regions.
The major restraint which affects the growth of the global plywood market is the availability of replacement products in the marketplace. Many products are made at a low cost and are used as the factitious for plywood.
Market Segmentation
The global plywood market is segmented into product type, application, and region.
In terms of product type, the plywood market is segmented into hardwood, softwood, decorative and tropical plywood. The decorative section is expected to grow at a CAGR of 4% and is likely to showcase splendid capacity for the future increase of the section. These are used for industrial and home packages and are made up of a sheet of wood veneer. Plywood is of different types such as water-resistant plywood, ornamental plywood, and industrial plywood.
Based on application, the market is segmented into construction, furniture, packaging, transportation, flooring, and others. It is stated that there’s an excessive demand for plywood and laminates for the production of furniture to promote the increase of the furniture segment. Plywood and laminate provide an ornamental appearance to the furniture. As such, consumers prefer the usage of plywood and laminate as a substitute for raw wood-based products. The furniture segment is expected to achieve a CAGR of 5% throughout the forecast period.
The global plywood market is anticipated to be dominated by the North American region in 2021, with a share of 85.52%, which can be attributed to the strong increase in residential production spending in the country. The rise in consumer expenditure on aesthetically attractive furniture products and the sizeable increase in the single-own circle of relatives’ housing constructions are different elements that possibly trigger product demand.
During the projection period of 2022-2030, the market in Europe and Asia-Pacific is also anticipated to expand at a substantial compound annual growth rate (CAGR). This can be ascribed to the rise in building and construction activities throughout developing nations.
This review is based on a report by Zion Market Research, titled “Plywood Market, by Product Type (Hardwood Plywood, Softwood Plywood, Decorative Plywood, Tropical Plywood, and Others), by Application (Construction, Furniture, Packaging, Transportation, Flooring, and Others), and by Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022-2030.”- Report at https://www.zionmarketresearch.com/report/plywood-market
Recent developments
- In December 2021, West Fraser, a multi-country-wide wood products corporation with 60+ places throughout one kind areas like the U.K., the U.S., Canada, and Europe, received the orientated strand board (OSB) mill close to Allendale, South Carolina.
- In April 2022, Weyerhaeuser introduced a USD 265 million settlement to accumulate 80,800 acres of top-rate excellent timberlands in North and South Carolina from a Campbell Global-controlled fund. Inside the company’s Southern Timberlands segment, the purchase is predicted to provide harvest heaps per acre and portfolio-main cash flow.
The global plywood market is dominated by players like:
- Austal Plywoods Private Limited
- Boise Cascade Company
- Eksons Corporation Berhad
- Georgia Pacific LLC
- Latvijas Fineries AS
- Meta's Wood
- Potlatch Deltic Corporation
- SVEZA Forest
- UPM Kymmene Oyj.
The global plywood market is segmented as follows:
By application
- Construction
- Furniture
- Packaging
- Transportation
- Flooring
- Others
By product
- Hardwood plywood
- Softwood plywood
- Decorative plywood
- Tropical plywood
- Others
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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