According to the latest report by IMARC Group, titled “North America Plywood Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the North America plywood market size reached 14.5 million cubic meters in 2021. Plywood refers to a sheet material made from several thin layers of wood that are glued together crosswise along the grains to enhance the strength. It is manufactured using hard and soft woods, such as birch, maple, oak, pine, redwood, and cedar. Plywood is widely used in roofing, flooring, packaging, designing furniture, creating partitions, and manufacturing doors and claddings. It offers several advantages, including reusability, enhanced flexibility, high strength, easy installation, and high moisture, chemicals, and fire resistance. It is an inexpensive material that also offers high dimension stability, stiffness, low toxicity, enhanced durability, aesthetics, and environmental sustainability.
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.
North America Plywood Market Trends-
The North America plywood market is primarily being driven by the significant growth in the construction industry. Plywood is commonly used in residential and commercial buildings for the renovation of ceilings, walls, flooring, and manufacturing stairs, partitions, fencing, and framing. In line with this, the increasing inclination toward refurbishment and renovation activities, along with the escalating preferences for semi- and fully furnished apartments, is acting as another growth-inducing factor. Additionally, the introduction of sustainable gluing technology in plywood manufacturing that replaces fossil-based phenol contents of glue with naturally sourced lignin is providing an impetus to the market growth. Apart from this, the introduction of new plywood variants with improved aesthetics, cost-effectiveness, enhanced durability, environmental sustainability, and low toxicity is positively influencing the market growth. Moreover, the widespread product utilization in the marine industry due to its high resistance to a wide range of chemicals and the adoption of the go-green strategy by manufacturers is providing a considerable boost to the market. Other factors, including the development of flexible plywood, extensive research and development (R&D) activities, rising expenditure capacities of consumers and increasing demand from the packaging industry for making pallets, containers, and warehouse shelves, are anticipated to drive the market toward growth. On account of the aforementioned factors, the market value is expected to reach 17.6 million cubic meters by 2027, exhibiting a CAGR of 3.4% during 2022-2027.
- On the basis of the application, the market has been bifurcated into residential and commercial.
- Based on the sector, the market has been categorized into new construction and replacement.
- On a regional basis, the market has been divided into the United States and Canada.
- The competitive landscape of the industry has also been examined along with the profiles of the key players.
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