Wood Based Panels Market

Market Overview:

The global wood based panels market size reached US$ 165.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 236.8 Billion by 2028, exhibiting a growth rate (CAGR) of 6% during 2023-2028.

Wood based panels are made from wood chips, strips, veneers, strands or fibres. They comprise particleboard, medium-density fiberboard (MDF), high-density fiberboard (HDF), plywood, softboard, hardboard, and oriented strand board (OSB). They are cost-efficient due to the utilization of surface veneering technology of particleboard and moderate density fiberboard in their manufacturing. In addition, they are moisture and temperature-resistant with enhanced shape stability compared to solid wood furniture. As a result, they find extensive applications in the construction, packaging, and shipping industries across the globe.

Wood Based Panels Market Trends:

At present, there is a rise in the utilization of wood based panels for providing high structural durability to roofs and floors, walls, beams, doors, and staircases. This, along with the growing demand for oriented strand board (OSB) as it is a cost-effective solution for home construction, represents one of the key factors driving the market. Moreover, governments of several countries are extensively investing in the infrastructure development of residential and commercial sectors around the world. This, coupled with the burgeoning construction industry, is propelling the growth of the market. In addition, the rising demand for aesthetically appealing furniture among individuals is offering lucrative growth opportunities to industry investors. Besides this, key market players are performing research and development (R&D) activities to introduce innovation in the production processes of wood based panels. In line with this, they are focusing on capacity expansion to cater to the increasing demand for wood based panels among consumers, which is positively influencing the market. Apart from this, the mechanical innovation and expanding productivity in fixing, assembling, and redesigning exercises of wood based panels are bolstering the growth of the market. Other growth-inducing factors are rapid urbanization, the growing global population, and inflating income levels of individuals.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global wood based panels market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type, distribution channel and application.

Breakup by Product Type:

• Medium Density Fiberboard (MDF)/High Density Fiberboard (HDF)
• Oriented Strand Board (OSB)
• Particleboard
• Softboard and Hardboard
• Plywood
• Others
   

Breakup by Distribution Channel:

• Direct Sales
• Online Stores
• Specialty Stores
• Others
   

Breakup by Application:

• Furniture
• Construction
• Packaging
• Others
   

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.

Report Coverage: