Global Plywood Market to Reach US$ 73.3 Billion by 2032, Spurred by Introduction of Advanced Variants of Engineered Wood

February 17, 2023 | Chemical & Materials

The latest report by IMARC Group, titled “Plywood Market Report by Residential and Commercial Application (Residential, Commercial), New Construction and Replacement Sector (New Construction, Replacement), and Region 2024-2032,” finds that the global plywood market size reached US$ 48.0 Billion in 2023. Plywood refers to engineered wood comprising numerous sheets of wood veneers. These layers are bonded together with grains of adjacent layers arranged at right angles to form a sturdy panel. Some of the most commonly used plywood are softwood, hardwood, tropical, decorative, and marine plywood. They are made from pine, redwood, cedar, spruce, douglas fir, oak, teak, mahogany, and maple and are used to manufacture furniture, doors, interior walls, flooring, roofing, and external cladding. They offer various benefits, such as easy installation, low cost, high water, fire, corrosion, and chemical resistance, enhanced quality and strength, dimensional stability, sound, and thermal insulation, improved reusability, and flexibility. Owing to these benefits, plywood is gaining traction across commercial, industrial, and residential sectors across the globe.

Global Plywood Market Trends:

The market is primarily driven by the expanding construction industry due to extensive investment in the development of commercial and residential sectors across the globe. In addition, the increasing construction of complexes, institutions, offices, and industries is contributing to market growth. Moreover, the widespread adoption of plywood in the marine industry, owing to its ability to withstand exposure to seawater and humidity without deteriorating and decaying while resisting fungal attack, represents another major growth-inducing factor. Besides this, various technological advancements to enhance plywood qualities, minimize production costs, and increase revenue are creating a positive market outlook. Along with this, increasing research and development (R&D) programs to launch advanced variants of engineered wood to help with sustainable construction are providing growth opportunities to industry investors. Furthermore, rapid urbanization, the rising disposable incomes of consumers, and improving living standards are some of the other factors creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 73.3 Billion by 2032, exhibiting a CAGR of 4.7% during the forecast period (2024-2032).

Market Summary:

  • Based on the residential and commercial applications, the market has been bifurcated into new construction and replacement applications. Currently, the residential sector represents the largest segment.
  • On the basis of the new construction and replacement sector, the market has been categorized into new construction and replacement sectors. At present, new construction dominates the market.
  • Region-wise, Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others) holds the leading position in the market. Other major regions include North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Middle East and Africa, and Latin America (Brazil, Mexico, and others).
  • The competitive landscape of the industry has also been examined in the report, with some of the key players being Georgia Pacific LLC, PotlatchDeltic Corporation, Weyerhaeuser Company Ltd., Boise Cascade Company, UPM-Kymmene Oyj, SVEZA Forest Ltd., Metsä Wood (Metsäliitto Cooperative), Latvijas Finieris AS, Austral Plywoods Pty Ltd., and Eksons Corporation Berhad (BHD).

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units Million Cubic Metres, US$ Billion
Segment Coverage Residential and Commercial Application, New Construction and Replacement Sector, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered Georgia-Pacific LLC, PotlatchDeltic Corporation, Weyerhaeuser Company Ltd., Boise Cascade Company, UPM-Kymmene Oyj, SVEZA Forest Ltd., Metsä Wood (Metsäliitto Cooperative), Latvijas Finieris AS, Austral Plywoods Pty Ltd. and Eksons Corporation Berhad (BHD)
Customization Scope 10% Free Customization
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Global Plywood Market to Reach US$ 73.3 Billion by 2032, Spurred by Introduction of Advanced Variants of Engineered Wood
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