Global Plywood Market 2022 to 2027: Establishing Authenticity Through Various Certifications Presents Opportunities – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Plywood Market by Type (Hardwood and Softwood), Application (Construction and Industrial), Uses Type (New Construction and Rehabilitation), and Region (North America, Europe, APAC, MEA, South America) – Global Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.

The global plywood market size is projected to grow from USD 54.2 billion in 2022 to USD 73.3 billion by 2027, at a CAGR of 6.2%, between 2022 and 2027.

The hardwood segment is one of the fastest-growing type segments during the forecast period.

Based on type, the hardwood segment is expected to be one of the fastest-growing segments whereas softwood is the largest segment during the forecast period. Hardwood plywood offers a robust, reasonably priced, and ethically produced alternative. Softwood plywood is often used for industrial and construction projects, while Hardwood plywood is typically utilized for items like furniture and cabinets.

Softwood plywood is available in different grades for various applications. Softwood plywood in home construction exists in addition to roofs, walls, and flooring. Plywood is frequently used to cover soffits and eaves. Certain types of plywood, most notably T-111 siding, a grooved sheet product designed to resemble reverse board and batten siding, are produced expressly as siding products.

The rehabilitation segment in uses type is expected to hold the highest growth during the forecast period.

The rehabilitation of buildings is one of the areas with a growing market in multifarious countries, especially in large urban centers where there is a low inventory of land available for new construction. The building rehabilitation and maintenance market is one of the most important economic sectors in construction, especially in the most developed societies.

For instance, Europe is one of the prominent rehabilitation and maintenance markets due to its old infrastructural design. In the United States, this sector also accounts for an important fraction of the construction market.

In addition, there are many other factors that indicate that the rehabilitation market has high growth potential in many countries: the growing social awareness that preservation and enjoyment of the building heritage have acquired, the favorable prospects offered in certain areas by the cultural sector as an engine for activity (cultural tourism), the progressive aging of existing housing, and so forth.

The Asia Pacific plywood market is estimated to register the highest CAGR during the forecast period.

APAC accounted for a share of 77.0% of the plywood market in 2021 and is expected to register a CAGR of 6.6% in terms of value during the forecast period. High economic growth rate, growing manufacturing industries, cheap labor, and global shift of consumption and production capacity from the developed markets to the emerging markets in the region are the factors leading to the growth of the plywood market in the Asia Pacific.

China is the key market in the region, consuming more than half of the demand for plywood. The market in the region is mainly driven by the presence of a large number of leading global plywood companies. China’s wood and wood products industry has a huge influence on the worldwide market as the world’s second-largest wood importer (after the United States) and largest wood product exporter. The annual use of wood is expected to be 550-600 million m3, with building, decorating, paper production, and wood processing (furniture, wood flooring, wood-based panels, and so on) being the main consumers. According to the National Bureau of Statistics (NBS), new dwelling starts fell 11.4 percent in 2021 compared to 2020, and fell even worse in the first four months of 2022, falling 28.4 percent.

Market Overview

Drivers

• Capacity Expansions due to Increasing Demand
• Significant Growth of Furniture Industry Leading to Rising Demand for Plywood
• Rising Demand for Plywood in Asia-Pacific due to Growing Building & Construction Industry

Restraints

• Impact of COVID-19 and Global Economic Crisis
• Increase in Use of Multiple Byproducts at Economical Cost
• Gradual Shift in Demand and Production Capacities to Emerging Economies

Opportunities

• Establishing Authenticity Through Various Certifications
• Increase in Public-Private Partnerships to Offer Future Revenue Growth Opportunities

Challenges

• Price Fluctuations and Trade War Between Us and China
• Low Product Differentiation

Companies Mentioned

• Archela Contrachapados Sl
• Austin Plywood
• Austral Plywoods Pty Ltd.
• Boise Cascade Company
• Century Plyboards Ltd.
• Duroply Industries Limited
• Formwood Industries
• Georgia-Pacific LLC
• Globe Panel Industries
• Greenply Industries
• Kajaria Plywood Pvt. Ltd.
• Kitply Industries Limited
• Latvijas Finieris As
• Merino Industries Limited
• Metsa Wood (Metsaliitto Cooperative)
• Miraluz Industry and Wood Ltda.
• Murphy Plywood
• Potlatchdeltic Corporation
• Royomartin
• Sveza Forest Ltd.
• UFP Industries, Inc.
• Uniply Industries Ltd.
• Upm-Kymmene Oyj
• West Fraser Timber Co. Ltd.
• Weyerhaeuser Company Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/y2cyzy

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