PUBLISHER: The Business Research Company | PRODUCT CODE: 1436810
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436810
Wood-based panels are engineered wood products made from wood fibers, chips, or particles bonded with resins and adhesives under heat and pressure, commonly used in construction and furniture manufacturing.
Wood-based panels encompass various product types such as medium-density fiberboard (MDF)/high-density fiberboard (HDF), oriented strand board (OSB), particleboard, hardboard, plywood, and others. MDF/HDF is an engineered wood product made by converting hardwood or softwood into wood fibers, mixing them with wax and a resin binder, and then forming panels under high heat and pressure. MDF/HDF finds applications in furniture manufacturing, interior decoration, and construction due to its numerous advantages. Wood-based panels are distributed through direct sales, online stores, specialty stores, and others, and are used in both residential and non-residential buildings for applications such as construction, furniture, packaging, flooring, and more.
The wood-based panel market research report is one of a series of new reports from The Business Research Company that provides wood based panel market statistics, including wood based panel industry global market size, regional shares, competitors with wood based panel market share, detailed wood based panel market segments, market trends, and opportunities, and any further data you may need to thrive in the wood based panel industry. The wood based panel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The wood based panel market size has grown strongly in recent years. It will grow from $164.89 billion in 2023 to $177.96 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to the utilization of traditional construction practices, the focus on renewable resources, the versatility of applications, the surge in urbanization and construction activities, and the preference for natural aesthetics.
The wood based panel market size is expected to see strong growth in the next few years. It will grow to $237.46 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The expected growth in the forecast period is driven by the increasing demand for sustainable construction practices, ongoing innovation in manufacturing processes, the rising popularity of engineered wood products, evolving architectural design trends, and a renewed interest in wood construction methods. Major trends anticipated in this period include the digitalization and integration of Industry 4.0 technologies, a focus on sustainable sourcing and certification of wood products, continuous innovation in materials and product development, efforts to improve energy efficiency and reduce carbon footprints, and overall market growth in the construction and furniture industries.
The anticipated upsurge in building and construction activity stands as a significant driver propelling the growth of the wood-based panel market. Construction involves the assembly or creation of structures, utilizing various materials and methodologies, typically for residential and commercial purposes. Wood-based panels serve as integral components in constructing residential and commercial buildings, finding applications in wall sheathing, insulation, roofing, and flooring. For instance, as reported by the Federal Reserve Bank of St. Louis in December 2022, the total expenditure on commercial construction surged to $131 million, marking an increase from $103 million recorded in December 2021. Similarly, in May 2022, spending on residential construction reached a total of $954 million, a significant rise from the $797 million spent in May 2021. Consequently, the escalating levels of building and construction activities serve as the driving force propelling the wood-based panel market forward.
The surge in demand for home furniture is anticipated to drive the growth of the wood-based panel market in the foreseeable future. Home furniture encompasses a broad spectrum of items, including beds, mattresses, living room sets, office/gaming packages, coffee tables, dining sets, and more, all tailored to furnish homes and create functional and comfortable living spaces. Wood-based panels play a pivotal role in home furniture by offering durability and flexibility, with Medium Density Fiberboard (MDF) particularly renowned for its smooth surface and paint-friendly properties. For instance, as per the Australian Bureau of Statistics in October 2023, Australian household expenditure demonstrated a 2.7% increase, marked by discernible trends across different categories. Expenditure on services notably surged by 7.0% compared to the previous year, while spending on goods experienced a 1.9% decline year-on-year. The breakdown highlighted a substantial 7.0% increase in non-discretionary spending, emphasizing the importance of essential items. Hence, the uptick in demand for home furniture stands as a driving force behind the growth of the wood-based panel market.
Major companies in the market are introducing innovative products to maintain their market position. For example, in 2022, Garnica Plywood, a Spain-based plywood manufacturer, launched Fireshield Plywood, which is a fire-resistant plywood. This product stands out because it is certified by all necessary tests, such as the CE1 structural certification test, and has received the highest performance rating (ASTM-E-84 B-s1-d0).
Leading companies in the wood-based panels market are prioritizing strategic collaborations to deliver dependable services to their customers. Strategic collaboration involves a mutually beneficial partnership between two or more independent entities working together to achieve shared goals aligned with their individual strategic objectives. For example, in April 2023, BASF SE, a Germany-based chemical company, joined forces with Swiss Krono Group, a Switzerland-based provider of wood-based materials, to pioneer innovative wood-based panels. Both companies are dedicated to reducing the carbon footprint of the wood-based panel industry through their collaboration.
In February 2021, West Fraser Timber Co. Ltd., a Canada-based wood products company, acquired Norbord Inc. for $3.1 billion. This acquisition expanded West Fraser's geographical footprint and product portfolio, contributing to the company's pursuit of more stable and resilient growth. Norbord Inc., also based in Canada, is a manufacturer of wood-based panels and other wood products.
Major companies operating in the wood based panel market report are Georgia-Pacific LLC, Weyerhaeuser Company, West Fraser Timber Co. Ltd., Boise Cascade Company, Sonae Industria SGPS SA, Celulosa Arauco y Constitucion, Canfor Corporation, Egger Group, Louisiana-Pacific Corporation, Duratex S.A., UPM Plywood, Kastamonu Entegre Agac A.S., Norbord Inc., Roseburg Forest Products Co., Swiss Krono Group, Dongwha Group, Masisa S.A., Century Plyboards Limited, Evergreen Fibreboard Berhad, Pfeifer Group, Klenk Holz AG, Greenply Industries Limited, Timber Products Company, Metsa Wood, Green River Holding Co. Ltd., Sveza Group, Kronoplus Limited, Mieco Chipboard Berhad, Starbank Panel Products Ltd., DARE panel group co. ltd., Segezha Group, Sodra Wood Ltd., Tolko Industries Ltd., Daiken Corporation, Fantoni Group
Asia-Pacific was the largest region in the wood based panels market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global wood based panel market during the forecast period. The regions covered in the wood based panel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the wood based panel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The wood based panel market consists of sales of T-beam panels, lumber panels, and stress-skin panels. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Wood Based Panel Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on wood based panel market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for wood based panel ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The wood based panel market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.