According to the latest report by IMARC Group, titled “US Plywood Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the US plywood market is expected to grow at a CAGR of 3.67% during 2022-2027. Plywood refers to a high-quality, thin, engineered wooden board which is manufactured by extruding layers of wood veneers with adhesives and urea-formaldehyde resin. Its outer layer consists of resin-impregnated paper, plastic, or fabric that can be incorporated into the back or face of the veneers to enhance product durability. As compared to conventional wood boards, plywood offers higher structural strength, easier installation, and better resistance to chemicals, moisture, and fire. Apart from this, it is a reliable, economical, eco-friendly, and non-toxic construction material that provides dimensional surface stability and insulation against sound and excessive heat while enhancing the aesthetic appeal of the area. On account of these properties, plywood finds extensive applications in floor coverings, doors, stairs, external cladding, framing interior rails, and timber joinery products.
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.
US Plywood Market Trends:
One of the key factors driving the US plywood market growth is the increasing number of ongoing construction activities across the country. Additionally, the increasing investments being made by the Federal Government of the United States (US Federal Government) in several infrastructural projects have increased the demand for aesthetically appealing building structures. This, in turn, has resulted in the widespread adoption of plywood across residential and commercial sectors as a cost-effective and eco-friendly construction material, thus supporting the market growth. In line with this, the rising environmental concerns have prompted manufacturers to uptake sustainable building resources, such as plywood, in multiple renovation projects, which is acting as another growth-inducing factor. Furthermore, significant technological advancements and the integration of intelligent solutions for optimizing manufacturing processes while enhancing product quality and reducing fabrication costs are contributing to the market growth. Moreover, plywood can withstand exposure to seawater, which, in turn, has facilitated the extensive utilization of the product in the marine industry to compose stringers, boot cabinetry, seating, interior fixtures, and transoms. Other factors, such as continuous investments in research and development (R&D) activities and strategic collaborations amongst key players to manufacture high-performance recyclable plywood with soundproofing facilities, are creating a positive outlook for the market across the country.
- Based on the end use sector, the market has been bifurcated into commercial and residential.
- On the basis of the application, the market has divided into new construction and replacement.
- On a regional basis, the market has been categorized into Northeast, Midwest, South, and West US.
- The competitive landscape of the industry has also been examined, covering the competitive structure and key player profiles.
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