Plywood Market Share, Size, Trends, Industry Analysis Report, By Type (Hardwood and Softwood); By Application; By Uses Type; By Region; Segment Forecast, 2023 - 2032
- Published Date:Dec-2022
- Pages: 117
- Format: PDF
- Report ID: PM2951
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global plywood market was valued at USD 55.02 billion in 2022 and is expected to grow at a CAGR of 6.0% during the forecast period.
The strength and high durability of plywood make it suitable and appropriate for usage in various sectors, including floorings, ceilings, walls, furniture, packaging containers, shipbuilding, and musical instruments, influencing demand and growth of the market.
Know more about this report: Request for sample pages
In addition, a rapid surge in construction and development activities and growing investments in infrastructural development, along with the rising need for plywood products from medical & health centers and entertainment industry, is likely to impact the market growth positively over the coming years. For instance, in April 2021, the U.S. government announced its plan to improve the country’s national infrastructure through an investment of USD 2 trillion. The plan includes developing nuclear plants, power plants, rail projects, commercial sector, and many others to promote economic growth further.
Furthermore, increase in interior designing expenditure and growing inclination of homeowners towards home décor and aesthetic furnishing, especially in developed and high-income countries such as United States, Canada, France, and Japan, is impacting plywood sales. Moreover, the high consumption and production of plywood in countries like China and India due to easy availability of raw materials and cheap labor fuel market growth.
For instance, China’s plywood exports amounted to USD 4.12 billion in 2020, making it the world’s largest exporter of plywood. The main destination countries of plywood export from china were Philippines, United States, Japan, Vietnam, and UK. And in September 2022, China’s plywood exports accounted for USD 439 million, and imports accounted for USD 14.2 million, resulting in a positive trade balance of USD 425 million.
However, over the last few years, plywood prices fluctuated a lot for many reasons, such as availability of raw materials and emergence of pandemic across the world, which affected both consumers and manufacturers and hampered market growth.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the plywood market. The rapid emergence of deadly coronavirus across the globe has resulted in temporary shutdowns in manufacturing facilities and high disruptions in global supply chain. The global furniture industry has seen several ups and downs during the pandemic. When factories re-opened, manufacturers experienced a depleted workforce due to illness or isolation of COVID-19.
Know more about this report: Request for sample pages
Industry Dynamics
Growth Drivers
The increasing sales of various types of flatpack furniture owing to its ease of transport, high affordability, extreme flexibility, and customization are key factors influencing the growth and demand of the global plywood market. The renewed interest among consumers in home-related projects, along with their higher spending capacity, drove up the sales of furniture worldwide. For instance, according to US Department of Commerce, the total furniture and home furnishing industry sales stood at USD 146.1 billion in 2021, with a significant rise of 26.4% over 2021.
Furthermore, an extensive rise in the demand for sustainable materials across the globe, as consumers have become more conscious regarding their carbon footprint and growing popularity and prevalence of green construction, which is less harmful and damaging for both humans and environment, is driving the market growth. The wood wastage during the manufacturing process of plywood is significantly less than in traditional lumber practices. Hence the plywood industry is growing rapidly.
Report Segmentation
The market is primarily segmented based on type, application uses type, and region.
|
By Type |
By Application |
By Uses Type |
By Region |
|
|
|
|
Know more about this report: Request for sample pages
Softwood segment accounted for the largest market share in 2022
Softwood offers versatility and many advantages, such as high-impact resistance, stiffness, durability, and better dimensional surface stability. It is also highly suitable for exterior frames, roof sheathing, subflooring, and shelving. And the highest grades of plywood can also be used for decorative purposes like cabinet making and furniture.
Softwood is more commonly used for furniture and other applications than hardwood because softwood trees grow much faster and are cheaper to produce. This is also highly eco-friendly as it can be more easily renewed than other materials; softwood adoption is rapidly increasing worldwide due to these properties.
Moreover, the hardwood segment is expected to grow fastest over the anticipated period. The increasing number of hardwood flooring applications for paneling, fences, outdoor decking, cladding, and boats, along with longer lifespan and high material strength of hardwood, are key factors propelling the segment market growth.
Construction segment held the largest market revenue share
The construction segment held the largest revenue share in 2022 and is likely to grow considerably over the coming years. The growth of the segment market can be attributed to increasing prevalence of plywood products in construction and building industry, particularly in floors, doors, walls, interiors, and exterior siding, coupled with rising investment by both private and government organizations to support infrastructure development, mainly in emerging economies such as India, China, and Brazil.
For instance, in November 2021, India, U.S., Israel, and UAE established and developed a new quadrilateral economic forum to focus on infrastructure development projects and strengthen various bilateral co-operations in the countries. The mentioned initiative is expected to create huge opportunity for India to contribute to the betterment of other vulnerable countries across the world.
The rehabilitation segment is expected to witness fastest growth
The rehabilitation segment is expected to grow rapidly during the projected period. Increased consumer disposable income, increasing penetration among homeowners in countries like United States, Canada, and France, and low availability of land for new construction are key factors driving the segment market growth. In addition, growing prevalence of re-designing homes among people in developed regions is also impacting the market growth positively.
Furthermore, the new construction segment will lead the global market in 2022 with a significant market share owing to a continuous rise in the number of construction activities among various sectors, including healthcare, logistics, offices, religious construction, commercial building, and educational halls around the world. Plywood products are highly used in these construction projects as they are moisture-resistant, lightweight, and dimensionally strong.
Asia Pacific region dominated the global market in 2022
The Asia Pacific dominated the market and is expected to maintain its dominance throughout the forecast period because of increased spending on residential construction and strong government support for developing the housing sector in countries like India and China. For example, the government of India has taken several initiatives and projects such as Housing for All, Pradhan Mantri Awas Yojana, and Smart City Project to encourage infrastructure development in the country, creating a high demand for plywood in the region.
Moreover, North America is projected to emerge as the fastest-growing region during the anticipated period, which is accelerated by increasing investment by key market companies in disruptive techniques to make the supply chain more beneficiary and cost-effective, along with the introduction of various risk management systems in their manufacturing ecosystems. In addition, growing popularity of ready-made and easy-to-install furniture in United States for use in residential and office spaces is further influencing the market growth.
Competitive Insight
Some of the major players operating in the global market include Boise Cascade Company, Weyerhaeuser Company, Sveza Forest, Austral Plywoods, Potlatchdeltic Corporation, Greenply Industries, Centuryply, Austin Plywood, Timber Products Company, Hood Industry, RoyOMartin, Roseburg Forest, West Fraser, Columbia Forest Products, and BlueLinx.
Recent Developments
In December 2021, UPM, invested around EUR 10 Mn in developing a UPM plywood mill in Finland. It includes new workspaces, new production lines, and about 720 meters of new production space to strengthen the mill’s competitiveness.
In July 2022, Boise Cascade acquired Coastal Plywood Company and its manufacturing operations in Havana, Chapman, Florida, and Alabama. With this acquisition, Boise Cascade will expand its manufacturing capacity and strengthen its market position ahead of its competitors.
Plywood Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2023 |
USD 58.28 billion |
|
Revenue forecast in 2032 |
USD 98.12 billion |
|
CAGR |
6.0% from 2023 – 2032 |
|
Base year |
2022 |
|
Historical data |
2019 – 2021 |
|
Forecast period |
2023 – 2032 |
|
Quantitative units |
Revenue in USD billion and CAGR from 2022 to 2030 |
|
Segments Covered |
By Type, By Application, By Uses Type, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
|
Key Companies |
Boise Cascade Company, Weyerhaeuser Company Ltd., Sveza Forest Ltd., Austral Plywoods Pty Ltd., Potlatchdeltic Corporation, Greenply Industries, Centuryply, Austin Plywood, Timber Products Company, Hood Industry, RoyOMartin, Roseburg Forest, West Fraser, Columbia Forest Products, and BlueLinx. |
FAQ's
The plywood market report covering key segments are type, application uses type, and region.
Plywood Market Size Worth $98.12 Billion By 2032.
The global plywood market expected to grow at a CAGR of 6.0% during the forecast period.
Asia Pacific is leading the global market.
Key driving factors in plywood market surge in the construction sector and increase in technological advancements.
© 2024 Polaris Market Research and Consulting. All rights reserved
