According to the latest report by IMARC Group, titled "Wood Based Panel Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027," the global wood based panel market reached a value of US$ 155.3 Billion in 2021. Wood-based panel refers to a range of board products with exceptional engineering properties. It is flat and partially curved, which is made up of engineered wood bonded together with an adhesive. It is widely available in different forms of products, such as plywood, particleboard, medium density fiberboard, oriented strand board, softboard, and hardboard. Its high impact resistance and strength makes it an ideal packaging material, particularly for long-distance transportation. Due to its excellent strength and durability, it is extensively used for ceiling, cladding, roofing, flooring, and furniture applications.
Global Wood Based Panel Market Trends:
The global market is majorly driven by the increasing product demand for manufacturing small accent pieces and Ready-to-Assemble (RTA) furniture. In line with this, significant growth in the construction industry is positively influencing the market growth. Furthermore, the rising investments in commercial and residential activities worldwide are catalyzing the product demand. Apart from this, numerous public-private partnerships for infrastructural development in emerging economies are propelling the market. Moreover, the growing product usage as an environment-friendly packaging material to replace non-recyclable packaging materials, such as plastics, is strengthening the market expansion. Besides, the increasing consumer expenditure on aesthetically appealing furniture is favoring the product uptake. Additionally, extensive research and development activities conducted by the market players to develop cost-effective and high-performance wood panels are providing a boost to the market growth worldwide. On account of the factors above, the market is anticipated to reach a value of US$ 225.1 Billion by 2027, exhibiting a CAGR of 6.15% during 2022-2027.
- Based on the product type, the market has been segmented into Medium Density Fiberboard (MDF)/High-Density Fiberboard (HDF), Oriented Strand Board (OSB), particleboard, softboard and hardboard, plywood, and others.
- Based on the distribution channel, the market has been bifurcated into direct sales, online stores, specialty stores, and others.
- Based on the application, the market has been categorized into furniture, construction, packaging, and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market. Some of the key players include Binderholz GmbH, Dongwha Enterprise, EGGER Group, Evergreen Fibreboard Berhad, Georgia-Pacific LLC (Koch Industries Inc.), Green River Holding Co. Ltd., Kastamonu Entegre, Louisiana-Pacific Corporation, Sonae Arauco, Starbank Panel Products Ltd., West Fraser Timber Co. Ltd. and Weyerhaeuser Company.
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