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The outbreak of the coronavirus disease (COVID-19) has resulted in huge fluctuations in the global particle board market. This is due to the blocked cash flow and halted development projects and commercial businesses.
The global particle board market is expected to grow at a CAGR of 4.4% during 2021-2026.
The global particle board market reached a value of US$ 21 Billion in 2020.
One of the primary factors bolstering the market growth is the significant use of particle board in the construction industry, as it is dense, affordable, uniform, lightweight, and easy to install. It is also used in recording studios and concert venues on account of its remarkable sound-absorbing properties.
One of the major market trends is the increasing number of construction and building projects, along with the growing awareness about the eco-friendly nature of particle boards among end users.
Based on the application, the market is bifurcated into the commercial and residential segments. The residential sector dominates the market, accounting for nearly three-fourths of the total share.
On the basis of the sector, the market has been classified into the construction and replacement sectors. The new construction sector currently holds the largest market share.
Region-wise, Europe holds the leading position in the market. Other major regions are Asia Pacific, North America, Latin America, and Middle East and Africa.
The leading players operating in the industry are Kastamonu Entegre, Roseburg Forest Products Co., Norbord Inc., Boise Cascade Company and Columbia Forest Products, Inc.
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