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The global plywood market size attained a value of approximately USD 49.78 billion in 2023. The market is further expected to grow at a CAGR of 5% in the forecast period of 2024-2032, reaching a value of around USD 77.18 billion by 2032.
Plywood is an engineered wood product made of thin layers of wood known as veneer that are bonded together to create a thicker and flat sheet. Each layer of wood, or ply, is usually oriented with its grain running at right angles to the adjacent layer. This cross-graining technique significantly reduces the tendency of wood to split when nailed at the edges; it reduces expansion and shrinkage, providing improved dimensional stability; and it makes the strength of the plywood uniform across all directions.
It has a longer lifespan, is lightweight, convenient, cost-effective, and easy to use. Depending upon the type of wood used, the plywood produced can vary in appearance and characteristics. Plywood is versatile and can be used for a wide range of structural, interior, and exterior applications. Its cross-grained structure distributes loads and stresses more evenly across the board, making it a strong and reliable material. It is commonly used in the construction sector for flooring, roofing, and wall sheathing, as well as in furniture making and cabinetry.
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Growing demand for plywood in the construction and furniture sector
The key plywood market trends driving the market growth include the escalating construction activity globally and the expanding furniture sector. Rapid urbanisation in many parts of the world, particularly in emerging economies, has led to increased infrastructure development. This includes the construction of residential and commercial buildings, where plywood is extensively used for a variety of purposes such as flooring, roofing, and wall sheathing.
Plywood offers aesthetic versatility as it can be easily finished with laminates, veneers, or paints, making it suitable for a wide range of furniture styles. This adaptability allows manufacturers to cater to diverse consumer tastes and trends.
This demand is further amplified by continuous advancements in plywood manufacturing technologies and the development of new and innovative plywood products tailored for specific applications in construction and furniture making.
Growing investments in the interior designing sector
The plywood market demand is also favourably impacted by the rise in expenditure in interior designing and the increasing propensity of homeowners to invest in aesthetic home furnishings and décor. Rising income levels worldwide and increasing consumer demand for trendy, high-quality furniture that is durable and appealing to the eye, are also fuelling the market expansion. High-quality interiors and furnishings are often used to refresh existing buildings, increasing the demand for plywood.
The flexibility of plywood allows for innovative and creative design solutions, which are increasingly sought after in modern interior design. It can be moulded into various shapes and sizes, accommodating complex designs and unique architectural requirements. With homeowners spending more time at home, especially post-pandemic, there's been a surge in home renovation and improvement projects. Plywood is commonly used in these projects due to its cost-effectiveness and ease of installation.
Platforms like Instagram and Pinterest have made interior design and home décor trends more accessible, inspiring homeowners to invest in aesthetic improvements.
Growing popularity of eco-friendly products
Rising awareness of the use of environmentally friendly products that reduce carbon emissions is providing a positive outlook for the plywood market growth. Plywood is considered sustainable as it is made from natural wood, is recyclable, and biodegradable.
Trees absorb carbon dioxide during their growth, and this carbon remains stored in wood products like plywood. Using wood for construction and furniture can effectively lock away carbon for decades, contributing to lower carbon emissions. Compared to the production of some alternative materials like steel or concrete, plywood manufacturing generally requires less energy, and this reduced energy consumption translates to lower carbon emissions.
Technological advancements in plywood manufacturing are continually improving its environmental footprint. These include more efficient use of raw materials, reduced waste, and recycling of by-products. Many governments are implementing policies and regulations that encourage or mandate the use of sustainable materials in construction and other industries and this regulatory environment favours the use of materials like plywood.
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Based on sector, the market is bifurcated into new construction and replacement. On the basis of end use, the market is divided into residential and commercial. The regional markets for plywood are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model, along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global plywood market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.
During the forecast period, the residential sector is expected to gain a significant plywood market share. The growing use of plywood as wall and floor coverings, as well as roof deck coatings, in residential areas all over the world is propelling the growth of the segment.
Plywood is also frequently used for roofing and flooring because of its great strength-to-weight ratio, sturdiness, and water resistance. In addition, plywood is a common choice for both professional and do-it-yourself contractors since it is also quite simple to install. It may also be utilised in wet or humid environments, such as bathrooms or kitchens, due to its moisture resistance.
As urbanisation continues and populations grow, particularly in emerging economies, there is an increasing demand for new housing. This expansion in the housing sector directly boosts the demand for construction materials, including plywood. Additionally, plywood's natural insulating properties contribute to energy efficiency in homes, which is a growing consideration for new constructions and renovations.
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As per the plywood market analysis, the Asia Pacific is anticipated to account for a substantial market share, during the forecast period, due to the rising spending on residential buildings and commercial infrastructure in countries like China and India. Large populations, increasing industrialisation, and rapid urbanisation are resulting in an increased demand for new constructions and upgrades of older infrastructure, thereby bolstering the market for plywood.
The market expansion in the Asia Pacific is also being fuelled by the increasing use of technology by manufacturers to lower plywood manufacturing costs, boost profitability, and enhance the quality of their plywood products.
Countries like China and Indonesia are among the world’s largest producers of plywood, with well-established manufacturing industries. This local production capability can meet domestic demand and also cater to significant export markets. There is also a strong cultural emphasis on aesthetics and interior design in many Asia Pacific countries, which translates to a higher consumption of plywood for decorative purposes.
The region is also rich in forest resources, providing easy access to raw materials for plywood production. This abundance reduces material costs and supports large-scale production. Furthermore, many governments in the region have policies supporting the timber sector, including subsidies and favourable trade agreements.
Georgia-Pacific LLC was founded in 1927 and has its headquarters in Georgia in the United States. The company is one of the top producers and marketers of toilet paper, paper-based packaging, paper towels and napkins, tableware, cellulose, speciality fibres, and construction goods worldwide.
PotlatchDeltic Corporation, established in 1903 and headquartered in Washington in the United States, is a Real Estate Investment Trust (REIT). The company runs several sawmills, an industrial plywood mill, a residential and commercial real estate development enterprise, and a rural forest sales programme.
Weyerhaeuser Company is a manufacturer of wood products established in 1900 and headquartered in Washington, United States. The company provides its wood products for new residential constructions, light commercial constructions, industrial projects, multi-family buildings, and repair and remodelling.
Other market players include Boise Cascade, UPM-Kymmene Corporation, and Sveza, among others.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Sector |
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Breakup by End Use |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the global market for plywood attained a value of around USD 49.78 billion.
The market is assessed to grow at a CAGR of 5% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach around USD 77.18 billion by 2032.
The major drivers of the market include the rising disposable incomes, increasing population, and the growing furniture industry.
The eco-friendly strategies of the manufacturers and increasing construction activities are expected to be key trends guiding the growth of the market.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The new construction and replacement are the sectors in the market.
Based on end use, the market is divided into residential and commercial.
The leading players in the global plywood market are Georgia-Pacific LLC, PotlatchDeltic Corporation, Weyerhaeuser Company, Boise Cascade, UPM-Kymmene Corporation, and Sveza, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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