30/03/2024
The Plywood market size is projected to reach USD 73.3 billion by 2027, growing at a CAGR of 6.2%. Due to its many beneficial qualities, plywood is a material that is utilized in construction on a large scale. It is an economical sheet of wood that is manufactured in a factory and has accurate measurements that does not warp or crack when in atmospheric moisture. Plywood can be categorized in several ways, and these classifications are typically based on the different characteristics of plywood, such as the type of wood used, the number of plies it has, whether it is suitable for use indoors and outdoors, how well it meets quality standards, and the purposes for which it is intended.
The construction segment holds the largest share during the forecast period.
Based on application, hashtag segment is expected to be the largest segment during the forecast period. Over the medium term, construction will be a growth engine for the global economy, with growth averaging 4.4% between 2020 and 2025. The global construction market is expected to grow by US$4.5 trillion between 2020 and 2030, reaching US$15.2 trillion. US$8.9 trillion of this will be in emerging markets in 2030. Growth is projected to be concentrated in a few nations. China, India, the United States, and Indonesia account for 58.3% of worldwide building growth between 2020 and 2030. Over the next decade, ten markets likely contribute for about 70% of the $4.5 trillion in growth. These positive factors are expected to drive the plywood in the near future.
Softwood segment in type to hold the largest share in plywood market during the forecast period.
Based on type, the plywood market is segmented into hardwood and softwood. hashtag is renowned for its versatility and strength. Softwood Plywood is plywood that has a softwood veneer on the front and back rather than a hardwood veneer like Birch, Maple, Oak, and others. Softwood plywood panels are utilized for structural purposes because they have a core made of either softwood and are faced and backed with a veneer of soft wood. Softwood Plywood is used mainly in the construction industry for structural purposes. Softwood plywood comes in a variety of grades, dimensions, and thicknesses depending on their intended application; nevertheless, the highest grades are occasionally utilized for purely ornamental projects like furniture and cabinetry.
Asia Pacific plywood market is estimated to register the highest CAGR during the forecast period.
The Asia Pacific region is the largest market for plywood across the globe. The market in the Asia Pacific has been studied for China, India, Japan, South Korea, Taiwan, Thailand, Malaysia and the Rest of Asia Pacific (Australia, Indonesia, and others). Among these countries, China accounted for the largest share of 80.0% of the Asia Pacific hashtag in terms of value.
India and China have experienced close to double-digit GDP growth in recent years, as well as a population boom. The stable economy and growing building and construction industry has augmented the growth of plywood in India and China. Furthermore, furniture sector is one of the main consumers of plywood in India. During the 2018 to 2023, it is predicted that the India furniture market by commercial sector will have a CAGR of 11.97%. India is the fourth-largest consumer of hashtag worldwide and the fifth-largest producer of furniture. The Indian furniture industry is estimated to be worth $8 billion, represents 0.5% of the GDP in 2022 according to IBEF (Indian Brand Equity Foundation). The domestic organized industry has roughly 5000 businesses, and there are almost 10,500 furniture imports. The industries that contribute most to the sectors growth include real estate, housing & hospitality, and consumer base growth.
Major players operating in the hashtag include Georgia-Pacific LLC LLC (US), Boise Cascade Company (US), Weyerhaeuser Company Ltd (US), UPM-KYMMENE (UK) LIMITED Oyj (Finland), Svezza Forest Ltd (Russia), PotlatchDeltic Corporation (US), GREENPLY INDUSTRIES LIMITED (India), Century Plyboards (I) Limited India Ltd. (India), Austral Plywoods (Australia), and others.
