Plywood refers to an engineered wood which is produced from various layers of thin wood veneer. These layers are glued together using wood grains of adjacent layers that are rotated at a 90O angle. On account of several advantages such as reusability, flexibility, high strength, easy installation as well as resistance to moisture, chemical and fire, plywood finds extensive application in roofing, flooring, furniture, doors, interior walls and external cladding. Moreover, plywood is also used as a substitute of other wood boards owing its enhanced quality and strength. A new research report titled “Plywood Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024” by IMARC Group estimates that the global plywood market was worth nearly US$ 41 Billion in 2018. The report further expects the market to cross US$ 55 Billion by 2024, at a projected CAGR of 4.8% over the forecast period.
Global Plywood Market Drivers/Constraints:
- A surge in the global construction activities coupled with expanding furniture industry has led to an increase in the use of plywood, particularly in building homes as well as commercial buildings, and renovating their floorings, walls and ceilings.
- A special grade plywood is used in the marine industry in order to endure occasional exposure to humidity and water for resisting against a fungal attack. In the industry, plywood is used for constructing walls, seats, stringers, floors, boat cabinetry, etc.
- In comparison with a raw wood, plywood acts as a low-cost substitute owing to which it is rampantly used by the consumers. Additionally, the go-green strategy of plywood manufacturers acts as another significant factor which is bolstering the growth of the global plywood market.
- Nonetheless, plywood comprises of several thin veneers which makes it hard to cut without splintering. Further, plywood should not be exposed to moisture in the air as it becomes prone to damage.
Residential and Commercial Applications Insights:
The global plywood market has been segregated into residential and commercial applications. Currently, residential applications exhibit a clear dominance on account of rapid urbanisation, particularly in the developing nations.
New Construction and Replacement Applications Insights:
The market has also been segmented into new construction and replacement applications. Amongst these, new construction applications dominate the market due to an increase in the housing projects, particularly in the emerging nations, while consistent renovation projects in the developed countries.
On a geographical front, Asia-Pacific enjoys a leading position in the global plywood market, accounting for the biggest market share. Asia-Pacific is followed by North America, Europe, Latin America, and Middle East and Africa.
The market is fragmented in nature with the presence of many small as well as large manufacturers which are competing in terms of prices and quality. There is a firm competition in the market which makes it difficult for small players to enter. Some of the leading players operating in the market are:
- Georgia Pacific LLC
- Potlatch Corporation
- Boise Cascade Company
- Columbia Forest Products, Inc.
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