The global plywood market was worth US$ 41 Billion in 2018. Plywood is a type of manufacturing board, made from thin layers of wood veneers, which are glued together at right angles. A thin outer layer of additional materials like plastic, resin-impregnated paper, fabric or Formica can be added to the face and back veneers to improve the durability. These components also prevent the plywood from moisture, abrasion and corrosion, as well as facilitate better binding of paints and dyes. Nowadays, different types of plywood are available in the market, which are designed with low toxicity, and enhanced durability, aesthetics and environmental sustainability.
Plywood has high structural strength, flexibility, and resistance against chemicals and fire; and provides insulation against sound and excessive heating. As a result of these properties, it is used in various industries ranging from construction to aircraft to marine. In the construction industry, it is used in the manufacturing of doors, stairs, external cladding, flooring, framing, interior rails and balustrades, internal paneling and timber joinery products. On the other hand, plywood in the marine industry withstands occasional exposure to seawater without decaying or deteriorating. It is utilized in the manufacturing of stringers, floor, transom, boat cabinetry, walls, seating, and other interior fixtures. Besides this, technological advancements by the leading companies have not only reduced manufacturing costs and increased profitability but also enhanced the quality of plywood products. Moreover, the go-green strategy adopted by plywood manufacturers acts as another significant factor which is bolstering the growth of the market. Owing to these factors, IMARC Group expects the market to reach a value of US$ 55 Billion by 2024, registering at a CAGR of 4.8% during 2019-2024.
Breakup by Application:
The residential sector currently represents the largest application segment, accounting for the majority of the global market share.
At present, the new construction segment exhibits a clear dominance in the market due to a rise in infrastructural and housing projects across the globe.
On the geographical front, Asia Pacific enjoys the leading position in the market.
The competitive landscape of the market is characterized by the presence of numerous small and large manufacturers. Some of the leading players are:
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