The global wood based panel market size is expected to reach USD 174.55 billion by 2025, according to a new report by Grand View Research, Inc., registering a 7.7% CAGR during the forecast period. High demand as an insulating material for wall cladding, ceiling, roofing, and flooring applications is expected to boost market growth over the coming years.
The global industry is dynamic and highly competitive in nature. Investments, divestments, and regional expansions are key strategies adopted by players to strengthen their presence in the market. On the down side, increasing raw material prices and lack of technological innovation are expected to be a key concern for industry players.
Innovations in the traditional woodworking industry to produce more sustainable products, such as MDF, particleboard, OSB, and HDF, which can be employed in specific application areas, are expected to boost market growth over the forecast period. Companies are investing in R&D activities to come up with environment-friendly manufacturing wood based panels.
Growing population, uncertain monsoons, and rapid industrialization across the globe are major factors that have resulted in deforestation, which, in turn, has led to low availability of raw materials. Increasing raw material prices and high competition among industry players are expected to shrink profit margins of industry players over the forecast period.
Stringent regulations imposed on manufacturing of wood based panels are expected to be a key threat to market players. Moreover, high initial investments and operational costs associated with the machinery are expected to trigger entry barriers, thereby lowering the threat of new entrants over the forecast period.
In depth research report on Wood Based Panel Market
Further key findings from the report suggest:
· The MDF product segmentis expected to register a CAGR of 8.9% over the projected period, on account of its preference in construction and decoration applications. This can be attributed to its consistent particle size, shape, and strength
· Particleboard is anticipated to be the fastest growing product segment on account of its rising demand in the construction sector for underlayment and roofing. This is due to its sturdy and rigid properties
· Enhanced properties such as high strength, moisture resistance, chemical resistance, fire resistance, and durability offered by plywood can be credited to its high market value of USD 37.24 billion in 2016
· Furniture dominated the market by application in 2016, accounting for a 47.5% share. Wood based panels find high demand for manufacturing lightweight, well-finished, and durable decorative products
· Asia Pacific held the largest market share of 58.4% in 2016 and is expected to dominate the industry over the forecast period on account of high investments in the construction sector in the region
· Key participants including Canfor, ante-Group, Georgia-Pacific, Idaho Forest Group, LLC, and Kronospan Limited are investing in R&D activities to come up with sustainable wood based panels to gain a competitive edge over their competitors.
Grand View Research has segmented the global wood based panel market on the basis of product, application:
Wood Based Panel Product Outlook (Volume, Thousand Cubic Meters; Revenue, USD Million, 2014 - 2025)
· MDF
· Standard MDF
· Thin MDF
· HDF
· Particleboard
· OSB
· Softboard
· Hardboard
· Plywood
Wood Based Panel Application Outlook (Volume, Thousand Cubic Meters; Revenue, USD Million, 2014 - 2025)
· Furniture
· Construction
· Windows & doors
· Flooring & decking
· Siding
· Others
· Packaging
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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