According to the latest report by IMARC Group, titled "Marine Plywood Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global marine plywood market reached a value of US$ 10.7 Billion in 2022. Marine plywood refers to good-quality plywood that is manufactured by using waterproof glue. It is characterized by improved structural strength, lightweight nature, enhanced durability, and excellent resistance to warping, bending and delamination. It is an excellent material to perform amidst humid and wet conditions. It is not treated with chemicals and is composed of several faces and core veneers that further aids in minimizing the gaps between the sheets. As a result, it is commonly utilized for building boats and ships. Apart from this, it can also be employed in the production of outdoor furniture in coastal regions and multiple residential and commercial applications.
Global Marine Plywood Market Trends:
The global market is primarily driven by significant growth in the maritime sector. With the widespread popularity of marine tourism across the globe, there has been a considerable rise in the demand for marine plywood for the production of lightweight sailboats and cruises. Since the use of these engineered wood products aid in improving the overall efficiency and performance of the vehicles, this is providing an impetus to the market growth. The market is further driven by the increasing demand for high-speed and luxurious recreational boats. This is supported by the evolving lifestyle preferences of the masses, their inflating disposable incomes and considerable growth in the tourism sector on the global level, which, in turn, is providing an impetus to the demand for high-quality marine plywood. Additionally, marine plywood is now being utilized across the construction sector for the production of durable doors and windows and waterproof rooftops. The rapid expansion of the construction sector across the globe is acting as a major growth-inducing factor. On account of the aforementioned factors, the market is expected to grow at a CAGR of 7.9% during 2023-2028.
- Based on the applications, the market has been bifurcated into marine applications (deck, dock, boat, and others) and non-marine applications.
- On the geographical front, the market has been divided into Asia Pacific, North America, Europe, Latin America, and Middle East and Africa.
- The competitive landscape of the market has also been studied in the report with the detailed profiles of the key players operating in the market.
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