According to the latest report by IMARC Group, titled "Medium-Density Fibreboard (MDF) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global medium-density fibreboard market size reached US$ 25.12 Billion in 2020. Medium-density fibreboard (MDF) is an engineered wood product that is manufactured by breaking down hardwood and softwood residuals into wood fibres. These fibres are mixed with wax or resin to be compressed into flat panels under high temperature and pressure. It offers relatively superior quality than solid wood and compressed wood products since MDF has a higher density than plywood with reduced chances of fracturing. Additionally, it does not expand or contract amid extreme temperature fluctuations. As a result, it is widely utilized as an essential construction component across the residential and commercial segments for applications including flooring, furniture, cabinetry, industrial packaging and ceiling molding.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Medium-Density Fibreboard Market Trends:
The global market is primarily driven by significant growth in the construction sector. A considerable increase in construction activities across the globe, particularly in residential and commercial segments, can be attributed to rapid urbanization, changing lifestyle preferences of the masses and their inflating per capita income levels, especially in developing economies. MDF is extensively employed in the sector for building purposes on account of its strength and stability, thereby providing a thrust to the market growth. It is also utilized to provide precise and intricate finishing, as well as an aesthetic appearance to the end products. This has contributed to the widespread adoption of infrastructural development on the global level. Moreover, MDF serves as a preferred construction material in high humid and tropical regions as it does not expand or contract when exposed to heat and humidity. The market is further driven by the introduction of eco-friendly product variants in the market. Supported by the enhanced focus on sustainable development and growing environmental concerns, this is significantly facilitating the uptake of these products. Some of the other factors contributing to the market growth include extensive product innovations and the rising utilization of superior adhesion techniques in the production processes. On account of the aforementioned factors, the market is expected to grow at a CAGR of 8.40% during the forecast period (2021-2026).
- On the basis of the application, the market has been divided into the residential and commercial segments, wherein the residential segment exhibits a clear dominance in the market.
- Based on the new construction and replacement applications, the new construction segment accounts for the majority of the total market share.
- On the geographical front, Asia Pacific holds the leading position in the market. Other major regions include North America, Europe, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players.
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